Colliers’ 10th annual North America Parking Rate Survey again indicates that parking garage owners and operators have managed to hold rates steady. Over the past year, Canadian and U.S. parking rates both registered little change, highlighting the high degree of stability in this often overlooked real estate sector.
While many businesses and consumers are still acting prudently, demand for parking looks to be somewhat insensitive to price, allowing parking garage owners and operators to hold rates steady even in the face of economic hardship for many and despite a loss of eight million jobs.
In Canada, monthly parking rates increased by $4.50 CAD, a 2.0% gain over the past year. This has to be compared with a 9.9% increase during the same 2008/2009 period. The monthly median parking rate in Canada now averages $224.10 CAD.
In central business districts across Canada the median rate for daily parking now averages $14.83 CAD. By comparison Canadian daily rates increased by 3.8% after increasing 9.9% in 2008/2009.
The five most expensive parking districts in Canada, represented by median rate, are; Calgary ($453.00 CAD), Toronto ($336.00), Montreal ($280.00), Edmonton ($275.00) and Vancouver ($267.00) per month.
With the economy anticipated to recover only slowly, coupled with a still-weak labour market, parking rates are expected to show little change in the coming year, but beyond the next 12 months, parking rates are expected to resume their upward trajectory.
Colliers’ parking rate survey includes 56 central business districts across North America (U.S. – 44, Canada – 12).
While many businesses and consumers are still acting prudently, demand for parking looks to be somewhat insensitive to price, allowing parking garage owners and operators to hold rates steady even in the face of economic hardship for many and despite a loss of eight million jobs.
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| Photo: Matthieu Lambert/Auto123.com |
In Canada, monthly parking rates increased by $4.50 CAD, a 2.0% gain over the past year. This has to be compared with a 9.9% increase during the same 2008/2009 period. The monthly median parking rate in Canada now averages $224.10 CAD.
In central business districts across Canada the median rate for daily parking now averages $14.83 CAD. By comparison Canadian daily rates increased by 3.8% after increasing 9.9% in 2008/2009.
The five most expensive parking districts in Canada, represented by median rate, are; Calgary ($453.00 CAD), Toronto ($336.00), Montreal ($280.00), Edmonton ($275.00) and Vancouver ($267.00) per month.
With the economy anticipated to recover only slowly, coupled with a still-weak labour market, parking rates are expected to show little change in the coming year, but beyond the next 12 months, parking rates are expected to resume their upward trajectory.
Colliers’ parking rate survey includes 56 central business districts across North America (U.S. – 44, Canada – 12).