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2022 Parking Columbia Report

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Opportunity for parking garage owners to increase parking revenue

Key Takeaways

  • Garage vacancy rates decreased to 12.4% in 2022 from 18.7% in 2021
  • Owners have an opportunity to increase garage revenue by increasing the number of unreserved parkers and by raising monthly rental rates

Downtown Class A office occupancy rates are high due to tenants’ flight-to-quality preferences. Therefore, parking garages attached to Class A offices are seeing an increased number of parking spaces being leased. Owners now have an opportunity to increase parking revenue in two ways.

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2022 Parking Columbia Report

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David Lockwood

Executive Vice President and COO | South Carolina

Columbia

I have a great appreciation for business competition and enjoy helping our team members win. This has been relevant in my career in brokerage activities with our clients and now with my approach to management. I enjoy seeing the success of people within Colliers who apply a strong work ethic and persevere to win assignments. I possess a strong passion for helping our clients achieve their goals whether it is in leasing space or determining solutions to complicated real estate matters. 

I have the great honor or currently serving as the President-Elect of SIOR Global - Society of Industrial and Office REALTORS®. I will become President of this worldwide organization in the fall of 2023.

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