Autonomous vehicles exist today, and while we are still years away from seeing them rise into total popularity, real estate owners should start thinking about how to adapt their real estate assets to a future with driverless cars. This technology will completely change the way people live, affecting city planning, development, parking and even signage. Some owners are still figuring out how to integrate ride-sharing zones, they should be looking further ahead.

“From a macro perspective, real estate companies should be thinking about how their real estate will be impacted by the ability for tenants, residents and consumers to access spaces without having to worry about parking,” Jeff Berman, a partner at Camber Creek, tells GlobeSt.com. “What does that do to layout? Density? Accessibility? For example, widespread adoption of autonomous vehicles may make individual car ownership less attractive. For single-family home developers, this could potentially eliminate the need to include a garage for every home.”

Driverless vehicles will have a major impact on real estate, but the parking will be the most immediate impact. Driverless cars could reduce or even completely eliminate the need for onsite parking. “Theoretically speaking, a person could be picked up from their home, dropped off at work and their car could return home, or perhaps become an income producing asset for the owner by entering 'ride share mode' picking up other passengers before returning to pick up the owner from work,” says Berman. “Parking lot densities should also increase as autonomous vehicles will be able to park in smaller spaces. This may reduce the need for urban parking garages opening up the possibility for redevelopment. Reduced parking requirements should be a boon to developers both from a space maximization and development cost standpoint.”

This technology will have an impact on all asset classes. Office, retail and multifamily are the most obviously—because those are the most used by consumers. However, self-driving trucks will change industrial development. Earlier this year, Uber completed tests of self-driving trucks in Arizona and has plans to use them to ship goods across the state. However, Fisher says that location is more important that asset class. “I don't think it will be a question of asset class. Rather, the impact will be on asset location and feature set,” he says. “For example, the perceived and real value of development and property around public transit hubs may diminish if tenants, residents and consumers no longer have to worry about difficult commutes or parking. Mass adoption of autonomous vehicles could make historically geographically less desirable real estate more attractive.”

Real estate owners are not the only entity that needs to start thinking about the future. Fisher says the governments at every level also need to start making changes, including basics like signage, which will need to change to be detectable by autonomous vehicles. “Driverless cars will not become ubiquitous until governments—county, state and federal—foster the civil infrastructure necessary to support the technology in a safe manner,” he explains.