Cost of Parking
Parking is expensive to build and maintain, especially in dense areas and it is one of the hardest decisions that a developer has to make.
The cost of building a new surface lot might range from $1,000-$3,000 per space (100 spaces = $100,000-$300,000). The cost of building a new parking structure (not including underground) might range from $20,000-$30,000 per space (200 spaces = $4,000,000-$6,000,000). Then there is the cost of the property and maintaining the lot/structure.
Reducing Parking Demand
An approach to reducing the parking demand, and off set parking costs, is to implement transportation demand management (TDM) strategies. Examples of TDM strategies at a site could include:
- providing subsidized transit passes
- incentives for biking and walking
- carpool and vanpool matching program/support
- guaranteed ride home
- sharing options such as bikeshare, carshare
- bike infrastructure and amenities
- parking cash out
- off site parking and shuttles
- regular education, awareness, events and marketing of TDM options
How CATMA Can Help
CATMA can walk you through TDM strategies and how a TDM program can reduce your parking costs. Contact us to learn more about employer solutions & member services.
Check out these additional resources
- The State of Vermont’s Agency of Transportation offers a guide to exploring TDM strategies and their impacts. See Guide Here.
- The Chittenden County Regional Planning Commission offers Shared Parking Analysis Tools as a resource for you. Website Here.