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THE U.S. PARKING GARAGES INDUSTRY
(3rd Edition: April 2005)\
Published by:
Marketdata Enterprises, Inc.
8903 Regents Park Drive, Suite 120
Tampa, FL 33647 (813-907-9090)
©Copyright April 2005, Marketdata Enterprises, Inc. Reproduction or distribution in whole or in part, by any means written or electronic, without prior written permission of the copyright owner is strictly prohibited. Violators will be fully prosecuted under US copyright laws.
Executive Overview of Major Findings
Nature of the Industry…
The parking industry is highly fragmented, consisting of a few nationwide companies and approximately 1,000 small privately held local and regional operators, including a substantial number of companies providing parking as an ancillary service in connection with property management or ownership. The primary industry participants are almost exclusively privately held companies. The parking industry is still consolidating, as property managers favor larger-scale operations, more reliable operating systems, better revenue controls, and an increased emphasis on customer service. As evidence of consolidation at the very top, the top five companies in 1998, via mergers, became the top three today: Central Parking, APCOA/Standard, and AMPCO Systems Parking. These three firms had year 2004 combined revenues of $1.79 billion.
Although there are relatively few large, national parking companies that compete, developers, hotel companies, and national financial services companies have the potential to compete with parking garage operators. Municipalities and other governmental agencies also operate parking facilities which compete.
Generally, parking industry growth is spurred by new construction. Since new construction in the United States slowed in the late 1980s and has only gradually begun to increase in recent years, growth in parking companies in the early 1990s generally resulted from take-aways from other parking companies. Take-aways and new construction are essential to growth in the parking industry because of the limitations on growth of existing operations. While some growth in revenues from existing operations is possible through redesign, increased operational efficiency, or increased facility use and prices, such growth is ultimately limited by the size of a facility and market conditions.
Most commercial real estate developers and property owners view services such as parking as potential profit centers rather than cost centers. These parties outsource parking operations to parking management companies in an effort to maximize profits or leverage the original rental value to a third party lender. Parking management companies can increase profits by using managerial skills and experience, operating systems, and operating controls unique to the parking industry.
The parking garage business is subject to a modest amount of seasonality. Historically, results are strongest during the quarters ending December 31st and June 30th. The weakest quarters are those ending March 31st and September 30th, due to such factors as winter weather and summer vacations.
The industry’s early growth was generated by the new construction of large office buildings, hotels, retail centers, and mixed-use developments in the United States. However, when domestic commercial development began declining in the late 1980s, operators instituted a “take away” strategy to replace existing operators by offering value added services at competitive prices, thus increasing clients’ profitability. Operators have also grown in recent years as a direct result of acquisitions, joint ventures and international expansion.
Ancillary services include parking meter enforcement services, on street parking services, car pooling coordination, shuttle van services, and public transportation services. The provision of ancillary services can be important in obtaining new business.
Self-park lots did not appear until the 1960s. With the building boom in the 1970s and 1980s, the land on which to build parking garages and on which there were lots, began to be developed. All these buildings began to build parking garages, often underground. But the owners and managers didn’t know anything about parking.
Developers began incorporating garages into their new buildings, because they needed to control their parking. Developers knew that parking was a big problem for high-rise dwellers or people coming to work in high-rise buildings, and so they provided it to make sure they could rent space. The same thing was true of hotels.
Until the mid-1980s the aesthetics of parking were near the top of nobody’s list. The things that mattered were parking efficiency (including effective signage), revenue control (seeing to it that fees found their way to the owners), employee training, and cleanliness. Garages were basically ugly, but at least they could be well painted, clean and efficient.
“Parking is like any retail business, you do what you can to maximize revenue in any given garage. In parking, you have to make it attractive enough to induce more volume. Better service, nicer uniforms, cleaner garages, better lighting, whatever frills you can have.”, say competitors.
The costs of managing a garage are usually borne by the owner. Sometimes as part of the negotiations, they require that the company pay part of the costs, maybe the parking equipment, maybe the tickets, the gates, the computer.
The Parking Market Research Company (PMRC) (McLean, VA) reported that nearly 1,200 multi-level parking structures were built in the heady growth period of 1987-1990 at a total cost of $8.5 billion, and that the parking business suffered the same fate as commercial real estate in general: there was a glut of parking spaces, just as there was a glut of urban offices and hotel rooms. Growth slowed in the early-mid 1990s, then began to rebound in 1996. In 1996, PMRC reported only 265 new parking facilities were started. By 2000, this figure had risen 72% over four years to 455 multi-level facility construction starts – a new record.
Privatization of government operations and facilities could provide new opportunities for the parking industry. Cities and municipal authorities may consider retaining private firms to operate facilities and parking-related services in an effort to reduce operating budgets and increase efficiency. Privatization in the United Kingdom and the United States has already provided significant expansion opportunities for private parking companies.
According to the Encyclopedia of American Industries, from the early 1980s to the early 1990s, municipalities experimented successfully with privatizing airport parking concessions and maintenance. A spokesperson for the NPA stated in 1998 that: “I think the trend over the last several years has been more and more privatization of those types of facilities where they’ll bid them out on a three or five year contract, and a private operator will take them over. Sometimes it’s under a management contract, sometimes with a lease.” Management contracts usually contain a guarantee clause plus a percentage of gross receipts above a certain point.
Another new development is illustrated by the transition APCOA was making from operating parking garages for hospitals to developing them. The company was negotiating with hospitals to design, build and operate parking garages. APCOA targeted hospital parking garages as an area of potential growth because hospitals were searching for ways to reduce costs. Opportunities for parking entrepreneurs also exist in downtown revitalization projects. Office vacancies, however, are always a concern.
The most significant legislation affecting the industry in early 1990s was the Americans With Disabilities Act, which required parking lots to include handicapped spaces, headroom for wheelchairs, and elevators that could be operated by the disabled. Another piece of legislation affecting the industry was an energy bill signed by President George Bush in 1992, that made free parking provided to employees a taxable perquisite.
How Parking Garages Operate
Commercial parking facilities are operated on an annual, monthly, daily, or hourly basis. Prices for parking are determined by the parking establishments’ location, with downtown sites charging more than suburban sites, and larger cities charging more than smaller ones. The highest parking fees are found in the Southeast, followed by the Northeast, the West and the Midwest.
After recovering from the early 1990s real estate slump, when parking rates slid as much as 30-40%, the industry was ripe for consolidation. Big operators with sophisticated cash controls can bring in more than mom-and-pop operators who often lose a share of profits to employees skimming cash registers. But to justify the cost of fancy cash monitoring systems, investors need multiple properties.
The payoff can be huge. In downtown Chicago, for example, each space can generate $4,000 to $5,000 revenue a year, while garages in Manhattan generate as much as $8,000 annually. Generally, about 75% of the money collected goes to the bottom line. Clever operators also can squeeze more from each lot by charging more for space-hogging vans, for instance, or repainting lines to accommodate more cars.
