The Future of Electric Vehicle Charging: A Guide for Commercial Real Estate Developers
Originally published on July 27, 2023, by Trey Barrineau for NAIOP.
Electric vehicle (EV) use is accelerating, and commercial real estate owners can reap significant benefits from installing EV charging infrastructure at their properties. A recent NAIOP webinar explained how EV charging station implementation can attract and retain tenants, improve the property’s environmental score and generate new revenue streams.
According to Bryce Christensen, P.E., a senior partner with Kimley-Horn, EVs are becoming more affordable. Of the more than 40 options currently on the market, he said that 10 now cost under $40,000, and nearly every major automaker made public commitments to EVs, which should boost adoption by helping bring prices down even more.
“It’s no secret that the market share of electric vehicles in the United States and worldwide is trending up,” Bryce said. “The demand is rising, and many potential consumers are just waiting for more charging infrastructure before committing to going all electric.”
Bryce noted that the tipping point for accelerated adoption of EVs seems to be around 5% market share, based on data from BloombergNEF.