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When UBER founder Travis Kalanick announced years ago that “with the growing popularity of ride sharing apps and self-driving cars, there won’t be the need for parking lots in the future,” the entire parking industry shuddered. Quite the opposite occurred, due to a confluence of factors led by the pandemic and the ensuant rise in car ownership.
“There are more cars on the road now than ever, which translates to the continual need for parking lots and garages,” said Robert Zuritsky, President and CEO of Parkway Corporation.
Kalanick’s comments resonated and, combined with shifting consumer habits, even banks started to raise some red flags about the long-term relevance of parking lots.
“My banker actually asked what I thought of his premise to convert all parking lots to parks and, at the time, I really didn’t have an answer,” Zuritsky said.
But he does now.
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