Even parking costs on the rise

A better business environment can induce a lousy side effect — more expensive parking, according to a survey of 48 U.S. and 10 Canadian cities.
dollar.gifMonthly parking rates increased 2.7 percent for reserved spots and 3.7 percent for unreserved spots. In the United States, daily rates rose 7 percent over the past year.

Not surprisingly, midtown Manhattan exacts the steepest parking toll: $492 per month for an unreserved spot, and $41 just for a spot for the day. Downtown New York City was second, at $444, followed by Boston ($425), San Francisco ($321) and Philadelphia ($318).

The lowest were in Phoenix ($37), Dallas ($65) and San Jose, Calif. ($75).

Toronto was the priciest Canadian city at $234 for an unreserved space.

The survey also found that 20 percent of U.S. parking garages have a waiting list, with an average wait time of 3.3 months.

“With the economy steady and new garage developments few and far between, the demand side is again anticipated to outstrip supply,” said Ross Moore, vice president and director of research at Colliers International, a Boston-based commercial real estate consultancy that assembles the data annually.
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