As electric vehicles (EVs) continue to gain traction, the infrastructure supporting them becomes increasingly critical. The world's largest commercial real estate brokerage, CBRE, has recognized this trend and is partnering with EV+, a prominent electric vehicle charging station company, to bring EV chargers to 10,000 commercial properties across the United States over the next five years. This strategic partnership highlights the growing importance of EV charging stations in real estate investment and the potential benefits for property owners.
A Vision for the Future
CBRE’s collaboration with EV+ marks a significant milestone, making it the largest real estate services firm to enter such a partnership. The deal, whose financial terms remain undisclosed, is part of EV+’s broader plan to invest between $200 million and $300 million into charging infrastructure over the next three years. This initiative targets properties that have been overlooked by other providers, ensuring that EV drivers can charge their vehicles conveniently at hotels, offices, apartments, and healthcare facilities.
Joe Schottland, CEO of EV+, emphasized the strategic importance of placing chargers where people naturally spend time. "No one wants to actively take time out of their day to charge their car," Schottland noted, pointing out that the lengthy charging process for EVs can be a significant deterrent. By integrating charging stations into everyday locations, the partnership aims to remove one of the major barriers to EV adoption.
A New Revenue Stream for Property Owners
For commercial real estate owners, the partnership with EV+ offers an attractive proposition: reliable EV charging stations without any upfront capital expenditure. CBRE and EV+ will handle the design, infrastructure, installation, customer service, and maintenance, allowing property owners to provide this amenity with minimal hassle. This arrangement can turn EV chargers into a new revenue stream, similar to vending machines. Property owners can either charge EV drivers for the electricity used or offer the service for free as an amenity, enhancing the property's appeal to tenants.
The monthly subscription fee for property owners ranges between $150 and $300, a cost that can be offset by the added value and potential revenue from the charging stations. With CBRE providing site acquisition services and helping to secure potential grants and incentives, the financial burden on property owners is further reduced.
Meeting the Demand for EV Infrastructure
The demand for EV charging infrastructure is expected to grow significantly. The White House has unveiled plans to build a national network of EV charging stations, reflecting the government's commitment to supporting the transition to electric vehicles. CBRE’s new service line dedicated to guiding landlords on EV infrastructure demonstrates the real estate industry's recognition of this shift.
Jim Hurless, global head of real estate for CBRE's electric vehicle solutions, stated that the partnership with EV+ addresses a critical need for reliable charging stations where EV drivers spend their time. This, in turn, offers property owners a "coveted amenity" that enhances the customer experience.
The Strategic Advantage
Incorporating EV charging stations into commercial properties is not just a matter of keeping up with technological advancements; it's a strategic move that can significantly enhance the attractiveness and value of real estate investments. Properties equipped with EV chargers are more appealing to a growing segment of environmentally conscious consumers and tenants who drive electric vehicles.
Moreover, the presence of EV chargers can signal to potential tenants and investors that a property is forward-thinking and aligned with sustainable practices. This can be a crucial differentiator in a competitive market, helping properties stand out and attract higher-quality tenants.
The partnership between CBRE and EV+ represents a forward-looking approach to real estate investing. By installing EV chargers at commercial properties across the United States, CBRE is positioning its clients at the forefront of a critical infrastructure trend. This move not only meets the immediate needs of EV drivers but also sets the stage for long-term value creation in the real estate market.
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