Consumers and Businesses Must Brace Themselves for Higher Parking Rates
Source: Colliers International

Parking costs have increased nationwide for the fourth year in a row, mirroring rising demand and a dearth of supply in the U.S, Canada and around the world, according to the seventh annual Parking Rate survey from Colliers International, a leading global real estate services company. Leading the U.S. was Midtown Manhattan, whose median rate was a remarkable $630.00 per month to park. However, this masks the Midtown high, which now registers $925.00 per month.

With 51 U.S. markets and ten Canadian markets under study, Colliers’ survey shows that over the past 12 months, the cost of parking has increased by 4.4 percent (monthly rates) in the U.S., in response to ongoing demand and little new construction. Daily rates also moved higher, although not as much as monthly – increasing 3.2 percent over the past year. This suggests that the slowdown in consumer spending coupled with modest job gains had a cooling effect on parking rates. However, as the economy is anticipated to improve, and only a small amount of new parking supply is slated to come on-line, an increase in demand is expected to push rates even higher over the next year.

Although North American cities such as New York and San Francisco look very expensive, parking prices here actually pale in comparison to typical monthly rates in cities such as London, Tokyo, Sydney and Hong Kong.

This entry was posted on Sunday, July 29th, 2007 at 12:20 pm and is filed under Consumer issues, Motor vehicles, Transportation and travel. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.