A Complete Guide to Monetizing Your Unused Corporate Parking Spaces

So, you’ve got an office lot that sits half-empty most days. Or maybe you’ve just noticed that a row of spaces always stays open, even at peak hours.

Underutilized corporate lots are one of the most overlooked assets in a property. Every empty spot is potential income left on the table. But with the right approach, those spaces can generate steady, predictable income.

If you’re a property manager or commercial space owner, monetizing unused spaces can generate thousands per month with minimal disruption.  This guide walks you through smart, compliant ways to turn idle parking into active revenue. 

The Business Case for Monetizing Parking

Underused corporate parking lots represent one of the easiest ways for property owners and employers to generate predictable revenue.

And with the recent resurgence of the return to office mandates among North American companies, the use of parking infrastructure in commercial and office buildings has also shifted. 

Five years after the pandemic, many companies are now requiring their employees to return to the office on a full-time or hybrid basis. In May 2025, data from Gallup showed 51% of U.S. employees work hybrid, 28% fully remote, and 21% fully on-site.

The latest data confirms that hybrid work is now the dominant model for remote-capable jobs, a major jump from pre-pandemic levels.

For parking, this has two implications. Demand is rebounding. Kastle Systems reports national peak-day office occupancy hit 65.4%, a post-pandemic high. More employees commuting means more cars competing for space. But it also means usage is uneven. Hybrid schedules cause daily fluctuations, leaving some spaces vacant on lighter days.

Both realities create a business case for monetization: property owners can lease out underused stalls for consistent revenue, while employers can supplement peak-day shortages without overcommitting long-term.

As Joshua Eisen, Chief Revenue Officer at WhereiPark, explains, the opportunity is often hidden in plain sight.

“With the right tools and strategy, even a handful of unused spaces in a multi-family or mixed-use building can become a steady passive income stream. Most buildings already have the infrastructure in place. What’s often missing is a system for identifying available supply and connecting it with local demand. Once that gap is bridged, the income is consistent, low touch, and scalable.”

For a deeper dive into how RTO impacts employers and employees, see our article: Corporate Parking in the RTO Era: Solutions for Property Owners and Employers.

Vacancy Rates Drive Parking Underuse

With fewer employees driving in every day, many garages and surface lots sit half-full. According to recent data from Moody’s Analytics, the national office vacancy rate surged to an unprecedented 20.7% in the second quarter of 2025. The problem is most acute in major business hubs:

• San Francisco: 27.7% vacancy, up from 8.6% in 2019
• Downtown New York: nearly 23%
• Charlotte: 23%, above the national average

Even suburban office parks (once thought to enjoy the benefits of decentralization) are now facing record vacancies. For corporate property owners, this translates directly into underused parking spaces. In many markets, monthly rates range from $200 to $350 per space, which means that every unused spot results in lost revenue.

Empty Spaces Still Carry Costs

Across all classes of office buildings, parking is allocated at an average of 3.12 cars per 1,000 rentable square feet. 

When these spaces go unused, owners still pay for maintenance, security, and lighting without generating revenue. This creates a direct hit on the Net Operating Income (NOI) and drives up cost-per-employee ratios for tenants.

Untapped potential revenue impact

In major downtown and financial districts, monthly parking often rents for $250 to $400 per space. For example, WhereiPark listings average about $200 in Toronto’s Financial District and $250 in San Francisco’s Downtown area.  

Monetizing just 20 vacant spaces at $200 per month would generate $48,000 in new annual income. Even at the lower end of $150, that is still $36,000 annually, created without major capital outlay.

Low Barrier to Entry

Unlike lease renegotiations or build-outs that can take months and require capital, parking monetization is quick to activate. At 240 Wellesley in Toronto, unused spaces were listed and generated more than $50,000 in annual revenue without disrupting tenants. Once in place, the program can scale up or down as tenant demand shifts.

“It always surprises companies when they see how little effort it takes. Listing even a handful of unused spaces can turn a cost center into income almost overnight,” Mr. Eisen said.

5 Monetization Models That Work for Corporate Properties

How to Set Up Corporate Parking for Monetization

Once you’ve identified the right monetization model for your property, the next step is putting that strategy into action.

