Five ways hosting EV charging benefits commercial real estate properties

The electric vehicle (EV) industry in the US continues to surge forward with remarkable momentum

EV drivers are turning more to public charging while out and about. In response, many commercial properties – from busy retail centers and airports to underutilized parking lots – are taking advantage of their conveniently located sites to host EV chargers in their parking spaces, allowing drivers to charge up while on the go. So, what’s in it for real estate owners when it comes to EV charging? Here are five ways your commercial property can benefit from hosting EV chargers:

1. Attract more customers (or increase property utilization)

Offering the services people need in their daily lives, including EV charging, gives customers another reason to visit your business. While they wait for their vehicles to charge (also known as dwell time), drivers may go on to use other facilities at your location. DC fast chargers, commonly used in EV charging networks, have a typical charging time of 30 to 40 minutes.

Many EV charging providers will also add your site to their public map services to help drivers discover your location. For businesses that rely on footfall, such as retail, this is key to driving more traffic. For properties that are underutilized, this puts your business ‘on the map’ and attracts drivers to stop and charge at your location.

2. Create a new source of revenue

Becoming an EV charging site host can come with generous financial incentives for real estate managers. Your EV charging provider will likely offer some form of payment in return for hosting their chargers at your location – a great way to turn your parking spaces into additional rental revenue.

Compared to owning and installing your own EV chargers, this also means your business can potentially receive consistent revenue without relying on how often the chargers are used.

3. Give your reputation a boost

Installing the latest EV charging technology at your property is a sign of your commitment to sustainability. In a 2023 article from Bain and Company, a study of over 23,000 global consumers found 64% of consumers reported high levels of concern for sustainability. Knowing that consumer motivation indicates that by hosting EV chargers, you can potentially improve your reputation as an environmentally friendly business with your customers and shareholders.

4. Future proof your property

As the EV industry continues to grow, EV charging will likely become more of an essential service that consumers expect to see at the properties they use. Adding EV chargers to your site right now is therefore a great way to equip your property with the technology and services needed for the EV future, and continue meeting the needs of your customers.

5. Let the experts handle the upkeep

As an EV charging site host, you’ll likely benefit from your EV charging provider carrying out any required charger maintenance. Before committing to hosting chargers, you’ll also want to explore the level of service offered to ensure your customers are in good hands – for example, will there be 24/7 support? And how strong is the balance sheet of the EV charging provider?

Again, compared to operating EV chargers yourself, this means you and your staff don’t need to worry about upskilling or handling any potential charger issues yourselves.

With the growing popularity of electric vehicles and the increasing demand for charging infrastructure, property managers recognize the value of providing EV charging as an amenity to attract customers. As the EV industry continues to grow in the US, the benefits will likely only increase from here.