5 Ways Electric Trucks and Autonomous Vehicles Will Change Industries Forever

by Jan 31, 2020In Industrial

5 Ways Electric Trucks and Autonomous Vehicles Will Change Industries Forever

by Jan 31, 2020In Industrial

In the United States today, trucks play a major role in business. The country’s industry and culture are all impacted by trucks and new trends are emerging that will change the US commercial scene forever.

As technology continues to advance at never before seen rates, the rise of electric trucks and autonomous vehicles is upon us. Self-driving, chargeable, and motorized vehicles are the future and Giants like Rivian, Tesla, and Ford all have electric trucks coming.

So what happens when they hit the market?

One thing’s for sure: big changes will come along with them. These developing technologies present new opportunities for businesses and all the pros are anticipating huge developments to start taking place in the next few years.

These new transportation technologies will change the way business gets done and its long term impact on industry can’t be ignored. Let’s look at 5 ways that electric trucks and autonomous vehicles will change industries forever.

Shipping, Delivery, and the Future of Warehousing

Autonomous vehicles will bring about a huge shift in CRE’s industrial sector.

The entire warehouse module will need to adjust to fit these self-driving vehicles into the equation. First of all, experts are anticipating a mass migration towards suburban areas. Since self-driving electric vehicles can travel farther without losing money or pressuring the driver, there’s no issue in moving warehouses to far-off locations that have lower rents.

Besides changing their location, self-driving trucks will alter the shipping/delivery process by handing over the reins to AI. Instead of being operated by a person, these trucks will be ready to go on-demand. Self-driving trucks can travel longer and farther than a man-operated vehicle, and their load capacity is larger than that of a traditional semi-truck.

These trucks can travel all night, which will cut down on delivery times. Warehouses will need to be ready to handle orders around the clock to keep up with the new load capacity. Since more items will be handled in warehouses, the industrial sector will need to employ a wildly efficient system of packing, tracking, and loading.

Self-driving trucks are set to boost productivity for industrial spaces and big companies like Tesla had already begun taking orders for their autonomous semi-trucks in 2018.

Charging Infrastructures Added to Multifamily and Retail

To accommodate the new wave of electric vehicles, commercial properties are going to need specialized charging areas.

This is especially important in multifamily and retail. We’re already seeing this today as many retailers, such as Whole Foods, have one or two electric-car charging stations. But, just a couple won’t be enough to power up the number of electric vehicles that will be hitting the roads in 10 to 15 years. The momentum will need to increase if commercial properties are going to keep everyone charged up and ready to go.

Multifamily and retail properties will need to adopt the necessary electric vehicle (EV) infrastructure as charging stations grow in demand. Besides adding in the actual charges and hooking them up to the properties’ power source, these buildings will need to manage the increased electricity usage.

According to the Alternative Fuel Data Center, it costs about $3 in electricity to fully charge an electric vehicle. While this may not seem like much on its own, multiplying this cost can hike up the property’s energy bills. Property managers need to start budgeting for the added expense once EVs expand in popularity.

The Demand for Metropolitan Office Locations Will Dwindle

The workspace will also need to prepare for electric and autonomous vehicles.

Since AVs will become a norm for workforce commutes, offices can move away from the busy cities and into the suburbs. Another thing we’ll see is the addition of specialized waiting areas for AV pick-ups and drop-offs, which is an entirely new addition to workspace designs.

Parking Lots and Garages Need to Evolve, Too

Something we’ll see across all industries is a need for new parking garage layouts. Whether it’s retail, office, multifamily, or industrial; self-driving vehicles will require specially-designed parking areas.

EV charging areas need to be high-powered to eliminate lines and traffic jams for cars waiting to power up. In addition, the average building’s wireless connectivity needs to increase immensely for it to seamlessly power autonomous vehicles. 5G and IoT integrations are imperative to power AVs.

A New Horizon Will Line the Highways

As the need for gas stations decline across the country, the highways will take on a completely new face.

Vacancies left by gas stations will open up a new arena for commercial real estate and the possibilities are endless. Investors and developers should keep an eye out for roadside locations opening up throughout the next decade.

Autonomous vehicles and electric trucks will be a top disruptor for commercial real estate over the next decade. If you want to get a head start on cultivating success, start considering the new era of vehicles into your commercial strategies for 2020 and beyond.

For more commercial real estate news, updates, and trends keep following my blog!

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