Carl Walker Issues Parking Structure Cost Outlook for 2011
CarlWalker Inc. presented the 2011 installment of the firm’s
annual parking structure cost report in the May 2011 issue of its Industry Insights newsletter. As in previous years, it features a current statistical analysis of garage construction costs, com- ments on economic trends, and offers a market forecast for the coming year. The firm’s construction cost database contains hundreds of
completed parking structure projects of varying size and scope in awide range of geographic areas. The cost data are factored based on the time of bidding and the project location, the newsletter explains. Currently, its statistical data reflect a median construction
cost for a newparking structure to be $16,323 per space and $47.58 per square foot. The expected costs in various U.S. cities are less than 1% higher than in 2010, although material costs are 3.6% higher than a year ago, according to the ENR Building Cost Index. Market analysts at Turner Construction believe that material
prices are being offset by “extremely competitive market condi- tions.” Indeed, the newsletter says, “we [at CarlWalker] have seen remarkably low construction costs on the parking garage projects bid in 2010 and early 2011. “Those who are building parking structures are likely enjoy-
ing the best bidding climate in the last five years and perhaps even the next five years!”
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Asummary of the CarlWalker report finds that, in absence of
any major economic event, the following trends should hold true for 2011: Construction activity should be at or near 2010 levels. The market will continue to be highly competitive, likely
resulting in construction costs lower (perhaps substantially low- er) than the cost figures on many projects cited in a table accom- panying the report. There will be little or no construction cost inflation in 2011.
Thus, one year fromnow, themedian cost for a newparking struc- turewill likely be unchanged. To see the complete Parking Structure Cost Outlook for
2011, including a city by city table, go to
www.carlwalker.com/press/newsletters, then “2nd Quarter 2011.”
SM
SM
1-800-866-9115 ©2011, Guardian Traffic Systems. All rights reserved. Parking Today
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