Drivers should not expect relief any time soon when parking in major cities across the United States and Canada, as parking rates continued to climb this year according to Colliers International’s 12th Annual Parking Survey just released.
Topping the list of median monthly parking rates in the US is New York (US $562 Midtown, US $533 Downtown) followed by Boston (US $405), San Francisco (US $375) and Philadelphia (US $313.25).
Calgary maintains its title as Canada’s priciest city to park with a median monthly parking rate of US $456.75 followed by Montreal (US $330.96), Toronto (US $316.40) and Edmonton (US $295).
“Improving economic conditions, a strong office market and limited future supply of new parking spots are all contributing to the continued increase of parking rates in all categories and across the country,” says Ian MacCulloch, National Research Director with Colliers International in Canada.
The limited availability of new parking spots in major city centers across the United States and Canada is also reflected in parking lot waiting lists. According to the report one-third of all U.S. markets have waiting lists for new parking customers with an average wait time of 9.3 months. All Canadian markets reported garages with wait lists with an average wait time of 7.8 months.
Building parking garages in cities which have long wait times for monthly parking spaces may offer investors and developers good revenue opportunities.
With space at a premium in center cities, Robotic Parking Systems can help developers maximize land use. These compact automated garages can park 50% more cars in the same space as a conventional ramp style garage so even the largest garage can be made smaller.
Additionally, Robotic Parking offers more benefits to developers and users of the parking facility, such as:
- premium valet service without the valet
- greater security for people and their vehicles
- drastically reduces risk of personal injury
- virtually eliminates dings, dents, theft and vandalism to vehicles
- lower lighting and ventilation requirements
- reduces CO2 emissions and other pollutants and greenhouse gases
- reduces carbon footprint
- can use any type of facade to blend into the project or neighborhood
Learn more about Robotic Parking Systems.