Urban real estate is getting more expensive and some developers are making the most of their land by cutting back on building parking lots and partnering with Uber instead.
Multifamily developers around the country are shrinking parking lots and offering tenants monthly Uber concessions, like Eleanor Apartments in Los Angeles, which offers new residents $100 a month for Uber instead of on-site parking spaces, the Wall Street Journal reports. At the same time shopping malls, theme parks and stadiums are rethinking their exterior areas, with some planning to cut parking lots while increasing space for curbside drop-off.
Green Street Advisors predicts parking needs will be sliced in half over the next three decades as fewer Americans own cars and more rely more on ride-sharing services, and some developers are already repositioning themselves to catch that trend early. [WSJ]
