Google predicts driverless cars will be commercially available by 2020. This seismic shift in how people get from place to place will change where and how we as a society live and work.
The future of commercial driverless cars
Think you’ll own your own driverless car that will sit idly when not in use? Think again.
Driverless cars will be a utility, not a luxury afforded to few. People will no longer own their own cars, but driverless cars will be as ubiquitous and inexpensive as public transportation. Imagine taking a self-driving Uber or Lyft-type vehicle to work every day, or even to meetings just a few blocks away, much like you would a city train or a bus. That’s the future of driverless cars.
And once personal vehicles are obsolete, people will no longer need garages or parking spaces at their homes, condos or apartment buildings. So what does this mean for multifamily real estate?