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Driverless cars harbinger for parking garages

Google’s Driverless Car Project (Credit: Google)

UBS released a study that predicts the future impact of driverless taxis (AKA Robo-taxis) in New York City. The analysts found that if ‘robo-taxis’ become a reality, fares will drop up to 80 percent by 2030, which will make a cab cheaper than a subway ride!

Be Smart: UBS analyst as quoted by Business Insider on why fares will drop so drastically: “The utilization rate of the robo-taxi fleet would reach 50 percent over a 24- hour shift, that is twice as high as Uber/Lyft’s utilization rates today, and 10 times higher than a private car.”

Worth Considering: Assuming self-driving cars disrupt the auto industry, it could mean that the public will be less reliant on public transportation. As we noted last year, close proximity to transit hubs may not be as important to commuters.

The real loser: Parking garages. Driverless cars could potentially pick people up from their homes, drop them off at the office, and then leave to park in a less prime area.

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