Downtown Developments Grow Demand for Parking
- Greenville, South Carolina’s occupancy rate for parking garages in the Central Business District (CBD) remain at full occupancy.
- As the office market continues to tighten, new tenants struggle to find convenient parking for employees.
- Proposed housing, mixed-use and adaptive reuse developments will create a greater need for additional downtown parking.
CBD Parking Conditions
The occupancy rate for parking garages in Greenville’s CBD was 100% at mid-year 2015. The CBD parking inventory consists of approximately 7,924 parking spaces in 20 parking garages. With no garage parking spaces available, downtown employees and visitors are finding limited options for parking. The lack of available parking closely mirrors tightening office market conditions. As of mid-year 2015, the office market vacancy rate was 15.0% for the CBD, down from 17.7% the previous year. Additionally, as companies look to more efficiently utilize office space, employees are densifying space with less square footage per employee resulting in a greater demand for parking than before. New tenants are being faced by a challenge when negotiating to secure parking spaces for employees.
Several residential developments and mixed-use redevelopments are also contributing to the growing demand for parking. Downtown development projects include 504 Rhett, Falls Park Place, 18 E. North and Camperdown. The developments will offer modern and innovative office space, which is in high demand. While Camperdown, the largest of the projects, will include a new parking garage, the others will require additional parking in nearby facilities. Several new restaurants and retailers have opened over the past year and are also feeling the pressure of limited parking as customers struggle to find space.
One Laurens, which is nearing construction, will help alleviate some of the pressure for tenants. The 5-level parking garage will offer approximately 470 parking spaces. A new Aloft Hotel will sit atop of the facility, which is being developed by the City of Greenville and Hughes Development Corporation.
Parking demand is expected to increase further throughout the next year as office occupancy increases in the CBD and development projects progress. A need for parking exists and the CBD will likely require additional parking facilities in the future.
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