Parking

The recent trend towards urbanization and higher density environments have significantly elevated the importance and desirability of structured parking, particularly in markets that do not boast a viable light rail or transit system as an alternative. Additionally, as more development occurs in urban areas, many of the previously serviceable surface parking lots in urban cores have been replaced with new buildings, resulting in a further decline in an area’s overall parking ratio. Collectively, this places upward pressure on a parking facility’s value, both in terms of the consumer and the investor. Monopolistic industry features are also conducive to the rising value of parking; many markets are controlled by only one or two parking operators. Lastly, with the rise of co-working and open-space layouts, office buildings are becoming increasingly dense, further emphasizing the importance of parking availability.