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Edited by: Zarah’s recommended readings on Spacer Zarah has also shared her expertise in other platforms by: Learn more about Spacer’s content policiesAt Spacer Technologies, we hold ourselves to high standards when it comes to the content we produce and share. Our commitment is to provide accurate, reliable, and valuable information to our audience across all our platforms, including our website, blog, social media channels, and other communication channels.Transparency is a core value at Spacer Technologies. We believe in being upfront and honest with our audience, which is why we disclose any sponsored content or partnerships clearly. Our goal is to maintain trust and integrity with our users by being transparent about the nature of our content.Our content is carefully crafted to be relevant and valuable to our audience. We strive to deliver information that educates, inspires, or entertains our users, ensuring that it meets their interests and needs.Respect and inclusivity are fundamental to the content we produce. We do not tolerate content that promotes discrimination, hate speech, or offensive material based on race, ethnicity, gender, religion, sexual orientation, or any other characteristic.Have any questions, or concerns, or have found an inaccuracy with our content? We welcome feedback from our users as it helps us to continuously improve our content and services. Your feedback is valuable in ensuring we maintain high content quality standards and constantly improve our content.If you have any questions or concerns regarding our content policy, please don't hesitate to contact us at zarah@spacer.com
Reading time : 5 mins
THE PARKING INDUSTRY GENERATES MORE THAN $20 BILLION IN ANNUAL REVENUE. WITH BEHAVIORS STILL SENSITIVE TO COVID-19 AND MORE OFFICES IMPLEMENTING BACK TO WORK PROGRAMS, CAR USAGE WILL CONTINUE TO RISE. REAL ESTATE OWNERS ACROSS THE GLOBE SHOULD BE MORE FOCUSED ON HOW PARKING CAN SUPPORT EXISTING TENANT REVENUES AND CAPITALIZE ON THIS GROWING DEMAND.
However, how does a property owner successfully capitalize on this demand? What makes a parking lot successful or desirable? Here are a few key elements that make a parking lot more desirable:
As with any real estate: location, location, location. Where the parking lot is located will affect the demand, with locations in highly dense areas or close to nightlife, entertainment venues and office buildings generating more varied demand across the day.
Unorganized parking lots can cause confusion, traffic jams, and make for an unpleasant experience for the driver. Parking managers and parking facilities should have clear signage and direct instructions on how to enter, exit, and pay for the space.
Giving parkers a peace of mind when they park in your space is essential not only to attract parkers, but to retain them as well. Having an access-control device, on-site security, regular cleanings/maintenance, and good lighting are great ways to ensure your facility is in good condition, which can help to make your lot more desirable. Furthermore, better lit environments provide additional safety to parkers, so ensuring that there are no dark corners of the facility will make all parkers feel safer.
Having flexible hours is another way for your lot to be desirable to more people. For example; having a lot available 24/7 means that you can cater your lot to people who need parking overnight and/or people who just need the lot for the day. However, by restricting your hours (ie. day-time, 7am to 6pm only), you’re also restricting the number of people that can have access to it.
Between 2020 and 2021, North America’s plug-in EV registration almost doubled (96% increase). With the increased adoption of EV, offering EV-charging is a great way to increase the demand for your parking lot.
A good example of a non-traditional parking asset that’s capitalized on their unused parking spaces via WhereiPark is the The Eighth and Grand apartments in DTLA. This multifamily apartment building was centrally located near the Staples Centre in DTLA and offered their 24/7, access-controlled parking to the public. Through WhereiPark, the Eighth and Grand apartments rented out 52 parking spots! This resulted in an incredible annualized NOI of over $84,000. With an assumption of a 4.5% cap rate, this helped increase the value of their multifamily asset by $1,870,000.
Real estate owners no longer need to operate with empty spaces. Whether it’s a mall, multifamily apartment, commercial real estate owner, etc. If there’s any space at all, it can be an opportunity for ancillary revenue.Book a space today!
A good example of a non-traditional parking asset that’s capitalized on their unused parking spaces via WhereiPark is the The Eighth and Grand apartments in DTLA. This multifamily apartment building was centrally located near the Staples Centre in DTLA and offered their 24/7, access-controlled parking to the public. Through WhereiPark, the Eighth and Grand apartments rented out 52 parking spots! This resulted in an incredible annualized NOI of over $84,000. With an assumption of a 4.5% cap rate, this helped increase the value of their multifamily asset by $1,870,000.
Real estate owners no longer need to operate with empty spaces. Whether it’s a mall, multifamily apartment, commercial real estate owner, etc. If there’s any space at all, it can be an opportunity for ancillary revenue.
As with any real estate: location, location, location. Where the parking lot is located will affect the demand, with locations in highly dense areas or close to nightlife, entertainment venues and office buildings generating more varied demand across the day.
Unorganized parking lots can cause confusion, traffic jams, and make for an unpleasant experience for the driver. Parking managers and parking facilities should have clear signage and direct instructions on how to enter, exit, and pay for the space.
Giving parkers a peace of mind when they park in your space is essential not only to attract parkers, but to retain them as well. Having an access-control device, on-site security, regular cleanings/maintenance, and good lighting are great ways to ensure your facility is in good condition, which can help to make your lot more desirable. Furthermore, better lit environments provide additional safety to parkers, so ensuring that there are no dark corners of the facility will make all parkers feel safer.
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