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PARKING RATE SURVEY
NORTH AMERICA | CENTRAL BUSINESS DISTRICT
www.colliers.com
2010 | CBD PARKING RATES
ROSS J. MOORE Chief Economist | USA
Colliers’ 10th annual North America Parking Rate Survey again indicates that even in the face of economic hardship, parking garage owners and operators have managed to hold rates steady, providing little relief to businesses or consumers. Over the past year Canadian and U.S. parking rates both registered little change, highlighting the high degree of stability in this often overlooked real estate sector.
Despite a loss of eight million jobs and a signi cantly more challenging business environment, few U.S. cities saw a signicant pullback in parking rates during the June 2009/June 2010 period. Daily and monthly parking rates largely held steady over the past 12 months, with daily parking charges down 1.4% (reversing a 1.2% increase last year) while monthly rates increased 1.1% (reversing a 0.9% drop last year). Underpinning parking rates is the continued tight balance between supply and demand – even with the economy still far from operating at capac- ity. Contributing to the modest increase in monthly parking rates has been an uptick in oce leasing activity and a general improvement in the business landscape. Daily rates, which tend to track the general economy and consumer spending, show demand for infrequent parking remains fairly strong and most likely refl ect long-held commuting patterns seen in most parts of North America. While many businesses and consumers are still acting prudently, demand for parking looks to be somewhat insensitive to price, allowing parking garage owners and opera- tors to hold rates steady even in the face of economic hardship for many. With the economy
Parking Not Getting Any Cheaper –
and Unlikely to Do So
GLOBAL COMPARISON
TOP 25 MONTHLY PARKING RATES* (USD)
London – City
3.
London – West End
873.5
Hong Kong
7.7
Tokyo
65.
Zurich
65.6
Sydney
5.8
Perth
563.37
Brussels
5.
New York – Midtown
538.
New York – Downtown
5.
Copenhagen
56.88
Vienna
6.
Amsterdam
8.8
Brisbane
6.7
Manchester
6.87
Calgary
3.3
Geneva
3.3
Birmingham
8.5
Oslo
5.8
Boston
5.
Bristol
.3
Antwerp
33.7
Milan
33.7
San Francisco
375.
St. Petersburg
356.
*Monthly unreserved median rates
NORTH AMERICA – TOP 0 DAILY PARKING RATES
ParkingRate
s–Median(US
$)
0
10
20
30
40
50
40.00
32.75
32.00
31.00
31.00
29.63
26.00
26.00
25.00
25.00
20102009
NewYork,NY–
MidtownHono
lulu,HIBost
on,MA
Chicago,IL
NewYork,NY–
Downtown
LosAngeles,
CA
Philadelphi
a,PA
SanDiego,CA
SanFrancisc
o,CASeattle
,WA
anticipated to recover only slowly, coupled with a still- weak labor market, parking rates are expected to show little change in the coming year, but beyond the next 12 months parking rates are expected to resume their upward trajectory.
Colliers’ parking rate survey includes central business districts across North America (U.S. – 44, Canada – 12).
continued on page
USA
MARKET
HIGH
LOW
MEDIAN
% CHANGE
FROM 2009
HIGH
LOW
MEDIAN
Atlanta, GA
.
.
.
.
8.
.
3.
Bakerseld, CA
.
6.
8.
.3
3.5
.
.75
Bellevue, WA
.
6.
.
.
7.5
3.
.3
Boise, ID
.
.
.
.
.5
.5
.5
Boston, MA
3.
.
3.
(5.)
7.
.
6.
Charleston, SC
6.
.
.
(.)
.
.
.
Chicago, IL
5.
7.
3.
.
8.
.
7.
Cincinnati, OH
5.
6.5
.75
.6
6.
.
3.
Cleveland, OH
.5
5.
8.38
(6.)
.
.
8.
Columbia, SC
.
7.
.
.
3.
.75
.
Columbus, OH
5.
6.
.
.
3.
.
.
Dallas, TX
.
3.
.
(.8)
8.
.
.5
Denver, CO
6.
.
6.
.
.
.
8.
Fresno, CA
.
8.
.
.5
3.
.75
.
Ft. Lauderdale, FL
5.
.
5.
.
6.
.
.
