The world's largest commercial real estate brokerage is teaming up with an electric vehicle charging station company to help drivers plug in at 10,000 commercial properties across the United States.
CBRE's partnership with EV+ entails installing electric vehicle charging stations that are ready to use at hotels, offices, apartments and healthcare properties over the next five years.
The agreement makes CBRE the largest real estate services firm so far to form a partnership with EV+, Joe Schottland, CEO of EV+, told CoStar News in an interview. Terms of the agreement were not disclosed.
The deal feeds into plans EV+ has to deploy between $200 million and $300 million into infrastructure over the next three years, Schottland said. The partnership is targeting properties that have been overlooked by other charging station providers where consumers already spend lengths of time.
But commercial real estate owners aren't typically in the business of charging electric vehicles, Schottland said. The partnership between CBRE and EV+ offers reliable EV charging stations to property owners with zero up front capital expenditures, with the duo taking care of design, infrastructure, installation, customer service and maintenance.
"No one wants to actively take time out of their day to charge their car" with EVs often taking more than an hour to charge compared to a quick stop at the gas station to fuel up, Schottland said. "By placing chargers in locations where people prefer to charge, it takes away one of the biggest hurdles to EV adoption."
EV+ is one of many companies adding to the growing network of electric vehicle charging infrastructure throughout the United States, with companies including Mercedes-Benz, 7-Eleven and Circle K and other makers of electric vehicle chargers developing stations.
How It Works
Landlords can either make EV drivers foot the bill for the electricity they need to charge up or offer the charging station services for free as an outright amenity for tenants, Schottland said.
Property owners would pay a monthly subscription fee in the ballpark of between $150 and $300 for the infrastructure, Schottland said.
The EV charging stations could add another potential revenue stream for a property owner, he said, much like a vending machine. CBRE and EV+ will manage the upkeep and function of what Schottland describes as "military-grade" redundancy systems to keep the chargers connected to electric power.
CBRE will provide site acquisition services, and attaining potential grants and incentives, according to the statement.
Electric vehicle charging infrastructure is expected to become a bigger part of the commercial real estate industry. The White House unveiled plans last year to build a national network of electric vehicle charging stations.
CBRE, based in Dallas, announced plans to add a new electric vehicle services line to its offerings last year to help guide landlords on EV infrastructure.
Jim Hurless, global head of real estate for CBRE's electric vehicle solutions, said in a statement the partnership with EV+ fills a need by electric vehicle drivers to access reliable charging stations wherever they spend time and offer property owners a "coveted amenity" to serve their customers.