Driverless Cars Are Slowly Destroying The Real Estate Industry

Aug 30, 2016 06:30 AM EDT | Jomar Teves

Given that driverless cars have been slowly hitting the roads since the start of the decade, it would be interesting to know actually see the world, as viewed by Uber, Tesla, and Google 10 to 15 years from now, where driverless cars are expected to become mainstream.

90% Free Space: What to do with it?

As much as 95% of an average car's life is dedicated to parking in places and waiting for their driver to get them running. But given that driverless cars are becoming popular, they could just hover around in places as if they are not private property.

This new technology is expected to keep cars going on a regular basis, getting swapped from user to user. Therefore, a huge chunk of the spaces used solely for parking would have to be utilized for other purposes.

The amount of parking space in the US reaches 17,000 sq. km.

Parking is no longer a problem.

Given that cars wouldn't park that much anymore, parking space would not be a problem, along with traffic management for development plans for lands and spaces. This vacancy could leave a lot of space for other developments.

An idea for such use is to expand and further allow urban gardens to flourish, thus allowing for agriculture to thrive despite the urban conditions. The main holdover, however, could be car users of the future and how well they could cope with the new technology.

It's beyond letting the users get used to having the car drive for themselves. The only sure thing is that real estate would have to go through alterations if these self-driving cars fail to become a reality soon.

It is unclear whether or not this real estate shakeup or the introduction of driverless cars would be a good or bad thing.

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