Industry Trade Associations
The National Parking Association (NPA), founded in 1951, is based in Washington, DC, has a membership of more than 1,200 private and public parking professionals. The association organizes annual conventions and trade expositions, and publishes Parking, a trade periodical. NPA also lobbies for industry concerns and reports on its activities in periodic legislative updates and Issue Alerts. The NPA’s Parking Consultants Council, formed in 1972, is a professional and technical advice group within the association concerned with design issues, economic analysis, financial counseling, and analysis and maintenance of off-street parking facilities. The NPA also operates a foundation, the Parking Industry Institute, which grants scholarship awards to employees of member organizations and their families.
A second industry trade group, the International Parking Institute (IMPC), located in Fredericksburg, Virginia, has 1,100 members. This group concentrates on institutional and public sector parking garages and established the International Parking Clearinghouse Foundation, a professional certification program, with the University of Virginia. IMPC performs an in-depth study entitled: “Benchmarking The Parking Profession.”
Types of Contracts & Sources of Income
Management Contracts
The responsibilities under a management contract as a facility manager include hiring, training, and staffing parking personnel, and providing collections, accounting, record keeping, insurance and facility marketing services. In general, the company is not responsible for structural, mechanical or electrical maintenance or repairs, or for providing security or guard services.
The company generally receives a base monthly fee for managing these facilities plus fees for ancillary services such as insurance, accounting, equipment leasing, and consulting and often receives a percentage of facility revenues above a base amount. Under a typical management contract, the facility owner pays a minimum management fee and operating expenses such as taxes, license and permit fees, insurance, payroll and accounts receivable processing, and wages of personnel assigned to the facility. In addition, the facility owner also pays for maintenance, repair costs, and capital improvements. The typical management contract is for a term of one to three years and is renewable.
Leases
In contrast to management contracts, lease arrangements are typically for terms of three to ten years, with a renewal term, and provide for a contractually established payment to the facility owner regardless of the operating earnings of the parking facility. The rent is generally either a flat annual amount, a percentage of gross revenues, or a combination thereof. Under its leases, the company is responsible for all facets of the parking operations, including utilities and ordinary and routine maintenance, but is generally not responsible for major maintenance, repair or property taxes. The leased facilities require a longer commitment and a larger capital investment than managed facilities but provide a more stable source of revenue and a greater opportunity for long term revenue growth.
Fee Ownership
Ownership of parking facilities, either independently or through joint ventures, typically requires a larger capital investment than managed or leased facilities but provides maximum control over the operation of the parking facility. All owned facility revenue flows directly to the company. Additionally, ownership provides the potential for realizing capital gains from the appreciation in the value of underlying real estate.
According to an October 2004 Equity Research Report about Standard Parking Corporation: “…During the last few decades, there have been two major trends within the parking industry. First, management contracts have emerged as an important method for operating parking facilities. During the 1930s-1950s, most parking facilities were locally owned or leased. During the 1970s and 1980s, management contracts emerged as a preferred operating method, as parking facilities increasingly were built as a part of office buildings in urban markets, and as parking was recognized as a potentially lucrative source of revenue for property owners. Management contracts also appealed to municipal governments that wanted to outsource parking management services.”
The report further stated that… “The second major trend has been a gradual consolidation of the parking industry. In the early 1990s, there were only a few companies in the parking industry with significant size, none of which had a national presence. During the next decade, four companies emerged as the market leaders through organic growth and
acquisitions of smaller regional and local providers. Standard Parking participated in this consolidation wave, making eight acquisitions in 1998 and 1999. The emergence of these national providers has coincided with the growth of large commercial property managers that require high-quality parking services at a variety of locations across the country.”
Industry Regulation
Parking facilities are sometimes directly regulated by both municipal and state authorities. The facilities in New York City, are for example, subject to certain governmental restrictions concerning number of cars, pricing, and certain prohibited practices. In addition, several state and local laws have been passed in recent years that encourage car pooling and the use of mass transit, including for example, a Los Angeles, California law prohibiting employers from reimbursing employee parking expenses.
Parking Garage Staff
Typical job classifications for personnel working at parking facilities may include:
* attendant
* security guard
* cashier
* meter collector
* meter maintenance
* meter enforcement
* general maintenance
* clerical
Factors Affecting Demand & Major Industry Trends…
The main factors affecting demand for paid parking garage and surface lot services include the following:
1. New commercial construction in a variety of sectors: office buildings, hotels, airport
expansion projects, medical facilities, colleges and universities, mixed-use retail
development projects, and special facilities such as theme/amusement parks,
sports stadiums and arenas and tourist destinations.
2. Downtown city office building vacancy rates.
3. Trends and popularity of alternative transportation methods (mass transit, car pooling).
4. The price of parking.
5. Population shifts from the cities to the suburbs
6. The weather
7. Disposable income and the health of the economy in general.
Investors Driving Up Demand for Parking
As the economy improves and new developments appear in downtown areas with little parking, a place to park your car becomes a more valuable commodity. Consequently, many individual real estate investors and investment firms are noticing parking—both stalls and garages. Following several years of decline, the average rate for an unreserved parking space among 55 markets in the United States and Canada is about $143/month, up nearly 4% from a year earlier, according to Colliers International (mid-2004).
The Economy and Weather
Growth in most sectors has been flat since Sept. 11, 2001 following the terrorist attack on the World Trade Center buildings. Central Parking, the largest operator of parking facilities in the United States, reports that revenues dropped after 9/11 and continued through 2002. They further reported slow growth in 2003 due to poor weather conditions in the Northeast and Canada as well as a weak economy in general. Bear Stearns, reporting on Central Parking, further stated that office vacancies were at an all-time high in 2003 and believed it would be two to three years before vacancies would return to equilibrium.
Imperial Parking reported in 2004 that the economic downturn had affected revenues as business travel declined. They also cited a stall in tourism and convention traffic as causing a worker layoff. They further reported that a long, cold, snowy winter in Canada and the Northeast United States negatively impacted revenues.
The economy in general has improved in 2004. GDP is up, unemployment is down, and the Federal Reserve Bank has raised interest rates steadily all year, an indication that the Fed is concerned that rapid growth could stimulate inflation.
Record high oil prices have translated to weak consumer spending in 2004 and now into 2005. They have also contributed to a slow but measurable decline in auto travel in the United States. It is possible this trend could cause a decline in demand for parking, but is more likely linked to leisure rather than business travel.
With the improved economy and the larges percentage of jobs added being in the business, medical, and leisure sectors, Maketdata analysts believe demand for parking will continue to increase as office vacancy rates decrease, and people return to the workforce.
The Price of Parking
According to Colliers International’s fourth annual North America Parking Rate Survey, parking garages are rebounding with the economy. Monthly parking rates in all categories increased as businesses take advantage of the overall economic recovery. The survey, which reports on reserved, unreserved and daily parking rates, found that the average unreserved monthly rates across North America increased 3.5% from a year ago, while daily rates declined 0.9%.
Some major findings, according to Colliers:
· Unreserved parking rates now average $143.09 per month
· Rates for reserved parking space rose slightly in 2004, only 0.3%.
· Daily rates increased by 1.7%. Daily rates now average $13.35
· 20% of parking garages now offer additional services such as valet parking, car washing/detailing, and dry cleaning.
