Parking Supply Capable of Supporting CBD Growth
- The vacancy rate for parking garages in Columbia’s Central Business District (CBD) was 33.29% at mid-year 2013, down almost 3 percentage points from the previous year. This decrease in parking availability reflects the tightening CBD office market which was 87.45% occupied at mid-year 2013. City owned parking facilities reported a vacancy rate higher than those of the private sector with vacancy rates of 41.12% and 26.23%, respectively.
- The CBD has approximately 3,570 parking spaces available in 17 parking facilities. Of the available spaces, approximately 1,918 parking spaces are in the Business Improvement District (BID) and can accommodate almost 480,000 square feet of vacant office space, assuming 4 employees per 1,000 square feet. With only 560,000 square feet of office space remaining in the CBD, current parking garages have the capability to support further tightening of the CBD office market without requiring new parking structures. However, location of parking is always a concern for employers.
- Hourly parking rates in garages averaged approximately $1.75 per hour at mid-year 2013 with daily rates averaging $10.00.
- The City Center Garage at 1227 Taylor Street is now open and added 532 spaces to the inventory in the past year. The garage offers reserved spaces for $85.00 per month and unreserved spaces for $65.00 per month.
- Monthly rates for reserved parking spots in the CBD range from $40.00 to $135.00, sometimes varying within the same garage based on assigned location, with the median rate being $85.00 per month.
- Monthly rates for unreserved parking spots in the CBD range from $52.00 to $90.00 with the median rate being $65 per month.
- Nationally, Midtown and Downtown New York are the most expensive places in the U.S. to park with median monthly rates for unreserved spots of $562.00 and $533.00, respectively, in 2012. These rates are well above the national average for unreserved parking of $166.26.
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