BOSTON, July 10 /PRNewswire/ -- Parking costs have risen nationwide for the fifth year in a row, according to the eighth annual Parking Rate survey being released today from Colliers International, a leading global real estate services company. The survey was conducted in June and covered a broad selection of 64 metro areas in North America, as well as the new addition of 74 cities in Europe, Asia and Latin America.
The price increases found in this year's report mirror last year's pattern, as parking owners and operators continue to feel bullish, reflecting limited supply in many U.S. markets.
Even though the U.S. economy has slowed in 2008, office occupancies remain near cyclical peaks, and this has helped push monthly parking rates higher. Daily rates, which are more a function of the general economy and consumer spending, have also increased -- and this suggests that the sluggish retail environment and higher gas prices have yet to impact the ability of parking garage owners and operators to charge more.
The U.S. economy is widely expected to decelerate further in the coming months, and the labor market is unquestionably shaky. For the most part, parking rates are expected to show little change in the near term -- however, in select markets, we may see rates come down.
Leading the U.S. was Midtown Manhattan, whose median rate was a remarkable $585.00 per month to park. However, this masks the Midtown high, which now registers $750.00 per month.
With 53 U.S. markets and 11 Canadian markets under study, Colliers' survey shows that over the past 12 months, the cost of parking has increased by 2.8 percent (monthly rates) in the U.S., in response to ongoing demand and only limited new supply. Daily rates also moved higher -- increasing 4.3 percent over the past year.
Although North American cities such as New York and Boston look very expensive, their parking prices actually pale in comparison to typical monthly rates in cities such as London, Sydney and Hong Kong.
U.S. Rates
The median monthly parking rate is now $153.79 in the United States. Rates range from a high of $750.00 in midtown Manhattan to a low of $20.00 in Memphis, Tennessee.
Daily parking rates, as noted, rose 4.3 percent in the U.S. The median rate for daily parking is now $15.42.
The five most expensive parking districts in the U.S. are (median monthly rates):
-- New York City, Midtown: $585.00 per month
-- New York City, Downtown: $462.00 per month
-- Boston, MA: $460.00 per month
-- San Francisco, CA: $350.00 per month
-- Chicago, IL: $310.00 per month
The five least expensive parking districts in the U.S. are (median monthly rates):
-- Bakersfield, CA: $40.00 per month
-- Reno, NV: $45.00 per month
-- Phoenix, AZ: $52.50 per month
-- Santa Rosa, CA / Fresno, CA (tie): $55.00 per month
-- Memphis, TN: $57.00 per month
"This is our eighth year tracking the parking sector, and we continue to observe a direct correlation between the rising cost of monthly parking and the ongoing strength of the office real estate market," remarked Ross Moore, senior vice president and director of market & economic research at Colliers International. "However, parking inventory in CBDs across the country is increasingly tight. This dearth of parking and accompanying rise in cost, coupled with skyrocketing fuel prices -- all in the face of a stagnating economy -- exacerbates the everyday headaches faced by commuters nationwide."
U.S. Inventory
Building on 2007's tight supply, just over one in five (20.9 percent) of U.S. garages polled by Colliers reported having a waiting list -- and the average wait time was 4.3 months for a space.
Some relief may be on the way, however, with 40 percent of cities indicating new garages will be constructed over the next 24 months. Indeed, only 15 cities have ordinances in place restricting parking garage development -- leaving the vast majority with no such restrictions on new construction.
That said, 74 percent of cities surveyed by Colliers described their parking supply as "fair" (meaning garages are 60-80 percent full Monday through Friday and on weekends during special events), while 23 percent indicated supply was "limited" (garages usually full Monday through Friday and on weekends during special events), and finally, three percent classified their parking supply as "abundant" (meaning garages are consistently less than 60 percent full).
Canada
Rates for monthly parking in Canada have also increased during the past 12 months, rising 8.0 percent. The median monthly rate for parking is now C$211.94. Canadian daily parking rates increased 8.8 percent during the same 12-month period, and the median rate for daily parking is now C$15.16.
