The U.S. Census Bureau estimates that there are approximately 105 million commercial parking spaces in the country. Parking industry investors and owners maximize revenue potential by adding value to parking properties.
- Short-term leases may provide a cushion against inflation, as well as a decrease in operating costs.
- New parking application technology offers customers the opportunity to reserve a parking space via a smart phone, streamlining lease opportunities and eliminating the need for parking staff.
- Participation in special event parking may add increased revenue.
The parking industry is expected to grow by approximately 18 percent between 2014 and 2019. Market growth has exceeded, and will likely continue to exceed, the supply of parking inventory.
There can be no assurance of profitability based on current demographic trends as significant competition exists related to the acquisition of assets.