Colliers International, Singapore

Colliers International’s latest annual survey on parking rates in the Central Business Districts (CBDs) worldwide revealed that Singapore is still one of the lower-priced cities to park a car based on average monthly car park rates, compared to other cities around the world.

The latest survey tracked monthly median unreserved parking rates1 and daily median parking rates2 in 140 cities across Asia, North America, Europe, Middle East and Africa (EMEA), and Latin America. 

Monthly Median Unreserved Car Park Rates 
Singapore ranked 13th out of 21 Asia Pacific cities surveyed, with an estimated median of US$179.24 (S$258.75)3 per month for unreserved parking.

Ms Tay Huey Ying, Director of Research and Advisory of Colliers International, says, “In Singapore dollars, the monthly median car park rates edged up nominally by 1.5 per cent from S$255.00 last year to S$258.75 this year.  The marginal rise – amid the gut-wrenching economy – reflects the supply vis-à-vis demand for season parking facilities in the CBD and underscores the strong dependency some white-collar workers have on their cars, which they see as a lifestyle necessity, instead of a discretionary item.”

In comparison, Singapore’s car park rates are much cheaper than Hong Kong’s, which topped the Asia Pacific list at a monthly median rate of US$748.20 (S$1,080.10).  Second in place is Sydney at an average monthly rate of US$587.72 (S$848.43), followed by Brisbane at US$529.19 (S$763.94). 

Meanwhile, Singapore ranked 73rd out of the 140 cities surveyed worldwide.  London City has topped the global list with the most expensive car park rates at US$1,020.29 (S$1,472.89) per month.  It is followed by London West End at US$955.51 (S$1,379.37) per month and Amsterdam at US$805.36 (S$1,162.62) per month.  

Daily Median Car Park Rates
Drivers in Singapore pay an average of US$21.06 (S$30.40) to park their cars in the CBD for a full eight-hour work day – bringing Singapore to the 7th position in Asia Pacific and 51st position in the world, based on daily median car park rates.

Ms Tay comments, “In Singapore dollars, the daily median parking rate has held steady at the rate from a year ago.  Nonetheless, given the weakened consumer sentiments, operators of some commercial buildings – particularly those with retail components – have been observed to be under pressure to lower their daily parking rates, in order to encourage patronage by shoppers who drive.”

Tokyo leads in the Asia Pacific region, charging a daily average of US$52.50 (S$75.79), followed by Sydney at US$44.10 (S$63.66) and Brisbane at US$38.09 (S$54.99).  

Ms Tay concludes, “Even though the economy is expected to remain sluggish and the labour market lacklustre, drivers should not expect this weakness to manifest itself in lower monthly parking rates.  This is because demand for season parking in commercial buildings in the CBD tends to be rather recession-proof.  

In fact, there is even room for monthly car parking charges to creep up, in view of the continued imbalance in demand and supply in Singapore.  Demand is set to increase – along with the completion of mega projects in the new Downtown, while supply would remain limited, as new commercial buildings would be affected by the new car park rules which have the effect of reducing car park provisions.

Daily parking rates, on the other hand, may still continue to face some downward pressure – led by those for commercial buildings with retail component, as weak economic conditions continue to curb discretionary shopping.”

Top Five Most Costly Cities Across the Various Regions Based on Monthly Median Unreserved Car Park Rates

North America
1. New York, Midtown – US$550.00
2. New York, Downtown – US$500.00
3. Calgary – US$460.00
4. Boston – US$402.50
5. San Francisco – US$350.00

Europe, Middle East and Africa (EMEA)
1. London - City – US$1,020.29
2. London - West End – US$955.51
3. Amsterdam – US$805.36
4. Zurich – US$515.74
5. Milan – US$495.39

Latin America
1. Bogota – US$280.00
2. Buenos Aires – US$150.00
3. Lima – US$145.00
4. Sao Paulo – US$140.00
4.   Santiago – US$140.00

Notes:
1. Monthly unreserved parking refers to a guaranteed parking space upon entry.

2. Daily parking refers to the ability to park for a full work-day and is not impacted by “early-bird”restrictions, which is discounted parking offered to those who park before the work day begins.

3. Exchange rate is based on US$1 = S$1.4436.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 12,700 employees span the world in 294 offices in 61 countries. On a worldwide basis, Colliers manages 1.1 billion square feet, and has revenue of $US 1.6 billion.

Contact Information

Ms Seah Li Ching
Assistant Manager, Marketing & Communications
Tel: 65 6223 2323
Direct: 65 6531 8545

Ms Tay Huey Ying
Director, Research and Advisory
Tel: 65 6223 2323
Direct: 65 6531 8658

 back to top