Electric vehicles are here—and they need a place to plug in. To accommodate EV owners, charging stations are popping up in apartment buildings, retail centers and office buildings—sometimes without cost to the vehicle owner.
"Landlords are providing charging stations for tenants as an amenity. As a minimum, I think there will be charging stations produced through all of the various property types. We will see it everywhere, including residential homes," Mark Dunec, managing director in the real estate solutions practice at FTI Consulting, tells GlobeSt.com.
President Biden's new energy plans will only fuel more adoption. By 2030, the plan would require all auto manufacturers to produce 50% electric vehicles, which would create more jobs. "It is not just coming; it is already here. It is here to stay," says Dunec.
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However, the plan also calls for the installation of new charging stations across the country, and this is where Dunec's enthusiasm wanes somewhat. "I would hate to see all of that taxpayer money go to waste," he says.
That is because the technology to charge an EV is rapidly changing, and charging stations may soon become obsolete. "Right now vehicle charging stations are necessary, but with the rapid advancement in technology, we are going to move away from charging stations," says Dunec. "There are some startups companies today that are developing five-minute battery charges. As technology continues to progress, the batteries in the vehicles will be much smaller. I think that an individual will be able to change their own battery without a mechanic."
While Dunec doesn't think Biden's plan should call for the widespread installation of EV charging stations, he does think that landlords need to make the investment today. "Until the actual product is there and you don't need a charging station, they are necessary. Once smaller batteries are available for the masses, charging stations will become obsolete," he says. "Until then, charging stations are necessary."
Of course, the adoption of EV will ultimately have a profound impact on real estate usage. Gas stations are the most obvious victim, but Dunec says that gas stations owners can make strategic moves now to prepare for a future change in use. "I would highly recommend that owners of gas stations conduct a highest and best use study," he says. "Later, there is going to be environmental clean up and they are going to have to deal with the entitlement process. They should start going through that now so that when the time comes, they will have a plan in place to put a shovel in the ground to redevelop the property to its highest and best use."
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Kelsi Maree Borland