The five most expensive parking districts in Canada are (median monthly rates, in Canadian dollars):
-- Calgary, AB: C$428.00 per month
-- Montreal, QB: C$290.01 per month
-- Toronto, ON: C$290.00 per month
-- Vancouver, BC: C$218.40 per month
-- Edmonton, AB: C$200.00 per month
Global
Parking rates in cities around the world make even priciest U.S. and Canadian cities seem reasonable. London once again took the cake as the most expensive parking district in the world, with London -- City leading the way. Australian markets dominated the top spots on the Asia-Pacific list, and Santiago, Chile posted the highest parking rates in Latin America.
The three most expensive parking districts in EMEA (Europe, Middle East, Africa) are (Daily / Monthly, in U.S. dollars):
-- London - City: $68.07 per day / $1,166.87 per month
-- London - West End: $62.23 per day / $1,135.76 per month
-- Stockholm, Sweden: $39.40 per day / $508.92 per month
The three most expensive parking districts in Asia-Pacific are (Daily / Monthly, in U.S. dollars):
-- Sydney, Australia: $54.47 per day / $774.76 per month
-- Hong Kong, China: $28.16 per day / $742.40 per month
-- Perth, Australia: $15.03 per day / $610.42 per month
The three most expensive parking districts in Latin America are (Daily / Monthly, in U.S. dollars):
-- Santiago, Chile: $200.00 per month
-- Mexico City, Mexico: $20.00 per day / $150.00 per month
-- Lima, Peru: $15.00 per day / $145.00 per month
About Colliers
Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 11,000 employees span the world in 293 offices in 61 countries. On a worldwide basis, Colliers manages 868,000,000 square feet, and has revenue of $US 2.0 billion. For more information, visit www.colliers.com.
U.S. MARKET DAILY PARKING MONTHLY PARKING
RATE (MEDIAN USD) RATE (MEDIAN
UNRESERVED USD)
Atlanta, GA 12.00 90.00
Bakersfield, CA 6.50 40.00
Baltimore, MD 15.00 150.00
Bellevue, WA 15.50 175.00
Boise, ID 12.00 80.00
Boston, MA 33.00 460.00
Charleston, SC 12.00 94.50
Charlotte, NC 13.61 103.75
Chicago, IL 30.00 310.00
Cincinnati, OH 9.50 125.00
Cleveland, OH 10.00 180.00
Columbia, SC 10.00 68.00
Columbus, OH 9.00 110.00
Dallas, TX 10.50 90.00
Denver, CO 12.00 160.00
Fresno, CA 8.00 55.00
Ft. Lauderdale, FL 12.00 75.00
Greenville, SC 6.00 67.35
Hartford, CT 20.00 195.00
Honolulu, HI 44.00 216.00
Houston, TX 14.00 175.00
Indianapolis, IN 11.00 105.00
Jacksonville, FL 13.00 110.00
Kansas City, MO 11.00 100.00
Las Vegas, NV N/A 65.00
Little Rock, AR 8.10 64.00
Los Angeles, CA 27.25 196.00
Louisville, KY 9.00 95.00
Memphis, TN 6.00 57.00
Miami, FL 13.00 118.00
Milwaukee, WI 12.00 120.00
Minneapolis/St. Paul, MN 13.31 183.50
Nashville, TN 10.00 132.50
New York, NY - Downtown 35.00 462.00
New York, NY - Midtown 40.00 585.00
Oakland, CA 18.00 192.50
Orlando, FL 15.00 85.00
Philadelphia, PA 24.00 300.00
Phoenix, AZ 8.00 52.50
Portland, OR 12.00 182.00
Raleigh, NC 8.00 85.00
Reno, NV N/A 45.00
Sacramento, CA 20.00 210.00
San Diego, CA 26.00 180.00
San Francisco, CA 28.00 350.00
San Jose/Silicon Valley, CA 15.00 117.50
Santa Rosa, CA 7.50 55.00
Seattle, WA 25.00 260.00
St. Louis, MO 13.50 105.00
Tampa, FL 12.25 134.00
