Future of Parking Stations: A Necessity in the Modern Cityscape

A modern parking station in Australia featuring white cars neatly parked in designated spaces. The sleek design incorporates modern architecture and efficient parking solutions for urban mobility.

The parking industry stands at a crossroads, facing a future teeming with autonomous vehicles, electric, and flying cars. As urban populations swell—an estimated 27% increase over the next 26 years according to UN data—we must rethink our car parks and parking stations to serve not just today’s needs but those of the coming decades.

The Evolution of Parking Stations

The mobility industry is shifting gears rapidly, propelled by generational disruptive technological advancements. Traditional parking spaces are transforming into multi-use hubs, catering to the needs of tomorrow’s vehicles. 

So what are some of these developments?

Imagine a car park today. I think of the lyrics to the famous Joni Mitchell song, Big Yellow Taxi, which saddens me, 

“They paved paradise, to put up a parking lot”

Now, reimagine the car park of tomorrow.

Where it becomes a multi-use hub, not just for parking but a central gathering point, servicing:

-Multi-facted transport mobility

– Electric vehicle (EV) energy stations

– Rooftop launchpads for flying cars

– Autonomous vehicle docking and charging

And as people wait for all those services, they can commune and socialise – collaborate to socialise, shop, work and play.

These are not fanciful ideas but imminent realities. 

Parking assets must evolve or risk obsolescence.

Let’s look into each of the potential uses for traditional parking stations

Electric Vehicle Charging Stations becoming Energy Hubs

Nearest EV charging bay

With the global push towards sustainability, electric vehicles have bolted out the door and as we all know, are charging ahead in adoption. The infrastructure to support EVs is expanding, supported and boosted by government initiatives and financial incentives. EV charging stations are becoming more than just a place to recharge EV batteries. With forethought in mind, they will also evolve into emerging as energy hubs. These hubs, through emerging vehicle-to-grid (V2G) technology in EVs, will support and enhance grid stability through storing excess renewable energy and feeding it back when demand peaks.

Autonomous Vehicle Docking and Charging

Autonomous vehicles (AVs) are steering towards us with great promise. The market for AVs globally  is predicted to generate revenue between $300 billion to $400 billion by 203​​0, growing at a CAGR rate of 21.9%,  according to McKinsey and Company

AVs will require specialized docking stations that not only charge but also communicate with the vehicles for updates and maintenance scheduling. These smart docks will be equipped with high-speed data connectivity, providing seamless updates to the vehicle’s software and enabling a constant stream of data between vehicles and parking assets.

Rooftop Launchpads for Flying Cars

Remember the Jetsons?

Yep – the flying car is really here. Once a figment of science fiction, this reality is now taking off!

According to the report by MarketsandMarkets, the market is expected to reach approximately $3.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 37.0%. Urban architects and property owners are already negotiating rooftop launchpads for autonomous vehicles. And the roofs of car parks are the perfect landing pad, potentially turning every parking station roof into a mini-airport.  For example in Australia, in 2022 Skyportz signed a deal with carpark operator Secure Parking to repurpose rooftop carparks and create up to an additional 400 landing bases for electric air taxis in cities around Australia.[Source

These landing pads for flying vehicles, often referred to as VTOLs (stands for vertical take off and landing) will serve not only as takeoff and landing spots but also as service stations for these flying cars, ensuring that they are charged, maintained, and ready for flight.

Car parks must keep up with technology

A flying car is flying around Sydney Opera House

Technologies such as flying cars are developing at an astoundingly rapid and exponential rate. As we move on in time, what we once thought was a futuristic possibility becomes a current reality, and part of our daily lives. Remember when mobile phones were first adopted? The Internet? More recently AI? How quickly disruptive technology forms part of our lives and we adapt towards it.  And so parking assets, to remain viable and relevant,  must adapt to accommodate these changes. They must evolve from static spaces into dynamic hubs that support a broad spectrum of transportation methods.

The evolution of parking assets plays a pivotal role in the integration of these technologies into urban life. By reimagining car parks as versatile, technology-equipped hubs, we are future-proofing them, and also enhancing the efficiency and functionality of our cities.

As we watch these remarkable technological advancements unfold, the question is not if but when these future visions become our reality. Parking assets that fail to adapt will become relics of a past focused solely on static vehicle storage. While those that embrace change will become cornerstones of the modern, mobile world.

Alternative Uses for Parking Stations

In our cities, parking lots and parking stations are evolving. They are no longer just idle spaces; they are becoming active community assets.

