Source: adapted from Colliers International (2011) Global Central Business District Parking Rate Survey.
Central Business District Monthly Parking Rate, 2011
Several factors converge to make parking rates high in central business districts:
  • First, the lack of space puts pressures on the availability of parking slots. Providing parking space is thus expensive since it requires the setting of purposely designed facilities such as underground lots or parking towers. This is a standard land economics supply / demand issue.
  • Second, demand for parking space is even higher in central areas with financial cities having higher parking rates than other cities, in part because of a larger pool of drivers able to afford personal parking spaces. London is the most expensive city in the world to park into, mainly because of the scarcity of parking space and because of the pronounced financial function of the city.
  • Third, regulatory constraints are more extensive in central areas, such as street and off street parking restrictions, particularly their enforcement. This further places restrictions on the availability of parking spots.