Walnut Creek, CA 10.00 65.00
Washington, DC 15.00 240.00
West Palm Beach, FL 6.00 80.00
NATIONAL AVERAGE 15.42 153.79
CANADA MARKET DAILY MEDIAN MONTHLY MEDIAN
PARKING RATE (CAD) UNRESERVED
PARKING RATE (CAD)
Calgary, AB 27.00 428.00
Edmonton, AB 16.00 200.00
Halifax, NS 14.00 148.20
Montreal, QC 17.00 290.01
Ottawa, ON 17.00 195.00
Regina, SK 7.50 147.50
Saskatoon, SK 8.25 124.25
Toronto, ON 20.00 290.00
Vancouver, BC 16.00 218.40
Victoria, BC 12.00 180.00
Winnipeg, MB 12.00 110.00
NATIONAL AVERAGE 15.16 211.94
EMEA (Europe, MEDIAN MONTHLY
Middle East, MEDIAN DAILY UNRESERVED
Africa): CITY COUNTRY RATE, USD RATE, USD
Abu Dhabi UAE 3.97 94.28
Amsterdam Netherlands 66.16 423.12
Athens Greece 26.16 292.33
Belgrade Serbia 15.39 200.02
Berlin Germany 27.69 192.33
Bratislava Slovakia 35.39 169.25
Brussels Belgium 30.77 192.33
Bucharest Romania 7.69 153.86
Budapest Hungary 13.85 307.72
Cape Town South Africa 9.02 137.77
Centurion South Africa 4.38 50.10
Century City South Africa 8.02 87.67
Copenhagen Denmark 51.58 412.65
Doha Qatar 6.55 N/A
Dubai UAE 34.73 198.48
Dublin Ireland 33.85 507.74
Durban South Africa 3.76 68.88
Dusseldorf Germany 43.08 253.87
Eindhoven Netherlands 21.54 209.25
Frankfurt Germany 46.16 261.56
Geneva Switzerland 19.10 238.71
Hamburg Germany 30.77 276.95
Helsinki Finland 46.16 415.42
Johannesburg South Africa 6.26 86.42
La Lucia Ridge South Africa 3.76 56.36
London - City UK 68.07 1,166.87
London West End UK 62.23 1,135.76
Madrid Spain 38.47 284.64
Milan Italy 38.47 338.49
Moscow Russia 61.54 461.58
Munich Germany 30.77 412.34
Oslo Norway 41.68 482.35
Paris France 43.08 330.80
Podgorica Montenegro 18.46 346.19
Pretoria South Africa 3.76 75.15
Riga Latvia 27.69 153.86
Rotterdam Netherlands 38.47 246.18
Sandton CBD South Africa 10.02 81.41
Sofia Bulgaria 13.85 269.26
Stockholm Sweden 39.40 508.92
Stuttgart Germany 30.77 276.95
Tallinn Estonia 40.00 196.94
Tel Aviv Israel 21.83 198.48
The Hague Netherlands 61.54 275.41
Tirana Albania 6.92 153.86
Utrecht Netherlands 30.77 304.64
Vienna Austria 61.54 430.81
Vilnius Lithuania 8.46 76.93
Warsaw Poland 9.23 246.18
Zurich Switzerland 38.19 477.43
MEDIAN MONTHLY
MEDIAN DAILY UNRESERVED
ASIA-PACIFIC: CITY COUNTRY RATE, USD RATE, USD
Adelaide Australia 17.37 211.67
Auckland New Zealand 10.50 300.08
Bangkok Thailand 10.03 60.80
Beijing China 6.79 195.89
Brisbane Australia 37.56 591.63
Delhi India 1.75 174.75
Hong Kong China 28.16 742.40
Jakarta Indonesia 1.89 26.07
Manila Philippines 3.80 69.68
Melbourne Australia 35.69 493.03
Mumbai India 6.52 163.10
Perth Australia 15.03 610.42
Seoul Korea 31.25 186.15
Singapore Singapore 19.96 182.00
Sydney Australia 54.47 774.76
Tokyo Japan 46.00 552.00
Wellington New Zealand 10.50 292.58
MEDIAN MONTHLY
MEDIAN DAILY UNRESERVED
LATIN AMERICA: CITY COUNTRY RATE, USD RATE, USD
Bogata Columbia N/A 95.00
Buenos Aires Argentina N/A 145.00
Lima Peru 15.00 145.00
Mexico City Mexico 20.00 150.00
San Jose Costa Rica 10.00 100.00
Santiago Chile N/A 200.00
Sao Paulo Brazil 15.00 120.00
SOURCE Colliers International
International News / Press Release source: PR Newswire
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