LONDON, 13 July 2011. According to Colliers International’s annual survey of parking rates around the globe, London City and the West End are the most expensive places in the world to park, with median monthly rates at US$1,083 and $1,014, respectively. This is over 161% percent higher than Athens who took the 25th place at $388.
Other cities in Europe that rounded out the top 25 included Zurich ($822); Rome ($719); Geneva ($705); Oslo ($612); Amsterdam ($587); Vienna ($575); Copenhagen ($567); Stockholm ($546); Milan ($518); Birmingham ($496); Manchester ($429); and Moscow ($421).
Germany, France and Spain offer more reasonable parking rates in Western Europe, while many markets in Eastern Europe offer rates below $200 including Sofia ($184); Warsaw ($149); Tirana, Zagreb and Bucharest all at $144.
The Middle East offers some great parking rates in Dubai and Abu Dhabi with rates of $95 and $90 respectively.
“This year’s parking rate survey reflects a moderately improving economy and better office leasing fundamentals,” said Ross Moore, Colliers International’s chief economist in the U.S. “Despite these improvements, operators are still holding the line on parking rates.”
Colliers International is the leading source of commercial real estate market data in the industry and conducts research on all segments of the market, including office, retail, industrial and hospitality. In addition, Colliers develops and issues periodic White Papers on a wide range of topics.
Data for the 2011 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. Survey data includes only covered or underground parking garages in prime central business districts. All rates are reported in U.S. dollars.