July 19, 2006
Cost of parking in Canada on the rise for third consecutive year
Boston, Massachusetts – Parking costs have increased in the U.S. and Canada for the third year in a row, mirroring rising demand for office space and adding stress for commuters, according to the sixth annual North American Parking Rate survey from Colliers International, a global real estate services firm.
With 49 U.S. markets and ten Canadian markets studyed, 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.
Rates for unreserved parking spaces in Canada posted marked gains during the past 12 months, rising 14.1 percent. The median rate for unreserved parking now averages C$194.51 per month. Canadian daily parking rates increased 7.6 percent during the same 12-month period, and the median rate for daily parking now averages C$13.25.
The five most expensive parking districts in Canada are (median monthly unreserved rate):
- Calgary — C$375.00 per month
- Toronto — C$300.00 per month
- Montreal — C$259.00 per month
- Ottawa — C$195.00 per month
- Vancouver — C$194.00 per month
Rates for unreserved parking spaces crept higher during the past 12 months, rising 4.4 percent in the U.S. The median rate for unreserved parking now averages $153.19 per month. Unreserved rates range from a high of $887.80 in midtown Manhattan to a low of $20.00 in Memphis, Tennessee.
The five most expensive parking districts in the U.S. are (median monthly unreserved rates):
- Midtown Manhattan — $574.00 per month
- Downtown Manhattan – $500.00 per month
- Boston — $420.00 per month
- San Francisco — $335.00 per month
- Chicago — $332.00 per month
Parking rates in cities around the world make even the most expensive U.S. and Canadian cities seem reasonable.
Typical parking rates (Daily / Monthly, in U.S. dollars):
- London, West End — $58.90 per day / $898.00 per month
- London, City — $55.20 per day / $896.00 per month
- Tokyo — $84.20 per day / $702.00 per month
- Hong Kong — $25.75 per day / $682.00 per month
- Midtown Manhattan — $40 per day / $574.00 per month
- Moscow — $29.60 per day / $531.00 per month
- Sydney — $38.25 per day / $488.00 per month
- Paris — $31.75 per day / $317.50 per month
- Munich — $19.05 per day / $295.00 per month
- Frankfurt — $34.30 per day / $278.00 per month
- Toronto — $17.85 per day / $268.00 per month
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.