· Ten cities have ordinances in place restricting parking garage development, but the overwhelming majority of 75% have no restrictions.
Parking Garage Construction Trends
Parking Market Research Company (McLean, VA, www.parkingresearch.com), is one of the few other sources of parking facilities information that Marketdata can identify. The company publishes four monthly publications, provides consulting services, provides expert testimony and specialized areas where they perform research, and publishes a publication called, “A Statement of Market Conditions” (for clients only).
According to Parking Market Research Company, which publishes a report entitled: Parking Garage Construction: A Statement of Market Conditions, parking garage construction reached a peak in 2001, when approximately 475 facilities were constructed. Construction starts have fallen every year since then, due to a variety of factors. During 2001-2002, the overall economy was in recession. This was the main reason for lackluster construction.
Toward the end of 2003, however, a new factor came into play—that of major price increases for commodities such as steel and cement. This dramatic inflation in materials prices resulted in projects being delayed or cancelled. As a result, only 365 parking garages were constructed during 2003.
Construction had reached an estimated 455 starts in 2000. The U.S. multi-level parking garage construction market continued a trend that emerged in the five-year construction boom starting in 1996. This is for “type 1” space for facilities with a minimum 265 spaces.
This price situation continued through 2004, with no real end in sight. The last recession obviously effected the construction of private parking garages. On the public sector side, however, the main issue was that of massive public sector deficits. With municipal funds shrinking, less parking facilities are being built.
As for the dollar value of this construction of new garages, Parking Market Research Company believes that this figure may be deceptive and not reflect true construction activity at the present time. The number of projects is declining while the price of construction is rising.
PMRC estimated that the value had risen from $3.4 billion in 1998, to $4.1 billion in 1999, and $4.9 billion in 2000. The adjusted figure for 1996 was $1.85 billion. PMRC personnel pointed out that there were major price increases in materials and labor at the end of 1999, by-products of an overheated construction market.
It generally takes nine months to a year from breaking ground to garage completion and the beginning of the generation of receipts. So, there should be a 1-year lag between construction activity and the effect it ultimately has on this industry’s receipts. However, it is not a direct one-to-one relationship, since other factors come into play when talking about the value of parking facility construction—namely substantial price increases in local markets.
Current data is not available to Marketdata from PMRC.
Commercial Construction Trends
All indications are that the commercial real estate boom of the 1990’s is over. According to CB Richard Ellis, Office construction in the Suburban areas peaked in the 4th quarter of 2001 at just over 20 million square ft with downtown construction over five million square ft. Construction in downtown areas peaked in the 2nd quarter 2002 under six million square ft. As of the 3rd quarter 2004 both suburban and downtown office construction is well below the five-million square ft mark and has been there since the 4th quarter of 2003.
According to Cushman & Wakefield, the real estate market is continuing to improve slowly. The overall economy is expanding. Unemployment is down to 5.4% from 6% a year ago and the overall office vacancy rate is beginning the first downward trend since 2000, as people return to the workforce.
In 2003, according to The Society of Industrial and Office REALTORS®, office users were still making decisions based upon a reduced headcount, and would continue to do so until it is obvious that the pre-recession jobs benchmark has been passed, which SIOR did not believe would happen until 2004.
The real estate market typically lags behind economic recovery. SIOR points to “lags” affecting the office market, relative to changes in GDP and employment trends, and forecasts that a true turnaround will not occur until mid-decade. Cushman & Wakefield does not expect a sustained recovery in commercial real estate markets until perhaps 2005.
SIOR tracks construction of new commercial office space. In 2004, 56.4 million spare feet of construction had begun; an 8% decline from 2003, and a 68% decline from the activity in the late 1990’s. Development of new office space should continue at a moderate pace, as markets have become saturated and demand for office space has been limited.
Commercial Office Building Vacancy Rates
According to CB Richard Ellis, national office vacancy rates have risen steadily for the last three years, rising to 17.91% by the 2nd quarter of 2004, from 15.68% in the first quarter of 2001. Downtown rates have increased from approximately 6% during the third quarter of 2000 to 14.2% during the 4th quarter of 2004.. Suburban rates have increased from just under 9% in 2000 to 17.1% in 2004. The vacancy rate appears to have reached a peak in 2003 and has decreased slightly in 2004 as the economy shows signs of modest growth.
The CB Richard Ellis Office Vacancy Index measures the vacancies in the downtown, suburban and metropolitan areas of the United States. The index is based on a quarterly survey of competitive office buildings. Excluded buildings are government-owned, medical, office condominiums and those that are not competitive in today’s market. The downtown index typically covers office buildings in the central core of the largest city within the metropolitan area. The corresponding suburban area includes the remainder of the metro area, excluding the central core.
More information about CB Richard Ellis and their reports may be found at their website: www.cbre.com.
2003/2004 Office Vacancy Rates, by Quarter (%)
|
Downtown |
Suburban |
Metropolitan |
||||||
|
|
|
|
|
|
|
|
|
|
|
4Q04 |
3Q04 |
4Q03 |
4Q04 |
3Q04 |
4Q03 |
4Q04 |
3Q04 |
4Q03 |
|
14.2 |
14.4 |
14.5 |
17.1 |
17.4 |
18.0 |
16.0 |
16.3 |
16.7 |
Source: CB Richard Ellis
Selected Results of 2004-2005 Marketdata Survey of NPA Members
Marketdata Enterprises, Inc. was retained by the National Parking Association to jointly develop a mail survey of its current active members (parking garage operators only, not affiliate members or suppliers). The objective of this survey was to develop industry averages or “benchmarks” for a variety of operations, and to measure how much the private parking facilities’ revenues grew in 2003, 2004, and a forecast for 2005. Marketdata was provided with a list of 320 NPA member firms and contact persons. A disappointingly small number of NPA members participated (20 firms). Nevertheless, we present the averages calculated below.
2003-2004 Growth – What was your company’s percentage increase in total receipts?, in:
2003 (vs. 2002) 8.87 %
2004 – 1st 9 months
(vs. same period 2003) 11.05 %
Forecast – By what percent do you expect your receipts to grow in 2005?
9.02 %
Total operating expenses as a % of receipts.
2003 75.29 %
2002 76.22 %
Percent of total receipts in 2003, by type parking….
