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Are parking lots about to become a thing of the past?

If you are looking to buy or rent a commercial space, you undoubtedly want to provide sufficient room for your customers to park their vehicles. After all, if parking is a hassle, your customers are likely to shop somewhere else. Still, having expansive parking lots is probably not as important as it once was.

Before closing or signing a lease agreement, it may be advisable to undertake a parking study. This study tells you how much parking space your business needs. It also alerts you to nearby public transportation and parking options.

An increase in rideshare services

According to reporting from Policy Advice, rideshare services have exploded in popularity in recent years. While only about 15% of Americans used one of these services in 2015, nearly 40% did so in 2018. If the trend continues, a majority of Americans may regularly use Uber, Lyft or other rideshare services by 2025.

The popularity of online shopping

If your business model includes selling goods to customers, you may have little choice but to allow them to shop online. An uptick in online shopping likely means a decrease in vehicle traffic. If fewer drivers are on the road, you probably do not have to provide as many parking spaces for your customers.

The reality of in-home deliveries

The recent global crisis may have changed the retail world forever. Specifically, consumers may expect in-home delivery of groceries and other items. Put simply, if customers are not visiting your store, you may not want to pay for a place for them to park.

Ultimately, if you discover your business requires fewer parking spaces, you may have more options for securing an optimal commercial space.

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