Greenville, SC
6.
6.
6.
.
.5
.5
.
Hartford, CT
3.
5.
.
.
.
5.
8.
Honolulu, HI
75.
.
3.75
(7.7)
8.
.5
6.
Houston, TX
3.
5.
.
.
.
.
.5
Indianapolis, IN
5.
5.
3.
8.
5.
.
.
Jacksonville, FL
5.
6.6
8.7
.
.
.7
.7
Little Rock, AR
.75
3.3
8.
3.8
.6
.7
.3
Los Angeles, CA
7.
5.
.63
5.
5.
3.75
.
Memphis, TN
6.
.
.
.
.
.
6.
Miami, FL
.
.
7.
.
7.
.
6.
New York, NY – Downtown
5.
.
3.
(8.)
6.
.
.
New York, NY – Midtown
7.
.
.
(.)
3.
7.
.
Oakland, CA
3.
.
8.
.
8.
.5
6.
Orlando, FL
5.
.
5.
.
3.
.
.
Philadelphia, PA
3.
8.
6.
.
7.
8.
3.
Phoenix, AZ
.
6.
.
.
3.
.
.
Portland, OR
.
7.
3.
.
7.
.5
.
Sacramento, CA
3.
.
.
3.
.5
.
.
San Diego, CA
3.
8.
6.
.
.
.
8.
San Francisco, CA
3.
.
5.
.
6.
.
.
San Jose/Silicon Valley, CA
.
5.
5.
.
3.75
.5
3.
Savannah, GA
6.
.
.
.
.
.
.
Seattle, WA
.
.
5.
(.7)
.5
3.
8.
Tampa, FL
.
.
5.
.
3.5
.7
.5
Walnut Creek, CA
.
.
.
.
.
.5
.75
Washington, DC
.
.
5.
7.
.
8.
8.
West Palm Beach, FL
.
5.
6.
.
.5
.75
.
NATIONAL AVERAGE
.1
.83
16.36
(1.4)
.1
.3
.6
DAILY PARKING RATE (USD)
HOURLY PARKING RATE (USD)
CANADA
MARKET
HIGH
LOW
MEDIAN
% CHANGE
FROM 2009
HIGH
LOW
MEDIAN
Calgary, AB
5.
7.
.
.
6.5
5.5
5.5
Edmonton, AB
6.
.
.
.
5.
3.
5.
Halifax, NS
.
.
6.
.3
.
.
3.
Kitchener-Waterloo, ON
8.
.
.
.
3.
.
.5
Montreal, QC
8.
.5
7.
.
.6
6.
8.
Ottawa, ON
.
.
8.
5.
6.
3.
.
Regina, SK
.
6.5
.
5.
3.
.
.
Saskatoon, SK
.
7.
.5
5.6
3.
.
.5
Toronto, ON
3.
.
3.
.
.
.
.
Vancouver, BC
33.
.
8.5
8.8
.5
3.
6.5
Victoria, BC
.
.
.
(8.3)
3.
.
.5
Winnipeg, MB
.
8.
.
.
.5
.
.
NATIONAL AVERAGE
.33
1.7
14.83
3.8
6.
.6
4.4
DAILY PARKING RATE (CAD)
HOURLY PARKING RATE (CAD)
P. 2 | COLLIERS INTERNATIONAL
CBD PARKING RATE SURVEY | 2010 | NORTH AMERICA
USA
MARKET
HIGH
LOW
MEDIAN
% CHANGE
FROM 2009
HIGH
LOW
MEDIAN
Atlanta, GA
35.
35.
3.
3.3
.
.
8.
Bakerseld, CA
65.
5.
55.
37.5
7.
6.
6.
Bellevue, WA
.
3.
6.
(.7)
38.
5.
8.
Boise, ID
.
8.
8.
.
.
.
5.
Boston, MA
5.
375.
5.
5.6
6.
.
55.
Charleston, SC
.
.
.
.6
5.
5.
35.
Chicago, IL
55.
5.
3.
(.5)
55.
6.
.
Cincinnati, OH
5.
85.
5.
7.6
5.
6.
.
Cleveland, OH
.
5.
55.
(.)
75.
5.
55.
Columbia, SC
.
.
65.
.
35.
65.
