A Driverless Future Threatens the Laws of Real Estate - Bloomberg
But now, the dawn of the driverless car—promising a utopia of
stress-free commutes, urban playgrounds and the end of parking
hassles—threatens to complicate the calculus for anyone buying property.
“Real
estate might be the industry that is most transformed by autonomous
vehicles,” said David Silver, who teaches self-driving engineering at
Udacity Inc., an online university that has enrolled more than 10,000
students who want in on the transport of the future. “It could change
real estate from a business that is all about location, location,
location.”
It may take a while: The earliest examples of
driverless services—buses, taxis and delivery vans—have already arrived,
but widespread consumer adoption might not be here for a decade. And
almost half a century passed from Henry Ford’s 1908 Model T, the first
car for the masses, before suburbs designed for drivers took hold. And
that’s why investors like Ric Clark, chairman of Brookfield Property Partners LP, the world’s largest real estate investment company, admit they’re involved in little more than guesswork.
But now, the dawn of the driverless car—promising a utopia of
stress-free commutes, urban playgrounds and the end of parking
hassles—threatens to complicate the calculus for anyone buying property.
“Real
estate might be the industry that is most transformed by autonomous
vehicles,” said David Silver, who teaches self-driving engineering at
Udacity Inc., an online university that has enrolled more than 10,000
students who want in on the transport of the future. “It could change
real estate from a business that is all about location, location,
location.”
It may take a while: The earliest examples of
driverless services—buses, taxis and delivery vans—have already arrived,
but widespread consumer adoption might not be here for a decade. And
almost half a century passed from Henry Ford’s 1908 Model T, the first
car for the masses, before suburbs designed for drivers took hold. And
that’s why investors like Ric Clark, chairman of Brookfield Property Partners LP, the world’s largest real estate investment company, admit they’re involved in little more than guesswork.
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