With smart planning, parking stations can double as:

– Community spaces for markets or events

– Urban gardens or green spaces

– E-commerce logistics hubs

By diversifying usage, we capitalize on every square meter, enhancing ROI and serving community needs.

Repurposing Parking for Community Spaces

Parking stations are transforming into vibrant community spaces for markets and events. These spaces invite locals and tourists alike, fostering a sense of community.

Green Transformation: Urban Gardens in Parking Spaces

Urban hanging garden parking lot in Miami Florida.

Urban gardens and green spaces are sprouting up in parking lots across smart cities. These green oases provide fresh air and a place for community members to unwind. For example, have a look at what the Hanging Gardens parking lot in Miami has done to transform the city scape.

Greenifying parking stations creates small sanctuaries to escape from the concrete urban jungle of cities. This contributes to the well-being of our city residents. As smart parking solutions free up space, parking stations can accommodate these eco-friendly transformations​​​.

Logistic Innovation: E-commerce logistics hubs

As e-commerce thrives, parking stations which are close to commercial properties will become integral logistics hubs. They will provide storage and distribution points for online orders, streamlining last-mile delivery. This repurposing meets the growing demand for efficient e-commerce operations and maximizes the use of urban spac​​​​e.

By embracing these alternative uses, parking lots and parking stations will enhance their ROI and investability while adapting to future urban lifestyles. They will support smart cities by meeting the multifaceted needs of their growing populations. And the data that comes from these sites will become incredibly valuable to the city precincts.

The Financial Imperative for Car Parks to Evolve

If car parks Ignore the push to adapt, the result will be underutilized spaces, and this will affect the financial health of those parking assets. The opportunity cost of empty car parks is a stark reminder of the need for agility in asset management.

Future-Proofing Urban Mobility

By embracing these alternative uses, parking lots and parking stations will enhance their ROI and investability while adapting to future urban lifestyles. They will support smart cities by meeting the multifaceted needs of their growing populations. And the data that comes from these sites will become incredibly valuable to the city precincts.

Enhancing ROI in Parking Assets

Optimizing parking is crucial for maximizing the”return on investment of this type of commercial property. Smart strategies transform underutilized spaces into profitable assets. These systems streamline parking operations and enhance user experience, leading to increased usage and revenu​​e..

Smart Parking: A Financial Game-Changer

Smart parking solutions in cities revolutionize the way commercial properties manage their parking assets, and generate revenue. They offer dynamic pricing and efficient space utilization, which enhances revenue and ROI on commercial parking asset value. Implementing advanced technology like sensor-based systems can significantly increase parking asset utilization and profitabilit​​​​y. With parking management growing at CAGR of 12.4% per annum, the market is certainly not to be overlooked.


The Cost of Stagnation

Ignoring modern parking solutions can lead to costly underutilization. This impacts the ROI in parking assets significantly, reducing the value of commercial property. Empty spaces not only represent a lost revenue opportunity but also reflect a lack of adaptation to modern urban demand​​.

Adaptive Reuse of Parking Spaces

Adapting parking assets for multiple uses, like community events or e-commerce hubs, opens new revenue streams for commercial property owners. This approach not only enhances financial returns but also strengthens community ties and supports local businesse​s

Technology-Driven Revenue Maximization

Investing in smart parking systems in cities significantly increases the return on investment for commercial property owners by optimizing space and reducing operational costs. This approach aids in better space management and aligns with the evolving needs of modern urban resident.

Digital parking solutions offer a higher ROI in parking assets by providing real-time data for better decision-making and space management in cities. These solutions empower property managers with insights to optimize pricing strategies and parking availabilit​​​y..

Incorporating smart parking systems is essential for commercial properties to stay competitive, relevant and financially viable in fast-evolving cities. This forward-thinking approach ensures properties remain relevant and attractive in the ever-changing urban landscap​​​​e. .Advanced parking solutions transform traditional parking spaces into dynamic assets, capable of adapting to diverse urban need​​​s..

How ThatsMySpot.com.au Fits In

ThatsMySpot.com.au is pioneering with parking bollards that enable asset sharing, optimizing parking turnover and ensuring that our parking stations are ready for the mobility revolution. We have a range of automated and connected smartphone parking bollards that integrate seamlessly into building management platforms that give real-time visibility and data to the commercial and residential asset owner. For more information about how we can help optimise ROI of your parking assets using our range of smart parking bollards,  please get in touch.