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The Price of Parking

Monday, July 18, 2011

The results of Colliers International’s 2011 Parking Rate Survey are in for the U.S., Canada and the rest of the world, and there are few surprises.
The U.S. national median monthly parking rate is US$155.22, with the highest being midtown Manhattan at US$541 and Renoa at US$45 the cheapest. In Canada, Calgary topped out at US$486 followed by Toronto at $342 USD and Montreal at $305 USD.
Globally the most expensive cities to park are London, England at an average of US$1,084 a month (no doubt brought up by a few £200,000 parking spots); Zurich, Switzerland at US$822; Rome, Italy at US$719; Hong Kong at US$745; Tokyo, Japan at US$744 and Perth, Australia at US$717.
Ross Moore, Colliers’ chief economist had this to say about the results:
"This year's parking rate survey reflects a moderately improving economy and better office leasing fundamentals. Despite these improvements, operators are still holding the line on parking rates. The long-term trend is still for rates to move higher, but any near-term movement will be dictated by the vigor of the economic recovery.”
In the U.S., median monthly parking rates have dropped 0.2% since 2010 and most cities were found to have between “fair” and “limited parking, with few exceptions.

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