Podgorica, Montenegro

London is the most expensive city in the world to park a car. That's according to new research from Colliers International, the first ever Colliers Global Parking Rate Survey.  According to the new figures, leading the list of most expensive cities to park a car is London; both The City and West End. Monthly parking rates in The City topped the list at $1,167 (Ł600) with the West End in second place at $1,136 (Ł584).

In third spot is Sydney Australia at $775 (A$825). Interestingly three Australian cities made the top ten; Brisbane at number five and Perth at number eight. Australia’s booming resource based economy and surging currency is the primary driver of these high parking costs. Daily parking costs show a similar pattern with London’s City submarket at the top spot at $68 (Ł35) followed by Amsterdam,
London’s West End submarket, Moscow and The Hague rounding out the top five. The cheapest city to park is Delhi at $1.75 for the day.

The survey also found that U.S parking rates have risen for the fifth year in a row despite the current economic situation. Even though the U.S. economy has slowed in 2008, office occupancies remain near cyclical peaks, and this has helped push monthly parking rates higher.   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 gas prices have yet to impact the ability of parking garage owners and operators to charge more.

The median monthly parking rate is now $153.79 in the United States.  Rates range from a high of $750.00 in midtown Manhattan to a low of $20.00 in Memphis, Tennessee.  But although North American cities such as New York and Boston look very expensive, their parking prices actually pale in comparison to typical monthly rates in cities such as London, Sydney and Hong Kong.    

The first ever Colliers Global Parking Rate Survey can be downloaded at this address:

http://www.colliers.com/Content/Repositories/Base/Corporate/English/Market_Report_Corporate/PDFs/globalcolliersparkingratesurvey2008.pdf
 

About Colliers International

Colliers Macaulay Nicolls Inc. (CMN) operating as Colliers International is a leading global real estate services company that provides a full range of services to real estate users, owners and investors worldwide. Colliers operates in 293 offices in 61 countries.  Services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, mortgage banking and research.  Colliers International is a worldwide affiliation of independently owned and operated companies.  Locally, Colliers professionals serve clients throughout [service area]. Find out more at www.colliers.com/montenegro

Contact Information

montenegro@colliers.com

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