The EV opportunity for real estate and commercial landowners

Sales of electric vehicles continue to accelerate, as more drivers are choosing to switch away from internal combustion engine (ICE) vehicles. With this change in consumer behaviour, the way we approach refuelling, or recharging, is also evolving. Despite the improvements which continue to be made in battery technology, those travelling further distances will often need to stop to charge away from home, leading to an increase in dwell time at facilities providing electric vehicle charge points, such as service stations.

However, consumers are adapting to this shift and are willing to spend more time waiting for their cars to charge, as highlighted by a recent study by Deloitte. Moving away from the quick pitstop, a third of EV drivers indicate they are willing to spend between 21 and 40 minutes to charge from empty to 80% battery capacity and a quarter are willing to wait 41 minutes to an hour.

As drivers’ journeys change to factor in charging time, their needs and expectations have adjusted too, presenting an opportunity for commercial landowners and the retail and hospitality industries. Beyond access to car charging stations, customers want more; the study demonstrated that when charging on the go, 21% of EV drivers look for retail and hospitality amenities at dedicated service stations.

"Top amenities sought by EV drivers whilst charging include coffee and beverages (64%), bathroom access (56%), Wi-Fi connectivity (55%), snacks and light meals (43%), and a lounge or sitting area (42%)”.

Retail and hospitality venues providing these services alongside commercial EV charging infrastructure could benefit greatly from the custom of this growing consumer base. Acting now to cater for the needs of EV drivers is essential.

As explained by real estate advisors, JLL, “EV charge points are in short supply even before the number of EVs surges. Property owners with onsite car parks who take a 'wait and see' approach will scramble to meet tenant requests to install EV chargers in the coming years. They will also struggle to compete effectively for sustainability-focused tenants.”

Taking into account the time needed to prepare for and implement a scalable EV charging strategy, commercial landowners and property developers who begin now stand to gain a competitive advantage. For landowners looking to attract customers with EV charge points, a partnership with Zest could provide the opportunity to gain an end-to-end EV charging solution at zero cost.