People need a way to get to work and, even in 2016, most people are still driving to work. Parking lots, however, take up a lot of space, they’re expensive, they require staff, and they may or may not lead to tenant satisfaction. Over the past few years we’ve seen the commercial real estate industry look at a variety of different parking technologies, yet few buildings nationwide have really implemented any kind of technology and by the time they do we may be living in a world with self-driving cars and increased public transportation options that makes parking garages and much of the technology surrounding them far less important than it is today.

The trouble with parking technology is that a solution is needed immediately for a problem that may be far less important in the near future. In order to attract new tenants and retain current tenants, parking is critical. That said, what happens to the investment if parking becomes far less critical to tenant satisfaction?

Millennial office workers are more interested in taking public transportation, walking, or biking at a higher rate than previous generations.* Will parking technology really be the key to building tenant satisfaction among a group of people who are disinterested in driving? Millennials are looking to get to work on time and easily, but they’re also interested in working during their commute. Driving to work is dead time, while taking the bus or train to work allows them to check e-mail and get work done.

The goal for commercial real estate should be to create better parking solutions immediately. Parking tech is at its peak relevance today and that should certainly be addressed. Parking, however, may not require long-term, expensive solutions. Instead, parking should be considered as one of many issues that address a larger core competincy that buildings strive for: tenant satisfaction!

Tenant satisfaction is the ultimate goal for commercial real estate.

When tenants are happy with a building, they’re likely to stay and far more likely to pay a premium for a space than if they’re unhappy. As a result, parking should be considered as contributing to tenant satisfaction. Every building has a different tenant mix and different values, as well as different structural concerns and budgets. If a building already has ample parking, parking technology might be a great next step. If a building is struggling with parking, perhaps embracing tenants who value public transportation, walking, and biking would be in the best interest of both administration and tenants alike. In those cases, parking technology is hardly a good solution.

Regardless of the direction parking technology takes, asset managers and property managers should do their best to understand not just the tenant points of contact for their buildings, but the average employee’s needs.

*http://www.apta.com/resources/reportsandpublications/Documents/APTA-Millennials-and-Mobility.pdf