85.
Columbus, OH
.
75.
5.
3.6
.
.
5.
Dallas, TX
55.
.
85.
(5.6)
3.
.
75.
Denver, CO
5.
65.
75.
.
3.
.
5.
Fresno, CA
5.
5.
65.
8.3
.
6.
8.
Ft. Lauderdale, FL
63.6
6.5
53.
.
–
–
–
Greenville, SC
6.7
6.7
6.7
(.)
.7
.7
.7
Hartford, CT
.
.
75.
.
35.
35.
5.
Honolulu, HI
35.
.
.33
.7
366.
3.7
3.
Houston, TX
5.
6.
6.
.3
35.
7.
5.
Indianapolis, IN
65.
8.
5.
.5
.
35.
6.
Jacksonville, FL
5.
85.6
5.5
.
55.
.
7.5
Las Vegas, NV
65.
65.
65.
.
5.
5.
5.
Little Rock, AR
8.6
5.68
5.
.
.38
5.
6.38
Los Angeles, CA
363.
.
.
.
58.
.
3.
Memphis, TN
.
.
57.
.
.
65.
.
Miami, FL
5.
7.36
5.
.8
–
–
8.
New York, NY – Downtown
8.
65.
5.
5.8
–
–
–
New York, NY – Midtown
,.
6.
538.
(.)
–
–
–
Oakland, CA
3.
35.56
5.
.3
55.
8.
5.
Orlando, FL
5.
55.
87.5
.
3.
5.
5.
Philadelphia, PA
6.
75.
3.
(.5)
58.
.
37.
Phoenix, AZ
65.
5.
.
(38.5)
5.
3.
65.
Portland, OR
.
65.
85.
.
.
6.
85.
Reno, NV
55.
3.
5.
.
75.
5.
6.
Sacramento, CA
35.
5.
.
(7.)
35.
5.
5.
San Diego, CA
.
5.
7.
(5.6)
75.
.
5.
San Francisco, CA
55.
6.
375.
7.
6.
.
.
San Jose/Silicon Valley, CA
65.
75.
.
(.)
3.
5.
.
Savannah, GA
.
35.
8.
.
8.
5.
6.
Seattle, WA
353.88
6.
85.
(.7)
65.
6.
38.
Tampa, FL
5.
.
35.
.5
5.
.
.
Walnut Creek, CA
65.
3.
7.5
(7.)
.
3.
65.
Washington, DC
.
.
5.
.
65.
35.
75.
West Palm Beach, FL
85.
68.
68.
.
–
–
–
NATIONAL AVERAGE
34.
17.8
161.6
1.1
68.4
147.81
18.6
MONTHLY UNRESERVED PARKING RATE (USD)
MONTHLY RESERVED PARKING RATE (USD)
CANADA
MARKET
HIGH
LOW
MEDIAN
% CHANGE
FROM 2009
HIGH
LOW
MEDIAN
Calgary, AB
58.
5.
53.38
(.)
65.
5.
7.5
Edmonton, AB
3.
5.
75.
.
375.
75.
33.5
Halifax, NS
3.
5.55
58.
3.
57.75
57.75
57.75
Kitchener-Waterloo, ON
.73
.8
6.
6.
3.8
.7
.36
Montreal, QC
5.
53.7
8.6
.
55.
7.7
3.8
Ottawa, ON
6.
.
6.
(7.)
85.
8.
5.
Regina, SK
.
.5
6.75
.
36.5
3.5
.75
Saskatoon, SK
83.75
6.
7.
(7.)
.
3.65
57.5
Toronto, ON
65.7
5.
336.5
.
78.5
35.
5.78
Vancouver, BC
38.5
58.8
66.8
.
53.6
8.6
38.5
Victoria, BC
.
7.
8.
(.7)
33.
5.
5.
Winnipeg, MB
78.5
.75
5.5
.
78.5
5.5
.5
NATIONAL AVERAGE
36.1
16.7
4.1
.
36.64
7.1
8.74
MONTHLY UNRESERVED PARKING RATE (CAD)
MONTHLY RESERVED PARKING RATE (CAD)
CBD PARKING RATE SURVEY | 2010 | NORTH AMERICA
COLLIERS INTERNATIONAL | P.
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