The median monthly rate has gone up $10 for an unreserved spot, according to Colliers
POSTED: 01:30 a.m. HST, Jul 16, 2010
Parking garage owners in downtown Honolulu managed to squeeze more money out of their regular customers over the last 12 months despite a weak economy, according to a new survey.
The median monthly rate for an unreserved stall rose 4.7 percent, or by $10, to $222.33 in the 12 months ended in June compared with the preceding 12 months.
The rate made downtown Honolulu the ninth most expensive area for monthly unreserved parking out of 44 major metropolitan markets, according to the survey by commercial real estate firm Colliers International.
Midtown New York topped the list with a median rate of $538.
The average for the 44 markets was $161.56, which was up 1.1 percent.
For monthly reserved stalls in downtown Honolulu, the median price was seventh highest at $320.
Daily parking downtown cost a median $32.75, which was second highest.
The hourly parking rate downtown was a median $6 and tied for 14th highest with three other markets.
Meijeanne Wagner, an account executive with Laird Christianson Advertising downtown, said she feels fortunate that her company pays for her $235-a-month unreserved stall, and is not surprised that rates are up.
"As the market gets harder to make a dollar, everyone raises rates," she said.
Colliers said that even with office space vacancies rising around the country, it is typical for parking space supply and demand to remain tight.
"Demand for parking looks to be somewhat insensitive to price, allowing parking garage owners and operators to hold rates steady even in the face of economic hardship for many," the report said.
Colliers reported that 15 percent of downtown Honolulu parking garages have a waiting list and that the typical wait is 12 months.
The Colliers survey did not disclose individual rates by garage. Because the reported rate is a median, it might be that not all garages raised rates. The median is a point at which half the rates were for more and half for less.
Colliers said it expects parking rates to change little in the next 12 months, followed by more upward movement.