Ezra Beyman, Chairman of Empire National Holdings, On Parking

The good old days of driving into a city and paying for a large, concrete parking garage might be numbered. According to a report from Digital Trends, recent trends in consumer driving habits and philosophies could mean that the tried and true parking lots that we’ve all come to know and love could be going the way of the dodo. And when you stop and think about it, it’s not really that hard to believe.

In recent years, the ride-sharing economy has blown up. Ride-sharing services like Lyft and Uber have absolutely skyrocketed as a means of income for drivers and transportation for commuters and travelers. And since commuters are being driven to their locations as opposed to driving themselves, they simply don’t need to park their cars.

Another growing trend is the fact that younger generations (primarily Millennials) are not as eager to buy cars as older generations. Public transportation is incredibly popular with younger demographics (those 30 and under are seven-times more likely to use public transport than those 60 and over). And what’s more, younger people’s interest in driver’s licenses has dropped a staggering 20% over the last 30 years. The final nail in the coffin for parking garages is the impending arrival of the self-driving car.

All three of these factors combined spell a very plausible doom for parking garages. While major cities like New York, Philadelphia or LA might experience this transition a bit later, smaller cities are sure to cope with the changing landscape much faster. For example, Senior Transportation Planner for the City of Davis, California, Brian Abbanat, is looking towards app-based solutions for parking payments and has no plans to build a new parking garage in the near future. Other city officials agree with Abbanat, citing current trends as a major reason to avoid such a hefty construction fee, which would require increased property taxes to cover the costs.

So what’s to be done with the current parking garages? Some ideas include simply renovating these megastructures into office spaces for businesses to utilize. Or, they can be reimagined into public parks or community spaces. With these recommended solutions, we can still utilize these large spaces for productive uses.

Whatever ultimately happens to parking garages as they relate to urban city planning, I’m excited to see how city planners and developers will accommodate.

About Ezra Beyman

Ezra Beyman is an experienced professional who works in the real estate and home insurance industries. Ezra Beyman serves as the founder and chairman of Empire National Holdings. Ezra Beyman is based out of New York City. Ezra enjoys working in and providing for the city that has given him so much. He respects and cares deeply for his community.