by Shane Henson — July 22, 2011—According to an annual survey by Colliers International, a source of commercial real estate market data, parking rates in Midtown and Downtown Manhattan are the most expensive places in the United States to park, with median monthly rates at $541 and $533, respectively. Third-place Boston, at $438, is more than 19% less per month than Midtown Manhattan but still well above the national average of $155.22.
Rounding out the top ten most expensive central business district monthly parking rates in the United States are San Francisco ($375); Philadelphia ($304); Seattle ($294); Chicago ($289); Washington ($260); Honolulu ($217); and Los Angeles ($210). On the other end of the spectrum is Reno, Nevada, with a monthly rate of only $45; Phoenix at $50; and Bakersfield, California at $53.
In Canada, Calgary led the pack with a median monthly rate of $486 USD, followed by Toronto at $342 USD and Montreal at $305 USD.
London was found to be the most expensive place in the world to park, with a $1,084 median price for a monthly spot. London’s West End was close behind at $1,014 per month, followed by Zurich at $822 and Rome at $719. In Asia, Hong Kong and Tokyo both topped New York’s median monthly cost for a parking spot reaching $745 and $744, respectively. Perth, Australia also topped the Big Apple with a median cost for a monthly spot at $717.
According to Colliers International, data for the North America/Central Business District Parking Rate Survey was collected during the month of June 2011 and includes all relevant taxes. Sources for the data include third parties, owners/operators and Colliers International.
