Commercial Investment Real Estate July/August 2017 | Page 13

construct, capital might be reallocated to enhance revenue-gener- ating aspects of a building. Commercial buildings will need greatly enlarged areas for pas- senger drop-off and pickup, allowing for orderly entering and exit- ing during times of high-volume use. Deliveries may occur on a just-in-time basis, changing the loading dock and other support facilities. Infrastructure The location and nature of parking facilities will necessarily change. Autonomous vehicles need short-term parking spaces between uses, likely in the vicinity of those areas that the vehicle patrols. Long-term parking also will be needed, but is more likely at satel- lite locations. Also, extensive smart infrastructure will be required to support the use of autonomous vehicles. The design of such infrastructure is well underway. The develop- ment of certain standards and criteria also is progressing to allow for the interoperability of vehicles over long-distance trips and their safe operation in congested areas. New Investment Opportunities Real estate investors may fi nd opportunities coming from these possibilities. Examples include: • Roadside property may be needed for vehicle-to-vehicle infra- structure technology. • Commercial freight companies may need platooning centers, where vehicles are organized in effi cient platoons based on des- tination and size to maximize fuel savings. • Ride-hailing fl eets may need inventory centers to store driverless cars while they are not in use. • Both platooning centers and ride-hailing fl eets will need service centers for maintenance of their specialized technologies. • Vehicle testing centers will be needed in more locations than currently planned. Autonomous vehicles represent a new paradigm in transporta- tion, providing opportunities for commercial real estate develop- ment and economic growth. Strategically minded developers might start planning now to better understand potential issues pertaining to land use and the built environment. Both current holdings and land speculation should be considered, particularly those near dense urban centers. William J. Kohler is a senior counsel with the national law fi rm Dykema Gossett PLLC in Detroit. Contact him at [email protected]. Ross J. Altman is a member with the national law fi rm Dykema Gossett PLLC in Chicago. Contact him at [email protected]. Connect with Decision Makers Sponsor Upcoming CCIM Events On its 50th Anniversary, CCIM Institute is holding its marquee event, the CCIM Global Conference, in Toronto. For multinationals and mid-sized firms, it makes for a unique opportunity to showcase your business and connect with commercial real estate’s value drivers. Learn more at conference.ccim.com CCIM.COM July | August 2017 11