Operational setup can look different depending on the model, but the core steps are the same. This includes verifying what you can legally lease, preparing the lot for outside users, and putting systems in place to manage demand, pricing, and access. 

Here’s our step-by-step guide to monetizing your unused corporate parking. 

Step 1: Audit Your Current Space Utilization

Here’s how to run a basic utilization audit:

• Track occupancy by time and day: For at least one full week, record how many spaces are in use during key windows such as weekday mornings, early afternoons, evenings, and weekends. If possible, extend the tracking to multiple weeks to spot trends.
• Map peak and off-peak periods: Many corporate lots in North America see the highest demand from Monday to Thursday between 9 AM and 5 PM. But hybrid work patterns can create midweek dips or lighter Fridays. Knowing these patterns helps you list only what’s truly available.
• Look for consistently underused zones: Some areas of the lot or garage may stay empty regardless of time. These are often ideal for monetization because they don’t interfere with internal use.
• Account for constraints: Are certain stalls reserved for specific employees, service vehicles, or deliveries? Are there access limits tied to building hours or security protocols?
  

Helpful tools:

• A simple spreadsheet works well for small or mid-sized lots.
• Larger properties can use access badge data, gate logs, or sensor-based tracking if available.

Tip: In Canadian markets, winter weather can affect parking availability due to snow piles or plowing schedules. In the U.S., demand may rise during tourist season or near stadiums and event venues.

Step 2: Confirm Ownership or Lease Rights

Before making any space available to the public, confirm you have the legal authority to do so. This step is especially important for leased properties or mixed-use buildings. This is where a lot of corporate parking initiatives get stuck.

Start by checking your situation:

• If your company owns the property: You generally have full rights to monetize the parking, but local zoning bylaws (in Canada) or municipal codes (in the U.S.) may still restrict commercial use of parking areas. Look for rules around public access, traffic flow, and signage.
• If your company leases the space: Review your lease agreement carefully. In both U.S. and Canadian commercial leases, you’ll want to look for clauses like:

• “Permitted Use” – Does the lease allow for third-party or public-facing use of the premises?
• “Assignment and Subletting” – Many leases prohibit any kind of subleasing without written approval from the landlord.
• “Common Area” rights – If the parking lot is shared, you may need landlord or property manager coordination.

If anything is unclear, it’s worth having legal or real estate counsel review the documents. This is especially true for larger commercial portfolios or when your company is a subtenant.

Tip: In both the U.S. and Canada, landlords are often open to one-off permissions or amendments, especially for low-impact models like after-hours or weekend event parking. Just make sure it’s documented in writing.

Step 3. Choose a Platform or Provider

Once you’ve identified which spaces are available, the next step is choosing the right platform to manage your monetization program. Look for a solution that simplifies onboarding, handles logistics, and minimizes operational lift for your team.

WhereiPark specializes in monthly parking solutions for corporate and commercial properties across the U.S. and Canada. It’s built for owners and operators who want a hands-off, reliable revenue stream.

What makes WhereiPark a strong fit:

• Fully managed process: We handle everything from marketing and tenant screening to customer support and payments.
• Targeted tenant matching: We connect your lot with qualified monthly parkers who need reliable, long-term space.
• Optimized for corporate assets: The platform is designed for professional property managers, real estate teams, and workplace operators.
• Clear reporting: You’ll have access to occupancy tracking, revenue summaries, and insights across all your properties.

Tip: Monthly parking is ideal for corporate properties because it reduces turnover, lowers management overhead, and generates predictable income. A dedicated provider like WhereiPark helps you unlock that value without stretching internal resources.

Step 4: Prep the Lot

Once the business side is in place, make sure your parking environment is ready for outside users.

Here’s what to focus on:

• Wayfinding: Use clear signage or pavement markings so renters can easily find the right entrance, level, and space. Numbered stalls or section markers help avoid confusion.
• Signage: Add visible signs at the lot entrance indicating it’s available for authorized monthly parking only. Include contact info for issues and enforcement language if needed.
• Lighting: Ensure the lot is well-lit at night, especially near access points and pedestrian pathways. Adequate lighting improves safety and reduces liability risk.
• Access control: If your lot is gated or requires a pass, work with your provider to streamline setup. WhereiPark can coordinate digital access, hang tags, or keycards based on your existing system.

