Real Estate Investors and Developers Facing “Big Issue” of the Future of Parking in Dallas TX

Developers and real estate investors in Downtown Dallas TX who are heavily investing millions of dollars in the constructions of new parking garages will be facing the upcoming scenario. Employers are adding additional workers to already populated skyscrapers so owners are looking to add new parking spaces to cater to all the cars. In other times, they may not have required more parking spaces.

Some building owners are already working on the prospect what to do when their garages are not fully filled. As the experts predict, the emergence of advanced vehicles capable of self-drive and more dynamic foot traffic could cut down the need for parking slots in residential and commercial places. At the moment, almost half of the population residing in Downtown Dallas admits they don’t drive.

As figures states, almost 60% of 18-year old Americans have their driving license. While the millennials are turning out to buy 30% fewer cars as compared to last generation kinds.

“Driving miles have continued to decrease per capita in this country, even with cheap gas. The driverless cars are coming and they are likely to change our driving habits,” Brad Segal, President of Progressive Urban Management Associates, informed the audience at Downtown Dallas Inc.’s luncheon last month.

With more locals turning to Uber service, the eventual situation is certain where spaces of driverless cars and parking demands will relax.

“The whole parking industry is changing already,” Segal continued. “Most parking consultants think we may be at peak parking. Any new parking structures now that are being considered for urban areas are being designed for alternative uses 10, 15 or 20 years down the road.”

Some Dallas developers have already started to work on the changing situation. Craig Hall who is constructing in the Arts District and in his Hall Park mixed-use project in Frisco, is designing new buildings with less emphasis on parking garages.

“It’s a huge issue because parking is expensive,” Hall stated at an apartment development group meeting recently held in North Dallas. “We are looking at plans to use the top of the parking garages when driverless cars come. We are going to build a garage with enough foundation to put apartments or a hotel at the top.”

Residential projects developer Michael Lynd also expressed his interest in determining how much parking space is actually required for his apartments.

“Parking in these urban settings is a critical component of all our developments,” Lynd said. “But one of the worst investments we can make is parking that is vacant. We’re looking in our future buildings at the potential to repurpose that space to residential and reclaim it if people decide not to have a vehicle and get their transportation some other way.”

Several employers too have started to express their dissent regarding the need for excess parking spaces.