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The Many Costs of Too Much Parking
“Parking is expensive. We can break these costs down into two categories. One is the explicit fiscal costs of parking, to the provider and to the public. The other is the implicit opportunity cost of parking, which occupies land that could have been put to another beneficial use, and/or is often built at the expense of another beneficial activity.”
Key findings
“A typical surface parking stall costs between $5,000 and $10,000 to construct (including the value of the land it occupies). A parking space in a garage can cost $25,000 to $50,000.”
“Structured parking saves land relative to a surface lot, but it is up to ten times more expensive to build.”
“Parking lots can dramatically impede the walkability of an area.”
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