Lack of sufficient parking for office tenants and landlords is quickly becoming a major concern in suburban office markets. Prior to the Great Recession, tenants would lease office space based on (average) 300 square feet per employee. As more companies adopt efficient space layouts, that number has dropped to 200 square feet, which equates to a greater number of employees working in a given office space. In many cases, firms are not able to lease space at their first or even second choice location because the building does not meet their parking needs, frustrating tenants and landlords. With suburban cities lacking mass transit systems, auto industry disruptors including ride sharing, car sharing and autonomous vehicles can help to alleviate the parking challenges and impact the future of office development.
Read JLL’s latest white paper Suburban office parking meets auto industry disruptors in full for further insights into the auto industry’s key disruptors and how they are impacting commercial real estate.
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