Parking rates

Parking Rates Show Surprising Resilience – Around the Globe
By Ross J. Moore, Executive Vice President, Market and Economic Research
Colliers International
September 2009



Colliers' second global parking rate survey now tracks 140 downtown parking districts from around the globe. The intent of this survey is to provide corporate real estate executives with the relative cost of parking, both on a daily and monthly basis. Readers will be able determine the relative cost to park a car both within countries and across borders. With data for both 2008 and 2009 year-over-year pricing trends are now available and something that will be a key feature of reports going forward. The survey methodology varies by country but in almost all cases Colliers' researchers have surveyed the majority of parking garages with the central business district (CBD).

Whether to park for a day or to have access to parking anytime during the month, the world's top financial centers are amongst the most expensive in the world. No one region dominates with a smattering of cities from North America, Europe and Asia Pacific all represented in the top 10. Regions such as Latin America, Africa and the Middle East, while relatively inexpensive, all show signs of becoming more expensive as demand appears to be hold ing steady despite the global downturn.

Leading the list of most expensive cities to park a car is London; both The City and West End. Monthly parking rates in The City topped the list at $1,020 (630) with the West End in second place at $956 (590). Highlighting how parking appears to be somewhat immune to the economic downturn, in local currency terms, both London markets registered a modest increase from 2008 levels. In third spot is Amsterdam $805 (569). Interestingly three Australian cities again made the top ten; Sydney at number five, Brisbane at number seven and Perth at number nine. The highest daily park ing costs were dominated by European cities with Amsterdam in the top spot at $71 (50) followed by London's City submarket, Vienna, The Hague and Oslo rounding out the top five. The cheapest city to park in this year's survey is Chennai at $0.96 for the day.

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