Real Cost of Parking
It’s important when planning a project’s parking needs that you consider all of the potential costs and benefits – land, structure, façade that blends into the project, wayfinding system, access and revenue control systems, safety and security, new emerging technologies, aesthetics, valet service, liabilities and more.
Overall, developers can minimize the impact of parking on a project and improve ROI by using automated parking versus concrete ramp garages. After all, space saved from parking equals more revenue generating space.
In addition, operating costs can be significantly lower with robotic parking.
In 2009 Samuel I. Schwartz, P.E. compared the operating and capital costs of a 892 space conventional garage versus an automated parking facility. Schwartz concluded, “When all factors are considered, the cost of operating an automated garage is less than half (-55%) that of a conventional garage. In this particular case an operator can save over $1.1 million / year with automated parking. In the current real estate climate, this is equivalent to a capital cost savings of over $15 million.”
We’ve provided a tool to help you calculate the “real cost of parking.” Click here to download the spreadsheet.