59.55 % covered parking garages
36.59 % surface lots
Average hourly wages* paid, by job function:
|
|
Full-time |
Part-time |
|
|
|
|
|
Parking attendants |
$8.44 |
$7.62 |
|
Valets |
7.32 |
7.03 |
|
Cashiers |
8.33 |
7.35 |
|
Facility supervisors |
13.29 |
11.38 |
|
Office/clerical |
14.40 |
13.83 |
* all employees, new and experienced combined
Current parking rates
Hourly $ 3.84
Daily $ 11.02
Monthly $ 130.18
Percent of revenues generated, by activity in 2003:
(average of those reporting this data, does not add to 100%)
|
Garage Income |
50.72 |
|
Lease/Rentals |
14.00 |
|
Surface Lot Income |
35.25 |
|
Management Fees |
20.07 |
|
Other Permit Fees |
NA |
|
Concession Income |
1.25 |
|
Fines |
1.05 |
|
Parking Taxes |
10.00 |
|
Booting Fees |
NA |
|
Assessment District Fees |
NA |
|
Towing Fees |
NA |
|
Valet Income |
25.37 |
|
Interest |
2.00 |
|
Other Revenue |
2.40 |
Major Industry Trends…
New Technology – Automated Garages
The U.S. parking garage industry has been incredibly slow to catch up to Europe’s use of technology. When Marketdata released its 2001 report, radio frequency automation and robotic parking garages were still in the testing phase. Both of these technologies have now been implemented in several markets across the United States and Canada with moderate success. Since that time, more new innovative ways of paying for parking as well as providing services have come to the forefront.
The four largest companies in the industry are working toward automation in all new construction and updating systems in their existing facilities. Customers want more services and convenience, and companies have found that technology solves several issues. First off, technology solves most of the issues related to employee theft, a problem that has plagued this industry since its inception. Second, companies can use the technology to generate statistical data about usage, consumer rates, daily traffic timing, and annual fluctuations. Reduction of manpower and streamlining industry operations also saves costs that can in turn be passed on to the consumer in the form of rate reductions or addition of services.
Payment Media
The IPI survey for 2004 also picked up on the trend of new type of media payments. Of U.S. respondents to their survey, 52.8% reported that they accept some form of non-cash payment. The most common type of media across all segments was credit cards. Of those respondents that did not accept non-cash payment, 50% said they plan to in the next two years.
Access/Revenue Control Technology
According the International Parking Institute’s “Benchmarking the Parking Profession” survey 2004, (20%) of U.S. respondents utilize Automatic Vehicle Identification (AVI) technology in their operations. The survey also reported that 26.8% of respondents use License Plate Inventory (LPI) technology.
Professionalization of The Industry
The days of operating a parking facility with a cash box are numbered. The industry IS upgrading the staff it uses to run its facilities. We’re seeing more college graduates being hired, and more supervisors are being certified by the National Parking Association, a trend that began in the early 1990s. In addition, there is more computer software and better accounting/management systems available than in the past. New technology is resulting in increased automation—namely, revenue control equipment. With this increased professionalization come higher labor costs, uniforms, more equipment—all eating into future profit margins.
Consolidation – Acquisitions by Large Competitors and “Roll-up” Consolidators
According to the latest Economic Census of 2002, the 50 largest firms in this industry captured 75% of the industry revenues, up very slightly from 74% of the industry revenues in 1997. Back in 1992, the 50 largest firms acquired a 70% market share. The industry got more concentrated at the very top levels—share for the top 4 firms rose from 35% in 1997 to nearly 48% by 2002. The top 8 firms got nearly 56% in 2002, up from 46%. Thus, this industry is highly concentrated, and got more so with mergers the past few years.
International Expansion
Parking is a relatively standard business and does not differ significantly across international borders, say some industry participants. Others disagree, saying that overseas expansion has largely been limited to the United Kingdom. They claim that parking over there IS different, pointing out that in Canada and Europe the customer pays a machine (with cash or a credit card), and personally staffed toll booths found most of the time in the U.S. are not used as much. This automated payment concept is finally catching on in the United States.
American parking operators have expanded into Canada, Europe and South America. By applying established business methods to new markets, Central Parking has already achieved economies of scale overseas. Central Parking believes its aggressive strategy to build European operations will allow it to begin penetrating that continent, as it has in the U.S. Its European facilities are located in the United Kingdom, in Germany, and in Amsterdam. Central Parking also maintains operations in Mexico and Canada.
Privatization/Outsourcing of Government Operations – New Growth Market?
Privatization of government operations and facilities are providing new opportunities for the parking industry. Privatization of city services will continue for economic reasons. Cities and municipal authorities have begun retaining private firms to operate facilities and parking related services in an effort to reduce operating budgets and increase efficiency. Privatization in the United Kingdom and the United States has already provided significant expansion opportunities for private parking companies. In the United States, several cities have awarded on-street parking enforcement and parking meter service contracts to for-profit parking companies such as Central Parking.
Expansion of Ancillary Services
One example of these services is that every Allright Corp. location emphasizes is customer readiness with the small, extra services such as: first aid kits, fire extinguishers, air pumps, flashlights, towels, directions and umbrellas. Allright garages also have battery jumpers and air compressors available to help patrons, as well as enough gas to reach the next service station and accredited towing services or approved locksmith referrals should one be needed. In addition, they provide prompt attention to damage claims, automobile malfunctions or other troublesome situations that might arise. Their management is equally ready to investigate claims and take appropriate action.
Allright now offers automobile repair, maintenance and detailing services at several of their airport parking locations. Other services provided by Allright and other companies operating parking garages include quick lube/oil changes (where staff takes your car out of the garage, gets the oil changed by an outside service, then returns it to the garage), carwashes, dry cleaning, coffee shops, newspaper stands, and even office space equipped with Airtouch cell phones). Some of these services are actually located right in the garage.
Allright’s success has prompted other companies, including off airport parking facilities to offer free shuttle service, oil change and routine maintenance while you are away (for a fee), and free car washes. The American driver today wants services and garages and lots that offer them will gain market share in the future.
Miscellaneous Issues
Off Airport Parking
A trend Marketdata analysts find worth mentioning involves off airport parking. Following 9/11, homeland security passed legislation that mandated vehicles must be parked at least 300 ft from airport terminals during certain threat levels. The same measure involves mandatory vehicle searches. The long delays and inconvenience prompted many motorists to seek alternatives.
Off airport parking garages and fenced in, guarded surface lots have sprung up near most major airports. They offer shuttle service, coffee, and in some places, free car washes and vehicle maintenance while you travel (for a fee). Most of these lots discount parking at least 50% from airport rates, and in some places substantially more. The airport lots are a fraction of the parking industry as a whole, but most of them are owned by one of the four major companies, and cheap alternatives to any product or service will erode profit margins and become a significant threat if the trend continues for the long term.
Valet Parking
According to the IPI “Benchmarking the Parking Profession” 2004 survey, 16% of U.S. respondents provided valet parking service. By operation type, there was a large increase in the use of valet services by airports and medical facilities. For airports, reported use of valet services increased from 33.3% in 1998 to 60% in 2002. The reported use of valet services by medical institutions doubled between 1998 and 2002, from 33.3% to 66.7%. The data from the survey indicate that as revenues increase, so does the offering of valet parking services. Of U.S. respondents in the IPI survey, just over 70% reported valet service being provided by a contractor. Respondents also indicated that in addition to providing valet services, many respondents reported offering amenities to their valet customers. The most popular amenities were car wash, shuttle/taxi services, map/directions, and lost vehicle assistance.
Security and amenities
According to the IPI “Benchmarking the Parking Profession” 2004 survey, 80% of all security measures are foot and driving patrols. In the 2004 survey, over half of the U.S. respondents reported using bicycle patrol and emergency call buttons. The use of guard posts declined by 10%. There was an increase in reported use of horse and dog patrols. Thirty percent of airports surveyed indicated that they used dog patrols.
