Recent research shows that SoCal may not need the parking space it currently has—at least, where those spaces currently sit. According to the results of a Granite Properties portfolio-wide parking study conducted across five regions including Southern California, on average, 28 percent of Southern California parking spaces sit unused at peak demand. The average among all the regions studies—including Denver, Dallas, Houston, and Atlanta—was slightly higher at 30 percent of parking sitting unused when demand for parking is greatest.
According to a release from a representative of Granite, the firm surveyed 23 class-A buildings totaling 7 million square feet with structured parking in suburban, inter-urban, and urban areas in those regions from January through May 2018. The findings were grossed up to 100 percent occupancy, to get the highest usage for each building’s parking demands.
The statement says Granite wants to change the perceived need of parking among cities, brokers, and customers and calls developing parking without an accurate view of parking utilization wasteful and expensive.
According to the report, of the total 22,360 parking spots Granite provides in the surveyed buildings in its five markets, 6,580 parking spots sit unused every day at peak demand, and the value of those unused spots combined is over $100 million. Granite buildings use only 2.17:1,000 on average at peak demand at 100 percent occupancy, and zero buildings utilized the code requirement for parking.
Parking has become an issue of intense focus as services like Uber and Lyft grow more prominent and the introduction of autonomous vehicles looms closer. Companies are looking at the impact of these disruptors on future commercial real estate development, as SoCal Real Estate recently reported.