Parking Rates in North America Little Changed, But Up Broadly Worldwide, Colliers Intl. Reports
Ross J. Moore, Chief U.S. Economist for Colliers Interna-
tional, a leading global real estate services organization, recent- ly issued two reports on Central Business District (CBD) park- ing rates, for North America and globally: “Despite a general improvement in economic conditions,
most parking garage owners and operators in North America did not increase parking rates during the last 12 months. … In both Canada and the U.S., parking rates registered little change …with the exception of a few secondary markets.… “Monthly parking rates [in the U.S.] decreased marginally
… dropping $0.34, or 0.2%. The median rate now averages $155.22 U.S.D per month. … By contrast, daily rates increased slightly, rising 0.8%. The median rate for daily parking now averages $16.49 U.S.D.… “As was the case a year ago, extremes in monthly parking
rates range from a high of $1,200 U.S.D in Midtown Manhattan to a low of $20 U.S.D in Memphis. … The five most expensive parking districts (as represented by median rate) in the U.S. [are] Midtown Manhattan ($541 U.S.D per month), Lower Man- hattan ($533), Boston ($438), San Francisco ($375) and Chicago ($289). …” For more information on North America CBD parking rates,
go to
www.colliers.com/Country/UnitedStates/content/col- liersparkingratesurvey2011.pdf.
“[Globally,] be it for a day or a month, the cost of parking a
car generally increased over the past 12 months,” Colliers’ Moore reported. “With the exception of the U.S., all regions saw the price of parking go up. Among the top ten, no single region dominated in this year’s survey… “Leading the list of the most expensive places to park a
vehicle is London: The City and West End submarkets again ranked No. 1 and No. 2 in the world. Parking rates in the City (London’s financial district) topped the global list at $1,084 U.S.D per month, followed by the West End at $1,014 U.S.D. … Due to a dramatic rise in the Swiss franc, Zurich moved into third position, replacing Hong Kong. Zurich monthly parking costs came in at $822 U.S.D – … up more than 36% in U.S. dollar terms.… The highest daily parking costs [globally] were dominated
by European cities: Oslo in the global No. 1 spot at $89.04 [per day]; Copenhagen, London’s City and West End submarkets, Amsterdam, Vienna and Geneva all made the top 10 list. Out- side Europe, Sydney and Tokyo also ranked in the top 10. The cheapest city to park in is Jakarta, Indonesia, at $0.92 for the day.… For more information on global CBD parking rates, go to
http://dsg.colliers.com/document.aspx?report=1518.pdf. These excerpt were printed with permission.
See us at the NPA booth #318 Parking Today
www.parkingtoday.com 15
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