Industry Size, Growth and Forecasts…
The Automobile Parking Garage industry, both private and public facilities, generally has not been analyzed comprehensively by anyone, prior to this study. The industry does have its own NAICS code, which enables the Census Bureau (5-year Census of Service Industries and Service Annual Survey) to collect data on operating statistics and industry receipts.
The International Parking Institute (IPI) does perform an in-depth analysis of its members’ operations. This study, Benchmarking The Parking Profession, was last published in 2004. It covers the public (municipal) parking facilities only. Various operating/expense ratios are tracked, but the IPI does NOT estimate the size of the industry, nor forecasts future growth.
After interviewing industry insiders and consultants, it’s apparent that the industry is probably significantly bigger than government figures would lead one to believe. The government survey for this industry does not cover business generated by public or municipal parking garages—which represents 50% of the industry!
The industry’s only other major research firm, the Parking Market Research Company, notes that government Census data only covers half the parking garages in the industry (not including public sector garages, only private). Analysts there feel that one can basically double whatever industry revenues are reported by the Census in 2003.
Following are Marketdata’s estimates of the true size of this industry, including public sector garages, which is derived by basically doubling government figures.
Estimated Industry Receipts: 1986-2008
|
|
Receipts ($ billions) |
Percent Change |
|
|
|
|
|
1986 |
$4.83 |
13.0 |
|
|
|
|
|
1987 |
5.38 |
11.3 |
|
|
|
|
|
1988 |
5.92 |
10.0 |
|
|
|
|
|
1989 |
6.24 |
5.3 |
|
|
|
|
|
1990 |
5.92 |
-5.1 |
|
|
|
|
|
1991 |
6.61 |
11.7 |
|
|
|
|
|
1992 |
7.49 |
13.3 |
|
|
|
|
|
1993 |
7.27 |
-2.9 |
|
|
|
|
|
1994 |
7.01 |
-3.5 |
|
|
|
|
|
1995 |
7.22 |
3.0 |
|
|
|
|
|
1996 |
7.48 |
3.6 |
|
|
|
|
|
1997 |
8.48 |
13.3 |
|
|
|
|
|
1998 |
12.42 |
NM |
|
|
|
|
|
1999 |
13.49 |
8.6 |
|
|
|
|
|
2000 |
14.87 |
10.3 |
|
|
|
|
|
2001 |
15.81 |
6.3 |
|
|
|
|
|
2002 |
16.08 |
1.7 |
|
|
|
|
|
2003 |
16.39 |
1.9 |
|
|
|
|
|
2004 |
16.99 |
3.7 |
|
|
|
|
|
2005 |
17.70 |
4.2 |
|
|
|
|
|
2008* Forecast |
20.86 |
5.7 * |
NM – not meaningful, survey sample change.
* Average annual rate Source: Marketdata Estimates
2003-2005 Growth & Performance
2003
Marketdata estimates that the U.S. parking garage industry in 2003 was really worth approximately $16.4 billion. We’ll go with the government’s estimate that receipts grew by only 1.9% in 2003.
Marketdata’s custom mail survey of private parking facility operators that are NPA members found that a group of 20 companies posted an average 8.9% increase in receipts during 2003. It is possible that the private facilities half of the industry fared better than municipal facilities, however one has to be careful with such a small sample. In light of economic conditions, we think it unlikely to extrapolate that group’s increase as representative of the entire industry.
2004
As for 2004, Marketdata estimates that industry receipts grew 3.7% to $16.99 billion.
We performed an analysis of the sales growth of the top three industry competitors, AMPCO System Parking, APCOA/Standard, and Central Parking. These three combined had revenues in 2004 of $1.79 billion and should provide a good “barometer” of industry growth. Our analysis found that the weighted average sales increase for 2004 for this group of three companies was + 2.96%.
Let’s examine other factors potentially affecting the demand for parking in 2004…
· Gasoline prices trended significantly higher, always a bad omen for parking garages.
· White collar employment improved slightly—no big gains here.
· Commercial office vacancy rates improved slightly, but were still at historically high levels nationwide.
· There were no major increases in either leisure or business air travel.
· Parking prices were up an estimated 2% in 2004, according to an October 2004 analyst report by William Blair & Company. Colliers Intl. reported that as of the 4th quarter of 2004, monthly unreserved parking rates were up 3.5%, while daily rates were down 0.9%.
· The weather was bad, with major snowfalls, in many North and Northeastern states, depressing auto travel and parking.
· Office construction was still depressed in most suburban and downtown markets.
The William Blair & Co. report went on to say that: “During the last few years, Central Parking’s results have been hampered by the U.S. economic recession, weakened demand for parking in the New York City metropolitan area, due to terrorist attacks…”
All of the above does NOT paint a picture of robust growth for the parking garages industry in 2004. Therefore, Marketdata analysts feel that we saw SLIGHT improvement in top-line sales growth over 2003, as the economy improved slightly.
2005 Outlook
For the current year, we expect revenue growth to by 4.2%, again slightly better than the prior year, as the economy improves moderately. This will bring industry revenues to an estimated $17.7 billion.
Marketdata’s mail survey of NPA members found that these 20 operators expect a 9.0% increase in receipts—an optimistic forecast. However, we do not believe we’ll see this magnitude of growth, due to several factors.
Gasoline prices have risen sharply so far in 2005 and energy analysts do NOT expect gas prices to fall after July 4th, as is the typical annual pattern. Rather, due to rising demand from China and other developing nations, analysts expect prices to remain high in 2005 and continue high into 2006. We are entering a new era of energy prices in the United States. This can only be bad for parking demand. As a result, air travel volume should be constrained by higher fuel costs that translate into higher airfares.
Marketdata expects very moderate improvement in employment and slight improvement in the office vacancy rate.
Offsetting these negatives, there are, happily, a few positives for the industry. 2005 winter weather was not severe in Northern states. In addition, parking facility operators have added a number of ancillary services for customers that should boost revenues. Also, demand for parking spaces in downtown metro areas should continue strong as developers bundle parking into their total “package” when selling a new real estate development.
2008 Forecasts
As long as the economy remains good, companies are moving back to the inner cities. As for the effect of recessions or economic downturns, this is NOT a recession-proof sector, as evidenced by the 5% decline in sales in 1990. Receipts ARE cyclical and people do pay for parking more when their disposable income is higher. During economic recessions, operators in this industry have to lower rates to retain business. But, recessions don’t affect all regions of the U.S. equally.
Any weakness in the economy and the use of parking should be somewhat offset by increased outsourcing of parking operations by municipal and other government agencies, medical facilities, and educational institutions. Periodic price increases will also contribute somewhat. In addition, a more positive attitude toward parking as a “profit center” and marketing tool for new developments, should help. Finally, new parking technology and automated payment systems should increase efficiency and top-line revenues.
Consequently, Marketdata projects that receipts of the U.S. parking garages industry will grow at an average annual rate of 5.7% per year from 2004 to 2008, to a level of $20.8 billion in the latter year.
