Downtown Phoenix parking rates skyrocket

BossTweedTheBrains[Source: Adam Kress, Phoenix Business Journal] — While they remain among the lowest in the nation, monthly parking rates in Phoenix grew faster this year than in any other major metro area in the country.  A new annual report on parking rates from Colliers International says the median unreserved monthly parking rate in Phoenix is $65.  That’s up 24 percent from last year’s survey, while the national average declined 1 percent.  Two years ago, the average in Phoenix was just $35 a month.

Despite the big jump in Phoenix, the city has the eighth-lowest median unreserved monthly parking rate in the country — on par with Las Vegas; Columbia, S.C.; and Fresno, Calif.  The national average is much higher: nearly $154 a month.  Daily parking rates also rose sharply in Phoenix during the past year, rising more than 12 percent to a median daily price of $9.  That puts the city in a tie for the sixth least expensive parking rate in the country, the Colliers study said.  The national average for daily parking is $16, a rise of 1.15 percent from 2008.

Charles Miscio, senior vice president of Colliers in Phoenix, said the Metro light rail and newly expanded Phoenix Convention Center have helped drive up parking rates.  “With the light rail’s capability of moving more people in and out of downtown, we are beginning to see entertainment venues and businesses shift from the Camelback Corridor and other metro areas to downtown Phoenix to take advantage of light rail traffic,” Miscio said.  “This shift is also driving more auto traffic into downtown, increasing parking garage usage and rates during both the daytime and evening.”  [Note: Read full article at Downtown Phoenix parking rates skyrocket]

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