Parking costs

When cities evaluate parking options, decisionmakers consider carefully the costs of improvements. The construction costs for parking varies significantly based on whether it is surface parking, an above-ground structure, or an underground structure. The cost of a surface lot averages $2,000 to $3,000 per space, while above-ground parking structures average $20,000 to $25,000 per space and underground parking $30,000 to $40,000 per space. In spite of the high cost, above- or underground parking structures may be justified in dense urban areas, where land is expensive.

The cost may be partially offset by planning for shared parking, where automobiles at different times of the day or week can utilize the same spaces. An estimate of parking occupancy rates for differing land uses has been derived for various day/time periods (see below). This information is useful for calculating the extent of possible shared parking. For example, parking for office buildings is largely available during evenings and weekends, while the parking lot for a conference/convention center is planned for use at all times, making sharing impractical in most circumstances.