Industry Structure and Operating Ratios…
The 1997 Census of Service Industries (US Census Bureau) is the most recently published NAICS code-based (North American Industry Classification System) data for comprehensive, national information about the Automobile Parking Garages Industry. The 2002 Census survey has been completed but there have been delays in releasing the data. Part of the 2002 Census survey is now available (national statistics) and Marketdata has included whatever information was available at the time of publication in this study.
The reader of this study should check the Census Bureau website for new data, at: www.census.gov. Click on the Business link, then Economic Census, then choose either Industry Series, Geographic Area Series, or Subject Series. and for NAICS code: 81, then 812, then 81293. PDF files contain either the full report or tables only. For more assistance, call a Census analyst at: 301-763-2724.
The Census data covers automobile parking garages that have payrolls–including limited information about the very small establishments that usually employ less than 10 people. Of itself, the Census survey is not perfect, and does not claim to represent 100% of the industry. One major limitation is that it covers only the private, but not public (municipal) parking facilities. Therefore, the number of facilities and revenues reported are substantially less than what’s actually operating in this industry. The International Parking Institute market research companies such as Marketdata fill that void by tracking the public side of the business.
The US Census Bureau reported that in 2002 that there were 12,097 auto parking “establishments” in operation, compared to 10,358 in 1997, an increase of 16.8%. (Again, these are just the private facilities—the total number of parking garages in the United States is widely believed to be in the range of 40,000.)
The industry’s receipts were valued at $6.92 billion in 2002, compared with $5.17 billion in 1997. Consequently, the industry’s revenues increased 33.8% from 1997 to 2002, or 6.8% annually over the five-year period. Of the $6.9 billion total industry revenues, 20.5% went for payroll expenses – an increase of nearly 2% from 1997 (18.7%).
Comparative Statistics for 1997 & 2002
|
Kind of business
|
Establishments |
Receipts/ Revenues ($ 000) |
Annual Payroll ($ 000) |
Paid employees for pay period including March 12th |
|
|
|
|
|
|
|
Parking lots and garages 2002 |
12,097 |
$6,928,478 |
1,418,090 |
104,112 |
|
Parking lots and garages 1997 |
10,358 |
5.174,724 |
967,701 |
76,166 |
Source: U.S. Census Bureau 2002
The Census Bureau does calculate several key ratios for this industry. For example, in 2002…
* Average annual receipts per establishment were $572,743
* Average receipts per employee stood at $66,548
* Annual payroll per employee was $13,620
Legal Form of Organization of Firms
According to the 1997 Economic Census, 9,418 facilities operated as corporations or 91% of all parking facilities. For the 1992 Census, 9,427 facilities were operated by corporations, or almost 93% of all facilities. Sole proprietorships numbered 315 in 1997 (3% of all facilities) compared to 344 in 1992 (3.4% of all facilities). Partnerships comprised 5.6% of all facilities in 1997, compared to 3.7% in 1992. Concerning total industry receipts, corporations captured 92% of the $5.17 billion total revenues for the Parking Industry, roughly the same as the 1992 percentage.
Sole proprietorships captured less than 1% of total revenues, about 1 percentage point less than the previous Census. Partnerships were second to corporations with 6.5%, beating the figure for 1992 by a very slight margin.
Average annual receipts per parking facility for 1997 nationally averaged $499,584 compared to $360,436 for 1992, an increase of 38.6%. Partnerships in 1997 averaged $570,187 in annual receipts, 12% higher than the national average for receipts of all facilities. The average revenue for a partnership in 1992 was $603,674, 40.3% higher than the average for all facilities in the same year. The average annual receipts for a partnership in 1997 were 5.5% lower than in 1992. Corporations were second to partnerships at $507,007 in 1997. Sole proprietorships averaged much less, only $149,841.
Single vs. Multi-unit Operations
According to the 1997 Economic Census, nearly 85% of the companies in the parking garages industry are operated as a single-unit operation, compared to 15% of the industry that operate as multi-unit operation. For 1992, 82% of the establishments were single units and 18 % were multi-units.
In 1992, 81.5% of industry receipts were captured by multi-unit operations, around the same percentage for 1997 (81.9%). Single-unit establishments garnered 18.1% of total revenues for 1997, marginally lower than 1992’s single-unit percentage of 18.5%.
Average receipts per establishment for multi-unit operations amounted to $492,001 in 1997 or 40% more than in 1992 where the average revenue was $352,180 for these type firms. The operators managing 10 or more facilities captured $3.75 billion or 72.6% of all receipts in 1997 versus 69.9% of all revenues by establishments with 10 or more facilities in 1992.
Geographic Analysis
Top 10 Metropolitan Areas, Total Receipts for All Facilities
The 1997 Economic Census did provide data for the metropolitan areas of the United States. As with the 1992 Census, data has been withheld in some areas to avoid disclosure.
The top ten metropolitan areas by total receipts have not really changed from the top five in the previous Census. New York, NY, Los Angeles, San Francisco and Philadelphia remain in the top five areas of the country by total receipts. The only change was in the #3 spot where Washington, DC replaced Chicago. However, this may not be valid because the 1997 Census withheld the total amount of receipts for this area, which makes it impossible to know for sure if the receipts for the Chicago area would have changed position in comparison with the 1992 ranking.
Top 10 Metropolitan Areas, Total Receipts for All Facilities: 1997
|
|
|
1997 Receipts |
% of |
1992 Receipts |
% of |
% Change |
|
|
City |
($mill) |
U.S. |
($mill) |
U.S. |
97 – 92 |
|
|
|
|
|
|
|
|
|
1 |
New York |
767.8 |
14.8 |
581.9 |
15.9 |
31.9 |
|
2 |
Los Angeles, CA |
536.1 |
10.3 |
438.0 |
12.0 |
22.4 |
|
3 |
Washington, DC |
241.4 |
4.6 |
208.3 |
5.7 |
15.7 |
|
4 |
San Francisco, CA |
224.9 |
4.3 |
124.2 |
3.4 |
81.1 |
|
5 |
Philadelphia, PA |
163.0 |
3.1 |
111.6 |
3.0 |
46.1 |
|
6 |
Atlanta, GA |
147.8 |
2.9 |
101.5 |
2.7 |
45.6 |
|
7 |
Minneapolis, MN |
129.4 |
2.5 |
D |
n/a |
n/a |
|
8 |
San Diego, CA |
86.5 |
1.7 |
68.2 |
1.9 |
26.8 |
|
9 |
Pittsburgh, PA |
81.4 |
1.6 |
69.6 |
1.9 |
17.0 |
|
10 |
Denver, CO |
77.6 |
1.5 |
D |
n/a |
n/a |
|
|
|
|
|
|
|
|
|
|
Total |
2,455.9 |
47.3 |
1,703.3 |
46.5 |
|
D = Data Withheld; n/a = not available; Source: 1997 U.S. Census of Service Industries
Reference Directory of Industry Information Sources
Industry Trade Associations
International Parking Institute (IPI)
701 Kenmore Avenue, Suite 200
Fredericksburg, VA 22404-7167 Kim Jackson (Interim President)
Phone:(540) 371-7535
E-Mail: ipi@parking.org
website: http://www.parking.org
The association assists the institutions and the following organizations involved in the parking industry: Airports, architects, cities, civic centers, colleges, engineers, hospitals, planners, port authorities, suppliers and universities. Provides information concerning developments in the parking field in the areas of: Construction, Management, Planning, Technical Advancements. Conducts regional seminars on: Airport Parking, Enforcement, Garage Deterioration, Hospital Parking, Residential Permit Parking Programs
The International Parking Institute was formerly known as the Institutional and Municipal Parking Congress (1995) and the International Municipal Parking Congress (1976).
