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Colliers Parking Rate North America Survey 2010

Colliers Parking Rate North America Survey 2010

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Published by: parkingeconomics on Nov 03, 2010
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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 faceof economic hardship, parking garage owners and operators have managed to hold ratessteady, 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 oftenoverlooked real estate sector.Despite a loss of eight million jobs and a signicantly more challenging business environment,few U.S. cities saw a signicant pullback in parking rates during the June 2009/June 2010period. Daily and monthly parking rates largely held steady over the past 12 months, with dailyparking charges down 1.4% (reversing a 1.2% increase last year) while monthly rates increased1.1% (reversing a 0.9% drop last year). Underpinning parking rates is the continued tightbalance 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 oceleasing activity and a general improvement in the business landscape. Daily rates, which tend totrack the general economy and consumer spending, show demand for infrequent parkingremains fairly strong and most likely reflect long-held commuting patterns seen in most partsof North America. While many businesses and consumers are still acting prudently, demand forparking 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 City3.London West End873.5Hong Kong7.7Tokyo65.Rome65.Zurich65.6Sydney5.8Perth563.37Brussels5.New York Midtown 538.New York Downtown 5.Copenhagen56.88Vienna6.Amsterdam8.8Brisbane 6.7Manchester6.87Calgary 3.3Geneva3.3Birmingham8.5Oslo5.8Boston 5.Bristol.3Antwerp33.7Milan33.7San Francisco375.
*Monthly unreserved median rates
NORTH AMERICA – TOP 0 DAILY PARKING RATES
   P  a  r   k   i  n  g   R  a   t  e  s  –   M  e   d   i  a  n   (   U   S   $   )
01020304050
       4        0  .        0        0        3        2  .       7       5        3        2  .        0        0        3       1  .        0        0        3       1  .        0        0        2        9  .       6        3        2       6  .        0        0        2       6  .        0        0        2       5  .        0        0        2       5  .        0        0        2        0       1        0        2        0        0        9
   N  e  w    Y  o  r   k ,     N   Y   –    M   i  d   t  o  w  n   H  o  n  o   l  u   l  u ,     H   I   B  o  s   t  o  n ,     M   A   C   h   i  c  a  g   o ,     I   L   N  e  w    Y  o  r   k ,     N   Y   –    D  o  w  n   t  o  w  n   L  o  s    A  n  g   e   l  e  s ,     C   A   P   h   i   l  a  d  e   l  p   h   i  a ,     P   A   S  a  n    D   i  e  g   o ,     C   A   S  a  n    F  r  a  n  c   i  s  c  o ,     C   A   S  e  a   t   t   l  e ,     W   A
anticipated to recover onlyslowly, coupled with a still-weak labor market, parkingrates are expected to showlittle change in the comingyear, but beyond the next 12months parking rates areexpected to resume theirupward trajectory.
Colliers’ parking rate surveyincludes 56 central businessdistricts across North America(U.S. – 44, Canada – 12).
continued on page 
 
USA
MARKETHIGHLOWMEDIAN% CHANGEFROM 2009HIGHLOWMEDIAN
Atlanta, GA . ...8. . 3.Bakerseld, CA . 6. 8. .3 3.5 . .75Bellevue, WA . 6...7.5 3. .3Boise, ID .....5 .5 .5Boston, 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 .55.8.38 (6.) ..8.Columbia, SC . 7...3. .75 .Columbus, OH 5.6...3...Dallas, TX .3..(.8) 8...5Denver, 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..56.Houston, TX 3. 5.... . .5Indianapolis, IN 5.5.3.8.5...Jacksonville, FL 5. 6.6 8.7.. .7 .7Little Rock, AR .75 3.3 8.3.8 .6.7 .3Los 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) .53.8.Tampa, FL ..5..3.5 .7 .5Walnut Creek, CA .. ....5.75Washington, 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
MARKETHIGHLOWMEDIAN% CHANGEFROM 2009HIGHLOWMEDIAN
Calgary, AB 5.7...6.5 5.5 5.5Edmonton, AB 6. ...5. 3. 5.Halifax, NS ..6. .3 . . 3.Kitchener-Waterloo, ON 8....3...5Montreal, QC 8..5 7...6 6. 8.Ottawa, ON ..8.5.6. 3. .Regina, SK . 6.5. 5.3. . .Saskatoon, SK.7..55.6 3...5Toronto, ON 3..3.....Vancouver, BC33..8.58.8 .53.6.5Victoria, BC ...(8.3) 3...5Winnipeg, MB .8....5..
NATIONAL AVERAGE .33 1.714.83 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
MARKETHIGHLOWMEDIAN% CHANGEFROM 2009HIGHLOWMEDIAN
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 63.66.553..Greenville, SC 6.76.76.7(.) .7.7.7Hartford, CT ..75..35.35.5.Honolulu, HI 35...33 .7 366.3.73.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..7.5Las Vegas, NV 65.65.65..5.5.5.Little Rock, AR 8.65.68 5...38 5.6.38Los 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 34.17.8161.6 1.1 68.4147.81 18.6
MONTHLY UNRESERVED PARKING RATE (USD)MONTHLY RESERVED PARKING RATE (USD)
CANADA
MARKETHIGHLOWMEDIAN% CHANGEFROM 2009HIGHLOWMEDIAN
Calgary, AB 58.5.53.38 (.) 65.5.7.5Edmonton, AB 3.5.75..375.75.33.5Halifax, NS 3.5.55 58.3.57.75 57.75 57.75Kitchener-Waterloo, ON .73 .86.6.3.8 .7.36Montreal, QC 5.53.7 8.6.55.7.7 3.8Ottawa, ON 6..6.(7.) 85.8.5.Regina, SK ..5 6.75 .36.5 3.5 .75Saskatoon, SK83.756.67.5.7.3.6557.5Toronto, ON 65.7 5.336.5 .78.535.5.78Vancouver, BC38.558.866.8.53.68.638.5Victoria, 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 .77.8 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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