Colliers International Media Release, 2008-07-18
by Phoebe Miller
Sydney, NSW, Australia
Sydney CBD car parking spaces continue to rank amongst the most expensive in the world, with Perth and Brisbane not far behind, according to the result of Colliers International’s 2008 Global CBD Parking Rates Survey.
The global survey was conducted in June and covered a broad selection of 138 major metropolitan cities across North America, Europe, Asia and Latin America. Sydney has been included in the survey for several years however Perth, Brisbane and Adelaide were added 2008 for the first time.
Sydney CBD moved into the position as most expensive city in Asia Pacific and the third most expensive in the world for monthly parking rates in with a median unreserved rate of $797.77 AUD.
Sydney commuters can take some relief that they are still a long way behind London, which took out the two top spots. The most expensive monthly median rate was recorded in London City at $1201.53 AUD, followed by London’s West End at $1169.49 AUD.
Brisbane CBD was found to be the next most expensive Australian city after Sydney, ranking fifth most expensive with a median monthly unreserved rate of $609.20 AUD. This was ahead of New York’s midtown where the median rate was $602.37 AUD and Tokyo CBD where it hit $568.39 AUD. Coming in between Sydney and Brisbane was Hong Kong, where the median rate was recorded as $764.45 AUD.
Perth CBD was close behind at number eight with a median monthly rate of $531.33 AUD.
Melbourne CBD came in at number 11 with a median monthly rate of $507.67 AUD while Adelaide’s CBD commuters are resting a little easier, paying a median rate of just $217.96 AUD, ranking the city at number 50.
Colliers International State Director – Commercial Research Felice Spark said the results for monthly parking rates showed a clear correlation between plummeting office vacancies and car parking costs.
“Given Perth and Brisbane now have among the lowest vacancy rates in the world it is no surprise that monthly parking costs are among the most expensive,” said Ms Spark.
“Coupled with this, parking stock within CBDs across the country is increasingly tight. This dearth of parking and accompanying rise in cost, coupled with skyrocketing petrol prices – all in the face of a stagnating economy – exacerbates the everyday headaches faced by commuters nationwide.”
“Daily rates, which are more a function of the general economy and consumer spending, have also increased – and this suggests that the sluggish retail environment and higher petrol prices have yet to impact the ability of car park owners and operators to charge more,” said Ms Spark.
Sydney recorded the highest daily parking rate in Asia Pacific, with a median rate of $56.09 AUD, making it the seventh most expensive in the world. Brisbane came in a number 23 with a median daily rate of $38.68 AUD while Melbourne was close behind at number 24 and a rate of $36.75 AUD.
In the US, parking costs rose nationwide for the fifth year in a row. The price increases found in this year’s report mirrored last year’s pattern, as parking owners and operators continued to feel bullish, reflecting limited supply in many U.S. markets.
Ms Spark said even though the U.S. economy has slowed in 2008, office occupancies still remain near cyclical peaks, and this helped push monthly parking rates higher.
Visit the Market Reports section of our website to register your interest in receiving a full copy of the Colliers International Annual CBD Carparking Rates Survey and/ or our other global, national and local research reports.
About Colliers International
Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.
Contact Information
Phoebe Miller
National Communications Manager
Tel: 02 9257 0276
Mob: 0402 547 484
Email: phoebe.miller@colliers.com
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