The IPI publishes monthly its journal, The Parking Professional that covers the parking industry, along with its annual Parking Buyer’s Guide (formerly IMPC Parking Buyer’s Guide), a catalog that lists parking equipment and suppliers. The Guide also includes an index of advertisers. Members receive an annual copy of, Who’s Who in Parking, their membership directory which includes a data book.
National Parking Association (NPA)
1112 16th St. NW, Ste. 300
Washington, DC 20036 Contact: Martin Stein, Exec.Director
Phone: (202) 296-4336
Fax: (202) 331-8523
Toll-Free: 800-647-PARK
E-Mail: info@npapark.org
website: http://www.npapark.org
Membership is limited to owners and operators of: airport authorities, architects, colleges, equipment suppliers, manufacturers, municipalities, off-street parking facilities, those interested in downtown parking, traffic engineers and universities. The association provides: Mailing Lists, Scholarships, Specialized Education Programs. The NPA also publishes, Parking Magazine, its annual Parking Products and Services Directory and information on design, construction and maintenance of parking facilities.
California Public Parking Association
c/o Janet Lopez
Parking Administration
County of Sonoma
585 Fiscal Dr., Rm. 100F
Santa Rosa, CA 95403
Phone:(707) 565-2347
Fax: (707) 565-2683
E-Mail: jlopez@sonoma-county.org
(Associated with the International Parking Institute)
Carolinas Parking Association
Charlotte/Douglas International Airport
PO Box 19066
5501 Josh Birmingham Pkwy.
Charlotte, NC 28219
Phone:(704) 359-4055
Fax: (704) 359-4922
E-Mail: cmpenny@charlotteairport.com
(Associated with the International Parking Institute.)
Connecticut Association of Parking Agencies
New Haven Parking Authority
Union Sta. 50 Union Ave.
New Haven, CT 06519-1752 Sammy Parry, Dir. Operations & Maintenance
Phone:(203) 946-8936
Fax: (203) 946-8929
(Associated with the International Parking Institute.)
Eno Transportation Foundation (ETF)
One Farragut Sq. S., Ste. 500
Washington, DC 20006-4003 Thomas Downs, President
Phone:(202) 879-4700
Fax: (202) 879-4719
website: http://www.enotrans.com
The foundation seeks to educate the public and disseminate information about transportation in the U.S. Eno is also known for fostering careers in the field of transportation, conducting research, assembling educational programs, policy forums; maintaining a museum and compiling statistics.
The Foundation publishes a quarterly transportation journal that reports on transportation design, operation and planning. Eno annually analyzes traffic, costs of commercial and private freight and passenger transportation of all types in the United States. This information is found in its Transportation in America publication that is published once a year. Other valuable insight can be found in two books named Managing National Transportation Policy and Parking for Institutions and Special Events.
Florida Parking Association
Miami Parking System
190 NE Third St.
Miami, FL 33132 Arthur Noriega, CAPP, Dir., Planning and Development
Phone:(305) 373-6789
Fax: (305) 373-9451
E-Mail: anoriega@miamiparking.com
(Associated with the International Parking Institute)
Illinois Parking Association
The Consulting Engineers Group, Inc.
55 E. Euclid, Ste. 420
Mt. Prospect, IL 60056
Phone:(847) 255-5200
Fax: (847) 255-5271
(Associated with the International Parking Institute)
Michigan Parking Association
Mr. John Frederick
Wayne State University
P.O. Box 1968
Grand Rapids, MI 49501
(313) 577-3704
e-mail: ah9818@wayne.edu
(Associated with the International Parking Institute)
Mid-South Parking Association
Department of Public Safety
University of Memphis
120 Zach Curline Parking Garage
Memphis, TN 38152-3500 J. Sandra Barksdale, Dir., Parking Operations
Phone:(901) 678-2212
Fax: (901) 678-4962
E-Mail: sbarksdale@memphis.edu
(Associated with the International Parking Institute)
Middle Atlantic Parking Association
Montgomery County Government DPWT
101 Monroe St., 11th Fl.
Rockville, MD 20850 Rick Siebert, Chief, Office of Parking Management
Phone:(240) 777-2190
Fax: (240) 777-2637
(Associated with the International Parking Institute)
Midwest Campus Parking Association
University of Kansas
Parking Department
1501 Irving Hill Rd.
Lawrence, KS 66045-0500 Donna R. Hultine, CAPP, Asst.Dir.
Phone:(785) 864-7275
Fax: (785) 864-5220
E-Mail: drh@ukans.edu
Minnesota Association of Parking Professionals
City of Minneapolis Transportation
350 S. 5th St.
Rm. 233, City Hall
Minneapolis, MN 55415 Scott Wellan, Parking Services Analyst
Phone:(612) 673-2411
Fax: (612) 673-2149
E-Mail: scott.wellan@ci.minneapolis.mn.us
(Associated with the International Parking Institute)
New England Parking Council
University Operations Services
Harvard University
175 N. Harvard St.
Allston, MA 02134-1097 John W. Nolan, CAPP, Dir. Transportation Services
Phone:(617) 496-6065
Fax: (617) 495-9456
E-Mail: johnnolan@harvard.edu
(Associated with the International Parking Institute)
New Jersey Parking Institute
c/o Steven Monetti
Ft. Lee Parking Authority
PO Box 1113
309 Main St.
Ft. Lee, NJ 07024-1113
Phone:(201) 592-3600
Fax: (201) 592-8635
E-Mail: ftleeparking@msn.com
(Associated with the International Parking Institute)
New York Parking Association
Mr. Michael T. Klein
Director, Transportation & Parking Services
Stony Brook University
129 Suffolk Hall
Stony Brook, NY 11794-6244
(631) 632-9184
(631) 632-2180 – FAX
e-mail: michael.klein@sunysb.edu
(Associated with the International Parking Institute)
Parking Association of California
1260 Chorro St.
Suite B
San Louis Obispo, CA 93401
Phone: 805-781-7230
Fax: 805-781-7267 President: Robert Horch
Email: rhorch@slocity.org
Parking Association of Georgia
225 N. Washington Hwy Ste. 183
Ashland VA 23005 Charlie Munn, CAPP, Principal The Parking Network
Phone: (804)-227-3335
Fax: (770) 234-6974
E-Mail: Charlie@parkingnetwork.com
(Associated with the International Parking Institute)
Parking Association of the Virginias
Virginias, Parking Association of the
Parking Association of the Virginias
P.O. Box 155 Ms. Rebecca White, CAPP,President
Midlothian, VA 23113
(804) 379-7696
(804) 379-2194 – FAX
e-mail: parkofva@aol.com
(Associated with the International Parking Institute)
Pennsylvania Parking Association
Harrisburg Parking Authority
PO Box 1142
Harrisburg, PA 17108-1142 Joseph Link, Exec.Dir.
