Parking costs up 10%, survey finds Average daily cost rises to $15.28; midtown Manhattan reaches $40.
CHICAGO (Dow Jones) -- If the rising cost of gas isn' t incentive enough to leave the car at home, maybe the increases in parking fees will do the trick. The cost to park in most major U.S. cities increased for the third consecutive year in 2006, according to a survey released on Tuesday by real estate services firm Colliers International. Daily parking is up 10.1% over the year, with the median cost for a space averaging $15.28 in U.S. cities, according to Colliers. The median cost for daily parking is $40 in Midtown Manhattan and $6 in Memphis, Tenn ., according to the study. Monthly unreserved parking spaces rose 4.4% over the year, with the median cost for a space averaging $153.19 per month. Monthly reserved parking spaces ( which guarantee customers the same space every day) also rose: They' re now up 3.8% over the year, with an average cost of $180.68 per month. The firm examined 49 U.S. markets and 10 Canadian markets. Canadian rates were also up, rising 7.6% over the year for daily parking (the average cost was C$ 13.25 per day). Unreserved parking spaces were up 14.1% over the year, raising the average median cost to C$194.51 per month. " We see a direct correlation between the rising cost of parking and the ongoing strength of the office market," Ross Moore, senior vice president and director of market and economic research at Colliers International, said in a news release. Spaces are disappearing, he said, as office tenants take up more spots in the country' s business di stricts. Still, the rates are low compared with some cities around the world. The typical rate for parking in London' s West End is $58.90 per day and $898 per month (in U.S. dollars), according to Colliers. Parking in Tokyo is typically $ 84.20 per day and $702 per month. The survey was conducted in June. Researchers contacted parking owners and operators in a selection of 59 metropolitan areas in North America . About 70% of cities surveyed described their parking supply as " fair," meaning the garages are 60% to 80% full Monday through Friday and on weekends during special events. About 23% described the parking supply as " limited," meaning garages are usually completely full Monday through Friday and on weekends during special events. About 6% considered their city' s parking supply to be " abundant, " meaning garages are consistently less than 60% full. About 18% of U.S. garages reported a waiting list with an average wait of 3.4 months. In the 49 U.S. cities surveyed, 63 parking garages were expected to be added over the next two years, with 27% of them in Washington alone. (END) Dow Jones Newswires 07-19-06 0457ET Copyright (c) 2006 Dow Jones & Company, Inc. |
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