CRE Credit Crunch? Convert CRE to Leverage PropTech and Paid Parking Applications
Preparing For the Future, Using Digital Parking Software to Help Meet Future Needs
With the coming years bringing revolutionary technology and advancements, as well as a growing population in all areas of the world, it should be no surprise that the way all things are being done is changing. With these changes also comes the need for amenities and other aspects to change to meet the needs of changing demographics. New construction projects are looking at the trends and engineers and designers are working together to meet these needs to make sure that structures and parking areas can have multiple uses if needed. For already built areas, there are some upgrades and improvements that can be done to maximize the ability to convert to needed space when needed with ease.
The largest change in demographics for parking is the shift of the number of cars and drivers on the roads. Although the number of drivers and users of parking areas has increased from the smaller numbers seen a few years ago, the changes we all had to make to meet regulations for health and safety have become commonplace. There has been an increase in the use of public transport, car pooling, and remote work. All of these have led to a decrease in the demand for parking. As urban areas become more populated, the demand for parking and living spaces increases. With this increase, comes the decision of whether areas of lesser use should be used to increase living and business spaces.
New Regulations
Although the regulations for buildings and parking differ from place to place, the overall trend is that cities and towns are lessening the required number of parking spaces for new constructions, and some places have parking for bikes and scooters. There is also an increased interest in indoor parking areas that can be easily converted to office or living space if needed in the future. Builders and owners are taking the extra cost of these projects to save the funds in the future during conversions.
It is possible to convert pre-existing parking areas into new use spaces, however, there are some challenges. Depending on the location and the requirements needed for building codes to be met, a parking area may have too low of ceilings resulting in the need to either eliminate floors or lowering the height of floors if possible, floors need to be leveled, and other environmental factors need to be considered like those located in areas of high seismic activity. The first step in making these conversions is eliminating the extra stuff. This can include bulky equipment such as change and ticket machines, attendant booths, and more. There also needs to be more dependable ways to find parking spaces to maximize the spaces. The answer may be in smart parking technology.
Smart Parking and Conversions
Smart parking technology can take all the bulky equipment and make it fit into the palm of your hand. This is done through mobile applications that can operate an entire parking area for drivers, and management alike. Through a smart application such as ParkingBadge, operators can place rules, procedures, available parking areas, monitor the parking areas for those that are in violation, create data sheets with registered users, and more. No longer is there a need for permanent offices and physical means of payment and tenant areas. This not only maximizes parking areas, but also lessens the burden of removing these items in the case of a conversion.
There are many other benefits that make smart parking the ideal choice no matter the size and type of parking application. For questions and more information on smart parking applications, as well as how to integrate it into your parking area, be sure to reach out to a knowledgeable staff member today! – https://parkingbadge.com/solutions/
