How much does it cost to build new parking? Deciding whether to build a multistory garage, outdoor lot, or underground parking structure all play a role in determining the final price tag. Beyond that, a lot of other factors can affect how much you actually end up spending when you start your project, and they can add up to some big price differences.
It’s probably obvious, but the location you choose plays a massive role in determining cost. Every city–every block eve–will come with different incentives and cost burdens. Labor is more expensive in some areas and available resources will differ depending on the location. Downtown real estate is typically 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 kind of parking you choose to build will have a major effect on your cost. Underground garages cost about $10,000 more per space to build than above-ground garages. And when you start to factor in size, there are cost barriers for both types of parking garages.
Framing and Support
The type of structural support system you choose will affect both the price of your building and the capacity. It will be the largest expense when budgeting out your parking; between 60% and 70% of the total cost of building will be dedicated to 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 number of support columns. Short-span typically costs less to build, but it also limits the number of spaces that will fit and decreases capacity.
Every year, WGI’s annual Parking Structure Cost Outlook report, the average cost to build parking in the United States is $21,500 per space. The most expensive place to build is in New York City with an average cost of $28,298 per space. Comparatively, the least expensive place to build parking is in Miami at only $17,993 per space.
The cost of building new parking is a heavy burden for most developers. Pavemint’s software solutions and custom services help minimize cost burdens and streamline operations. To learn more about Pavemint, visit pavemint.com.