Also discussed here: Do CBD parking prices in your city look expensive when compared with alternative uses of that space? (Reinventing Parking, Aug. 30, 2010)
And here: Parking Rates Worldwide (Urban Demographics, Jul. 22, 2011)
And here: Parking charges and commercial rents – are they related (The SKM Colin Buchanan Blog, Oct. 13, 2010)
The focus of today’s review is an update on a comparison of central business district (CBD) parking rates around the world. While one xpects them to correlate well with real estate prices, one finds considerable differences, not only within a city but between cities. Parking rates are known to also impact on the degree of traffic congestion with higher rates favouring less congestion as a rule along with reduced vehicle emissions in downtown urban areas.
Key Quotes:
“One possible way to look at the question of which prices are 'too high' or 'too low' is to compare the parking prices with the rents for other uses of space (both measured per square meter per month)”
“parking is a use of real estate..Space that is not used for parking could be used for some other real-estate use”
“We have cities near the diagonal line where CBD parking rents per square metre are comparable with Grade A office rents.. At the other extreme, Delhi and Mumbai in the upper left part of the graph have expensive office space but extremely cheap parking.. Jakarta and Bangalore at the bottom left have quite cheap office space and even cheaper parking”
“Hong Kong and Tokyo are also intriguing. Their CBD parking prices are among the highest in the world.… such parking prices are not surprising given their expensive CBD real-estate generally”
“It is notable how much car parking charges vary even within a small city centre area so while there is no guarantee that the data used is representative of average car parking charges in each city centre”
Related articles
- Demand-based Parking Rates, Smart Phones and Less Congestion (pollutionfree.wordpress.com)
- Pre Booking Car Park Spaces at Airports (chriswortley.wordpress.com)
- Make money from your parking space (confused.com)
- Website connects homeowners with driveways with those looking for parking (mirror.co.uk)
- The Impacts of "Free" Parking (pollutionfree.wordpress.com)
- A very clever car park. (jamieonline.wordpress.com)
- London car parking spaces cost more than the average home (money.marksandspencer.com)
- Vancouver parking rates now fourth most expensive in Canada thanks to HST (globaltvbc.com)
- Who says parking is expensive? (secureparking.wordpress.com)
- High-Tech Midtown Traffic System Will Ignore Pedestrians and Buses (streetsblog.org)
- Atlanta parking prices well below U.S. average, study shows (ajc.com)
- And you thought Toronto's parking was expensive? (thestar.com)
- Guess Who Has a Lot to Lose From an MTA Meltdown: Drivers (streetsblog.org)
- New York City is costliest place to park in USA (content.usatoday.com)
- Calgary commuters pay highest parking rate in Canada (calgaryherald.com)
- Downtown parking garages sixth-costliest in U.S. (seattletimes.nwsource.com)
- NYC Tops U.S. In Monthly Parking Fees, Survey Finds (newyork.cbslocal.com)
- Parking rates up slightly across Canada (cbc.ca)
- Calgary ranks second in North America for pricey parking (canada.com)
- London, Oslo parking costs highest in world (sfgate.com)
- Cheap Heathrow Airport Parking (cheap.co.uk)
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