Parking management for smart growth
Tuesday, 24 November 2015
The “worth” of a seemingly generic parking space varies. Some spaces serve dozens of parkers per day, whereas others are seldom or never used. A neverused parking space is worthless - in the sense of not serving any transportation purpose.
At the same time, that parking space has onetime and ongoing costs for land, construction, administration, and maintenance. A recent estimate placed the annualised capital and operating cost of one space at $8,235 for a suburban surface lot, $28,778 for an urban threelevel structure, and $54,000 for an underground central business district (CBD) space (Nelson\Nygaard and Dyett & Bhatia 2012).
Parking also has opportunity costs, such as other forgone uses for that land or building area, and negative externalities.
Strategic parking management reduces the number of worthless spaces so that less total parking can provide the desired land use and transportation benefits.
From the excerpt by Planetizen from 'Parking Management for Smart Growth' by Richard W. Willson.