Number of CBD car parking spaces shrink, as Australia’s parking costs skyrocket.
Car parks in Australia are still hot property as city councils strive to reduce the number of parking spaces in our CBDs and prices continue to rise, according to the latest research from Colliers International and Parking & Traffic Consultants, The Evolution of Car parking.
The report has found supply of commercial car spaces across Australian CBDs is very limited, with no new stand-alone car parking stations currently proposed in any of our CBDs.
Fewer parking bays are also being developed within new CBD office and residential buildings, as building owners strive to provide their tenants with state of the art end of trip facilities and additional collaboration spaces in lieu of car parking spaces.
“The majority of car spaces in Australian CBDs are used by workers,” said Nora Farren, Colliers International Director of Research. “If we compare the supply of parking to demand by using a ratio of CBD car spaces to 100 workers, our largest CBDs, Sydney and Melbourne, have the lowest ratio of car parking at 12.2 and 14.2 respectively.”
On a global comparison, Sydney has one of the lowest CBD parking spaces to employee ratios. The Sydney CBD also has one of the highest non-discounted median daily parking rates at $70.85.
The City of Sydney aims to reduce the provision of new parking spaces by 50 per cent by 2030. Across the country, several existing car parking stations are being demolished to a make way for apartment and office developments. Historical data indicates that the increase in car parking spaces in our biggest CBDs, Sydney and Melbourne, has been minimal with Sydney adding only 766 car parks since 2007 and Melbourne gaining only 2,476 in the same timeframe.
“Most of our major CBD markets now have a car parking levy regime in place, and given the demand on our CBD infrastructure, these are only likely to increase,” said report co-author, Cristina Lynn Managing Partner, Parking & Traffic Consultants. “With most capital city councils pushing for increased usage of public transport and limiting the number of car spaces, CBD parking is set to become more expensive.”
For more information click here.