July 28, 2006—Parking costs have increased nationwide for the third year in a row, mirroring rising demand for office space and adding stress for commuters in the US Canada and around the world, according to the sixth annual North American Parking Rate survey from Colliers International, a leading global real estate services firm.
With 49 US markets and ten Canadian markets under study, Colliers’ survey shows that over the past 12 months, the cost of parking has increased by 4.4 percent (monthly rates) in response to an improved business climate and continued robust retail spending. Daily rates showed the most significant increase — consistent with strong retail sales and a buoyant economy. Even if the economy slows, Colliers predicts parking rates will continue to rise over the next 12-month period.
Indicative of this overall upward trend, Midtown Manhattan has broken well through the $500 per month barrier for a monthly parking spot. However, comparatively, this is quite reasonable when considering typical monthly parking rates in cities such as London, Tokyo and Hong Kong. Other global markets such as Paris, Sydney, Frankfurt, Munich and Moscow come in at more reasonable rates.
Colliers International’s survey was conducted in June and covered a broad selection of 59 metropolitan areas in North America, as well as select cities in Europe and Asia.
Colliers International is a global partnership of independently owned commercial real estate firms. The organization’s 9,141 employees span the world in approximately 250 offices worldwide. For more information, visit the Web site.
