“At Avison Young, we see the installation of Electric Vehicle (EV) charging stations as a pivotal opportunity for commercial property owners. Beyond the immediate convenience for EV drivers, it's a strategic move that enhances the overall value and sustainability of the property. The benefits extend to attracting and retaining tenants, increasing property value, and showcasing a commitment to a greener future”.
- Michael Whear, Managing Director – Technology
Attracting Tenants and Customers:
In a competitive commercial property market, offering EV charging stations sets your property apart, making it a magnet for businesses and tenants who prioritise sustainability and modern amenities.
- Competitive Advantage: Offering EV charging stations sets your commercial property apart from others. It can be a unique selling point that attracts businesses and tenants who prioritise sustainability and modern amenities.
- Increased Foot Traffic: If your property is a retail or shopping centre, EV charging stations can draw more customers. People are more likely to visit and stay at locations where they can conveniently charge their EVs while shopping or dining.
Enhancing Property Value:
Properties equipped with EV charging infrastructure are viewed as premium assets, commanding higher lease rates and property values, and future-proofing for a world where EV adoption continues to rise.
- Premium Asset: Properties equipped with EV charging infrastructure are seen as more valuable assets. They tend to command higher rents and property values compared to similar properties without this feature.
- Future-Proofing: As EV adoption continues to rise, having charging stations in place positions your property to meet future demand. It can make the property more attractive to potential buyers, investors or tenants.
Installing EV charging stations aligns with sustainability goals, showcasing your commitment to reducing carbon emissions and supporting eco-friendly transportation options, while ensuring compliance with evolving regulations.
- Environmental Credentials: Installing EV charging stations aligns with sustainability goals. It demonstrates your commitment to reducing carbon emissions and supporting eco-friendly transportation options.
- Compliance with Regulations: In some regions, there are regulatory requirements or incentives for commercial properties to provide EV charging infrastructure. Staying compliant with these regulations avoids potential fines or penalties.
Tenant Retention and Employee Satisfaction:
Tenant demand for EV amenities is on the rise. Offering EV charging solutions can help retain tenants and attract a talented workforce.
- Tenant Demand: Tenants, especially those with sustainability goals or a significant number of employees with EVs, may actively seek properties with EV charging amenities. Providing this service can help retain existing tenants and enhance their satisfaction.
- Employee Attraction: If your commercial property houses businesses with employees, offering EV charging can be a perk that attracts talent. It reflects a forward-thinking approach to employee well-being and convenience.
Additional Revenue Streams:
Beyond sustainability and tenant satisfaction, EV charging stations can provide an additional revenue stream through the rent that EV operators pay.
- Rent: You can generate additional revenue by EV operators paying market rents per parking bay they utilise. All installation and maintenance costs are borne by the EV operator. Profit sharing models are also offered as an alternative to an annual rental.
Marketing and Public Relations:
Being part of the solution to environmental challenges not only enhances your property's image but also generates positive publicity.
- Positive Image: Being a part of the solution to environmental challenges by supporting EV adoption can enhance your property's image and reputation in the community.
- Publicity Opportunities: Announcing the installation of EV charging stations can generate positive media coverage and social media buzz, further promoting your property's appeal.
“We firmly believe that every responsible landlord should currently be assessing their property assets in order to determine whether they would be suitable to install EV charging facilities. The benefits are numerous to the landowner and the EV operators will do the hard work of planning, installing, and operating the chargers, not to mention obtaining an appropriate power supply.”
- Michael Whear, Managing Director – Technology
In summary, the installation of EV charging stations in commercial properties goes beyond convenience. It's a strategic move that enhances competitiveness, property value, and sustainability, making it a forward-thinking investment in the future of commercial real estate.
With Avison Young's expertise and commitment to sustainability, the transition to Electric Vehicle infrastructure becomes a seamless and impactful journey toward a greener tomorrow.