How much will it cost to construct new parking spaces? Choosing whether to build a multistory garage, underground parking structure, or outdoor lot all play a factor in coming up with the final cost. Additionally, many other factors can alter how much you actually end up paying on your project, and they can sum up to some large cost differences.
The location you decide plays a huge factor in cost. Every city, block, and state will come with a variation of incentives and price burdens. Labor is more expensive in some locations and available resources will range depending on the area. Downtown real estate is often more expensive than suburban real estate, and you’ll often pay higher taxes and fees on parking lots in high traffic areas. Between supply and demand basics and city regulations, the difference of five miles can be the difference of $500,000.
As we mentioned earlier, the type of parking you decide to build will have a large impact on your cost. Underground garages cost around $10,000 more per parking space to build than over-ground garages. And when you start to consider size, there are price barriers for both kinds of parking garages.
The kind of structural support system you decide to use will impact both the cost of your structure and its capacity. It will be the biggest expense when budgeting out your parking building; between 60% and 70% of the total cost to build your parking structure will be allocated towards structure and framing. According to Parking Today, “there are two general types of framing layouts and there are different types of structural systems.” These two are short-span and long-span framing, and the difference between them is the amount of support columns they contain. Short-span often costs less to construct, however it also limits the amount of spots that will fit in the building and decreases capacity.
Every year, WGI’s annual Parking Structure Cost Outlook report, the average price to construct parking spaces in the United States is $21,500 per spot. The priciest place to construct is in New York City with an average price of $28,298 per parking space. Comparatively, the cheapest place to build parking spaces is in Miami at only $17,993 per spot.
The price of constructing new parking spaces is a large burden for most developers. Prked’s software solutions help minimize these hindrances and facilitate operations. To learn more about Prked, visit Prked.com.