Parking Perplexities: Developers Face New, Growing Challenges
Mark Elliott, David Kirk and Jenna Lee were published in NAIOP’s Development Magazine for an article titled, “Parking Perplexities: Developers Face New, Growing Challenges.” The article discusses the challenges faced by commercial property developers in providing parking for tenants and employees. With the immense cost of building parking, which can reach $25,000 per space, the authors point out that, “If these high costs cannot generate any return because the parking spaces are not needed at all, and the parking structure cannot be converted to another use, the danger of spending too much on a part of the project that has little utility becomes an even larger threat to a developer.” The authors go on to suggest solutions including shared parking and utilizing technological devices such as sensors, noting that, “As technology advances and costs decrease, such sensors show promise for use by private developers seeking to ‘right size’ their parking facilities and investment.”