Phone: (717) 255-3099
Fax: (717) 231-7731
E-Mail: hpa@paonline.com
(Associated with the International Parking Institute)
Texas Parking Association
Carl Walker, Inc.
2801 Network Blvd Ste 101
Frisco TX, 75034 Tim Christle, P.E.
Phone:(214) 619-0700
Fax: (214) 619-0705
E-Mail: tchristle@carlwalker.com
(Associated with the International Parking Institute)
Wisconsin Parking Association
Graef, Anhalt, Schloemer & Associates, Inc.
125 S. 84th St., Ste. 401
Milwaukee, WI 53214-1470 William L. Surna, Sr. Parking Planner
Phone: (414) 259-1500
Fax: (414) 259-0037
E-Mail: william.surna@gasai.com
(Associated with the International Parking Institute)
Trade Books, Journals and Magazines
Eno Foundation for Transportation, et al. Transportation in America – a statistical analysis of transportation in the United States.Washington, DC : Eno Transportation Foundation, c2000.
Eno Transportation Foundation. Eno Transportation Foundation news. Washington, D.C.: Eno Transportation Foundation, Quarterly.
Hazard, John L and Eno Foundation for Transportation. Managing national transportation policy. Westport, Conn.: Eno Foundation for Transportation, 1988.
International Parking Institute.1997-98 guide to parking consultants. Fredericksburg, Va.: International Parking Institute, 1997.
Institutional and Municipal Parking Congress. The Parking Professional. Fredericksburg, Va.: Institutional and Municipal Parking Congress, Inc.
Journal of Parking. International Council of Parking Consultants. Los Angeles, Calif.:
International Council of Parking Consultants, Quarterly, 1998-.
National Parking Association. Parking Consultants Council. / NPA/PCC “Guide to Selecting Parking Consultants” Committee. Washington, D.C.: National Parking Association.
National Parking Association. Parking Products and Services Directory. Washington, D.C.: National Parking Association.
Parking [microform]. National Parking Association, Bimonthly. [Washington, D.C.: National Parking Association].
The Parker magazine. Canadian Parking Association. Calgary : Canadian Parking Association, Quarterly. 1999-
Urban Land Institute and National Parking Association. The Dimensions of Parking. Washington, D.C.: Urban Land Institute: National Parking Association, 1993.
Consultants & Market Research Analysts
Parking Market Research Company
1311 Dolley Madison Blvd,. Suite 2-B
McLean, VA 22101 (703-761-1680) Contact: Dale Denda
Provides information about the parking garage construction/repair industry. Publishes monthly journal: Parking Marketing Report, statistical analysis, special reports regarding: parking rates, market overview, airport garages, parking garage repair markets, custom research.)
Colliers International
50 Milk St. 20th Floor Ross J. Moore, Vice President, Director of research
Boston, MA 02109
(617)-722-0221
http:/www./colliers.com
ross.moore@colliers.com
Brokerage Firm Analysts
For coverage of Central Parking Corp.
Jennifer Child, Bear Stearns, NY (212-272-9294)
Matthew Litfin, William Blair & Company (312-364-8293)
Patrick Swindle, Avondale Partners (866-699-3531)
Will Marks, JMP Securities LLC (415-835-8900)
Kevin Monroe, Thomas Weisel Partners LLC (212-271-3767)
Real Estate Industry Analysts
TRIONE & GORDON/CB. RICHARD ELLIS
1100 Louisiana, Suite 1600
Houston, Texas 77002
(713) 881-0900
(713) 881-0999 fax
www.trionegordon.com
Market data… Sara L. Lindner, Director of Client Services
(713-881-0916)
Trione & Gordon/CB Richard Ellis is an association of top-ranked, private commercial real estate companies, which offer an extensive assortment of corporate, and investor related services. Trione & Gordon/CB Richard Ellis provides these services within 200 markets all through the United States, Canada, Europe, Asia, South Africa, and Latin America. Trione & Gordon/CB Richard Ellis’s 2,900 specialists have assisted in more than $60 billion of commercial real estate agreements for worldwide clients over the past five years. Their clients are tenants, landlords, owners, developers, investors, buyers or sellers of office buildings or space, all of which utilize parking facilities. The firm specializes in office data and is dedicated to applying and interpreting data for specific assignments- most of which would involve parking arrangements.
TORTO WHEATON RESEARCH
200 High Street, 3rd Floor
Boston, MA 02110 (617) 912-5200
Fax: (617) 912-5240
Website: www.tortowheatonresearch.com
Research: Xochitl Leon (617) 912-5233
Torto Wheaton Research services are intended for use as a knowledge base for their clientele to construct informed real estate decisions in the framework of their own strategic mission. The company’s clients have access to the world’s largest proprietary database for major commercial property types: office, industrial, retail and multi-housing which qualifies the company to assist their customers with their parking requirements.
REED CONSTRUCTION DATA
1210 South Federal Highway
Boynton Beach, FL 33435
(561) 733-8308
800-417-7291
Reed Construction Data is a supplier of project data, building product information and, and cost estimating which would prove useful for the Parking Garage Industry. The professional disciplines associated within the group are: Architects, Building Owners, Consultants, Dealers, Design and/or Build Professionals, Developers, Engineers, Facility Managers, General Contractors, Manufacturers’ Representatives, Marketing Professionals, Sales Professionals and Subcontractors
Other Sources
Society of Industrial and Office Realtors
Society of Industrial and Office REALTORS®
1201 New York Ave., NW, Ste. 350
Washington, DC 20005 USA
phone (202-449-8200)
fax (202-490-8201)
admin@sior.com
Energy Information Administration
Energy Information Administration, EI 30
1000 Independence Avenue, SW
Washington, DC 20585
Phone: (202)-586-1129
Contact: Alan Swenson
Government Sources
US CENSUS BUREAU, Washington DC 20233
U.S. Census Bureau
4700 Silver Hill Road
Suitland, MD 20746
General telephone inquiries: Call Center: 301-763-INFO (4636) website: www.census.gov
BUSINESS STATISTICS AND ECONOMIC CENSUS
Economic Census Information: 1997 Economic Census
www.census.gov/epcd/www/econ97.html
Email:econ97@census.gov
North American Industry Classification System: Email: naics@census.gov
Other business statistics: www.census.gov/epcd/www/drcensus.htm
Current Construction Reports, Series 30.Monthly. Call Center: 301-763-INFO (4636)
Quarterly Review of the Construction Industry. New York, N.Y., National Industrial Conference Board, Inc., 1937-. Frequency, irregular
The Full Studies Contain A Lot More – This Is Just A Sample of The Style, Content Matter, and In-Depth Analyses You’ll Find in All Marketdata Reports.