Tuesday, June 30, 2009

‘Parking rates highest in Bangalore’

‘Parking rates highest in Bangalore’



Mumbai: Among four Indian cities covered in a global survey, car parking rates in the central business districts of Bangalore and New Delhi were the highest in the country with median monthly-unreserved parking rate of approximately $32.10 each. In terms of daily parking rates Bangalore ($1.50) took the lead followed by New Delhi ($1.28) and Mumbai ($1.07).
The survey conducted by Colliers International, a global real estate firm, has ranked Mumbai lowest among world’s major financial cities in terms of car parking rates. The survey tracked rates in 140 downtown parking districts (central business districts) from around the world.
The most expensive city is London, which retains its top spot in the world — London City’s monthly unreserved median rate at $1,020.29 (roughly Rs 49,400) leads the way and West End taking the second place at $955.51 (Rs 45,840). Interestingly, London’s parking charges were 13% lesser in 2009 compared to last year.
Mumbai, on the other hand, is barely $25.68 (around Rs 1,232) a month and just over a dollar a day on an average. Chennai’s daily charge is slightly under a dollar.
“Whether to park for a day or to have access to parking anytime during the month, the world’s top financial centres are among the most expensive in the world. No one region dominates with a smattering of cities from North America, Europe and Asia Pacific all represented in the top ten,’’ said the report.
According to the survey, Hong Kong retains its top ranking in Asia Pacific and is ranked the fourth most expensive worldwide in 2009. Its median monthly parking rate was $748, registering merely 1% increase from last year. Except Hong Kong and Perth, the other three locations in the top five recorded negative changes from the previous year, with that of Sydney falling the most by 24%.
Interestingly, parking charges in Amsterdam increased by 90% from last year—in 2008 it was $423 a month while in 2009 it shot up to $805. In the United States, despite a loss of six million jobs and a significantly more challenging business environment, few markets in that country have seen a meaningful pullback in parking rates. Daily and monthly parking rates in the US diverged over the past 12 months (ending June), with daily rates up 1.2% ($0.18) and monthly rates sliding slightly by 0.9% ($1.47). The monthly median parking rate now averages $154.23 in the U.S.
Even though the economy is expected to remain sluggish, and the labor market lackluster, drivers should not expect this weakness to manifest itself in lower parking rates. While higher fuel prices across North America have reduced the total number of miles driven, demand for parking seems to be more recession-proof, and this affords garage owners and operators the opportunity to hold prices close to yearago levels. Moreover, when the economy rebounds, the markedly rising parking rates of years past are expected to return, according to Colliers Boston.
In Canada, parking costs have increased nationwide for a sixth consecutive year as owners and operators of parking lots resist the economic downturn. The average daily parking rate in Canada rose 9.89 per cent over last year to CAD17.78 daily, with an average monthly parking rate of CAD 222.75, up 9.94 per cent from 2008.
Ian MacCulloch, Vice President of Research, Canada for Colliers International said the Canadian results were indicative of the stability of the Canadian economy when compared to the US. The survey results from the US show a decrease in daily and monthly averages which is probably a good indication of some of the challenges their property markets face today.


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