Tip: Keep the setup simple, especially at first. Avoid over-customization. Most renters care about ease of access and clear instructions more than branding.

Step 5. List and Configure Pricing

With your lot ready, the next step is listing your available spaces and setting the right monthly price. Rates should reflect your location, demand patterns, and availability window.

Here’s how to approach it:

• Start with local benchmarks: In most U.S. and Canadian cities, monthly parking rates vary widely by neighborhood. Downtown office districts can command $250 to $400 per space, while suburban or fringe locations may range from $80 to $150.
• Factor in time restrictions: If access is limited to evenings, weekends, or business hours only, adjust pricing accordingly. Partial access typically warrants a 20% to 40% discount from full-time market rates.
• Consider competition and convenience: Nearby garages, transit stations, or event venues can influence what parkers are willing to pay. Gated access, lighting, and proximity to building entrances also add value.
• Use dynamic pricing when possible: WhereiPark can help benchmark your rates against similar properties and adjust pricing based on demand and occupancy trends.

Tip: Avoid pricing too low in an effort to fill spots quickly. Undervaluing spaces in high-demand areas can attract the wrong renter mix and reduce long-term revenue potential. Start at market rate, then fine-tune based on performance.

Step 6: Monitor and Optimize

Once your parking spaces are active, track performance regularly to keep revenue steady and occupancy high. Small adjustments over time can make a significant difference.

Focus on the following:

• Occupancy levels: Review how many spaces are consistently rented. If spots sit empty for weeks, consider adjusting pricing or how they’re listed.
• Availability windows: Make sure listed hours still align with actual usage. For example, if spaces are sitting empty on Fridays, consider adding that day to your offer.
• Pricing performance: Compare current rates against market benchmarks and actual demand. Raising or lowering prices slightly can help maintain full occupancy.
• Renter feedback: If renters report access issues or unclear signage, address those quickly to prevent early turnovers.

WhereiPark provides built-in tools to monitor usage and revenue, so you can make updates without guesswork.

Tip: Set a reminder to review performance monthly. Keeping a regular eye on trends will help you spot new opportunities and resolve issues before they affect income.

When to Monetize and When Not To

Not every property is a fit for parking monetization. Use this quick check to see whether your building is a good candidate:

Best Practices for Corporate Parking Monetization

Keep operations smooth and revenue consistent with these proven practices:

• Use digital access control: QR codes, license plate recognition, or keycard systems reduce confusion and make enforcement easier.
• Separate employee and guest parking: Clear signage and assigned zones help avoid conflicts and ensure availability for both groups.
• Communicate early and often: Let staff know about changes in advance, especially if you’re shifting access, pricing, or space availability.
• Review insurance coverage: Confirm your policy includes third-party users and any liability related to paid parking.
• Offer tiered pricing: Charge more for premium spots or 24/7 access, and consider discounts for bulk or long-term users.

These small adjustments help reduce friction, protect your assets, and improve the renter experience.

How to Measure Success

Track these key indicators to evaluate performance and make informed adjustments:

• Monthly revenue per space — total earnings divided by the number of active spaces
• Utilization rate during off-hours — especially for weekend or evening models
• Net income after platform fees — focus on actual profit, not just gross revenue
• Employee feedback — if you’re sharing space, check if staff satisfaction holds steady
• Time impact on your team — monetization should require minimal oversight

Boost Property Returns Without Major Investment

Monetizing underused corporate parking is one of the fastest ways to create new value from existing assets. It’s flexible, low-risk, and doesn’t require major changes to your operations.

You don’t need to renegotiate lease terms, install complex systems, or hire new staff. With the right setup and support, it’s a practical way to offset rising real estate costs while keeping control of your space.

WhereiPark helps companies across the U.S. and Canada turn unused parking into reliable, recurring income with minimal effort from your team. Get started today!