LOS ANGELES—The ownership model is changing, and the real estate market is already looking for ways to adapt. Envoy, a car-sharing service that launched earlier this month, is a great example of the changing ownership model and how landlords can start building an amenity platform for the future. Aric Ohana, the co-founder of the company, says that the way we think about car ownership is already changing today, and in a decade, it will be totally different.
“The way that we own vehicles today is going to be completely different in the next 15 years,” Ohana tells GlobeSt.com. “We haven't seen a revolution in mobility since stagecoach to automobile. It is very interesting to see how the real estate industry changes the way that is designs buildings and starts catering to guests and tenants. What we believe is very interesting is the concept of lower car ownership and parking requirements impacts on how we shape future developments.”
As the ownership model changes, property owners can take advantage of additional amenity opportunities to attract residents and additional revenue opportunities. “This is the first time in history that a property owner can cater to their residents' needs beyond the border of the property,” says Ohana. “It is a very interesting time that we are going to be seeing in the next 10 to 15 years. We are in a market of constrictive cap rates and extreme pricing. In the future, property owners are going to need to look at ways to make more money, and it is going to be trough services, and that can be through laundry services or mobility services, or anything in the above.”
The change in ownership ideology has already begun to take place with the move to decouple parking. “In L.A., there is a concept of coupled parking,” adds Ohana. “A lot of cities are decoupling parking, and that is going to lead to more revenue for property owners but it will also force people to reevaluate the way that they think about car ownership. Whether that is a two car family becoming a one car family, or to no cars.”
LOS ANGELES—The ownership model is changing, and the real estate market is already looking for ways to adapt. Envoy, a car-sharing service that launched earlier this month, is a great example of the changing ownership model and how landlords can start building an amenity platform for the future. Aric Ohana, the co-founder of the company, says that the way we think about car ownership is already changing today, and in a decade, it will be totally different.
“The way that we own vehicles today is going to be completely different in the next 15 years,” Ohana tells GlobeSt.com. “We haven't seen a revolution in mobility since stagecoach to automobile. It is very interesting to see how the real estate industry changes the way that is designs buildings and starts catering to guests and tenants. What we believe is very interesting is the concept of lower car ownership and parking requirements impacts on how we shape future developments.”
As the ownership model changes, property owners can take advantage of additional amenity opportunities to attract residents and additional revenue opportunities. “This is the first time in history that a property owner can cater to their residents' needs beyond the border of the property,” says Ohana. “It is a very interesting time that we are going to be seeing in the next 10 to 15 years. We are in a market of constrictive cap rates and extreme pricing. In the future, property owners are going to need to look at ways to make more money, and it is going to be trough services, and that can be through laundry services or mobility services, or anything in the above.”
The change in ownership ideology has already begun to take place with the move to decouple parking. “In L.A., there is a concept of coupled parking,” adds Ohana. “A lot of cities are decoupling parking, and that is going to lead to more revenue for property owners but it will also force people to reevaluate the way that they think about car ownership. Whether that is a two car family becoming a one car family, or to no cars.”
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