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A driverless car Self-driving vehicles could arrive on the market as early as 2020. (Photo courtesy of Google)

NEWPORT BEACH, CA—“The coming revolution in transportation will be a game-changer in real estate,” begins a new report from Green Street Advisors. The Newport Beach, CA-based advisory firm predicts that the future popularity of ride-hailing services such as Uber and driverless cars will, to use another sports analogy, rewrite the playbook as it’s now constructed.

For starters, if vehicle ownership declines over the next few decades, some 75 billion square feet of parking space eventually will become obsolete, including garages. That’s more than the total square footage of US apartment, office, mall, strip center and industrial real estate combined.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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