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The AC EV Charging Station Set to Maximize Property Valuations

April 30, 2024

The electric vehicle (EV) landscape is changing rapidly.   

 

Nearly every day, dozens of headlines relay the impact EVs will have on the automotive industry. These headlines detail how a quicker adoption of EVs will accelerate a reduction in vehicle carbon emissions. However, the impact of EVs exists beyond the automotive industry. EVs will impact city planning, commercial real estate, and property valuations.   

 

Accommodating the EV — installing an AC EV charging station — will be the way forward for residential and commercial real estate developments. Because as EV usage increases, so will the need for convenient locations to recharge.  


The AC EV Charging Station Will Reshape Commercial Real Estate  

Beyond design and architecture trends, commercial real estate developers should pay special attention to their future tenants' needs, particularly their commercial, retail, and industrial tenants.  

 

Given how critical parking spaces are to new developments, commercial real estate developers need to ascertain how many parking spaces should be dedicated to EV charging. Because space dedicated to parking is incomplete without an AC EV charging station. Essentially, you're turning tenants away without an AC EV charging station. Tenants want value for money.   

 

Besides, installing an AC EV charging station means parking spaces can become a profitable space.  

 

Additionally, developers need to consider the role parking will have in making a development more desirable.  

 

Retail tenants will likely be interested in how many EV parking spaces will be dedicated to their space, especially anchor tenants who'll want to use the public AC EV charging station to attract foot traffic.  


Mixed-use Developments Will Benefit from Installing an AC EV Charging Station  

Real estate developers developing mixed-use spaces will benefit most from including AC EV charging stations in their plans.   

 

When you're investing in this type of development with diverse stakeholders' interests, determining how to maximize the potential of your space is paramount. Forgoing the AC EV charging station could be leaving money on the table as tenants want to ensure their rental satisfies their needs.  

 

As more professionals switch to the EV, having the option to charge their car where they work will attract premium commercial and residential tenants.

 

Furthermore, having the AC EV charging station also increases your appeal among businesses that might use EVs as part of their business model.  


Satisfying the Needs of Tenants with the #1 Amenity 

Consider what the market rate is for most amenities in any long-term rental.  

 

Amenities allow landlords and real estate investors to charge a premium for the space.  

 

However, unlike other amenities — think built-in washer and dryer, modern appliances, and air conditioning — that an investor can add later, an EV Charger can't be added after the fact to make their apartment more attractive to tenants. Therefore, it's up to developers to include the AC EV charger station in their plans, dedicating at least five percent of the allotted parking spaces to EVs.  

 

However, ten percent could be a better figure to hedge your investment, given that 80 percent of all EV charging takes place at home.  

 

Unlike in a single-family home, residential developments, like condominiums or apartment complexes, don't have access for residents to charge their EVs from their homes or garages.   

 

Because of this, many tenants, especially on the higher end, wouldn't consider the location. That's an entire market you're overlooking: EV owners. 

 

Even if a tenant or resident doesn't have an EV, they can still benefit from this amenity by subletting the space to other tenants who may need the space. 


The Dual Gun EV Charging Station Will Be Imperative to Your CRE Portfolio 

When you're doing the math on whether to add EV charging stations to your plans as a CRE developer, the dual gun EV charging station will have the best returns.  

 

The dual gun EV charging station allows you to monetize two parking spaces with one station. This means much of the square footage you've allotted to the parking lot won't be taken up by stations. You can keep the same amount of space but increase the utility of each parking space. 

 

The dual gun EV charging station also means you can monetize an entire parking lot at a fraction of the cost — essentially half of what it would be to get a station for each parking space. 

 

But why, as a developer, is it worthwhile to invest in EV charging stations? 

 

As mentioned before, parking lots are essentially unprofitable spaces, especially in areas where parking spaces aren't in demand. 

 

An AC EV charging station allows you to make these spaces profitable and useful, ensuring that every square foot of space in your development is revenue-producing.

 

Consider how much revenue you're losing out on with a regular parking space. 

 

Furthermore, existing properties that may not be bringing in as much revenue for commercial property managers could be revitalized with the addition of a dual gun EV charging station. 

 

The dual gun EV charging station also means you're diversifying where your revenue is generated. Now, it won't be entirely from long-term tenants, but also from EV drivers. Essentially, the dual gun EV charging station makes a direct link between the consumer and the property developer. In a multi-use development that income could soar. 


EVCOME's Dual Gun EV Charging Station a Game Changer 

EVCOME has developed a dual gun EV charging station that will simplify including an AC EV charging station in your commercial real estate portfolio and plans.

EVCOME's dual gun charger station has two charging guns. Having two guns facilitates the simultaneous charging of two electric vehicles, reducing waiting time.

This feature is ideal for high-traffic areas or locations with a significant amount of EVs.

 

EVCOME's charger station is compatible with a wide range of electric vehicles because it is an AC charger, the most common charging method for EVs. This makes it suitable for most EV models and in public charging stations where any EV driver could access the charger.

As a leading EV charging station manufacturer, EVCOME's commitment to making superior products will support your efforts to transform parking lots and maximize property valuations.


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