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Parking garages are often currently designed assuming that parking demand will be stable over their lifetime. The looming mobility shift towards automated vehicles (AVs), however, makes parking demand highly uncertain, with some scenarios leading to its complete disappearance at some time in the near future. The design of optimal parking garages needs to take this uncertainty into consideration and may lead to parking garages that can easily be transformed for other uses when beneficial.

In situations of large future demand uncertainty, infrastructure owners are increasingly using the real options method to help evaluate the potential benefits of paying more for construction of flexibly designed infrastructure. The real options method, helps owners, to avoid under-, or overinvesting in infrastructure, through the minimisation of their risks. In this work, a methodology, which uses the real options method, is proposed …