Abstract
This $18.3 billion profitable but fragmented service industry has posted
strong growth in 2005 and 2006, prior to the subprime real estate meltdown.
However, this is NOT a recession-proof sector, as evidenced by the 5% decline
in sales in 1990. Growth is likely to slow considerably this year. Demand for
parking spaces is influenced by the price of gas (expected to hit $4/gal. by
summer), white-collar employment levels, commercial vacancy rates in metro
areas, and even weather. 2008 will be a challenge, as office vacancy rates
began to rise for the first time in four years and commercial real estate now
feels the ripple effects of the credit crunch. All of this is analyzed in
detail by the only market study covering both the private and public parking
lots and garages sector.
The industry' s 40,000 facilities are divided into privately owned parking
facilities and those in the "public" sector (at airports, municipal buildings,
hospitals, colleges). This 4th edition study covers: industry size (1987-2012
forecast, 2007-2008 performance and outlook), automated parking technologies,
how garages are operated (contract types), latest Census data/industry ratios
for private garages (national, state, city), factors affecting demand (parking
garage construction, gas prices, the economy, commercial/office construction
and vacancy rates). The study contains operating ratios of public parking
facilities from 2001-2007 IPI member surveys, and provides profiles of the
leading chains (Standard Parking, Central Parking, AMPCO System Parking,
Impark). Also includes findings of new 2007 survey of NPA members/operating
ratios of private facilities. Study contains 80 tables & charts.
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