This $18.3 billion profitable but fragmented service industry has posted strong growth in 2005 and 2006, prior to the sub-prime real estate meltdown. However, this is NOT a recession-proof sector, as evidenced by the 5% decline in sales in 1990. Growth is likely to slow considerably this year. Demand for parking spaces is influenced by the price of gas (expected to hit $4/gal. by summer), white-collar employment levels, commercial vacancy rates in metro areas, and even weather.
2008 will be a challenge, as office vacancy rates began to rise for the first time in four years and commercial real estate now feels the ripple effects of the credit crunch. All of this is analyzed in detail by the only market study covering both the private and public parking lots and garages sector.
The industry’s 40,000 facilities are divided into privately owned parking facilities and those in the “public” sector (at airports, municipal buildings, hospitals, colleges). This 4th edition study covers: industry size (1987-2012 forecast, 2007-2008 performance and outlook), automated parking technologies, how garages are operated (contract types), latest Census data/industry ratios for private garages (national, state, city), factors affecting demand (parking garage construction, gas prices, the economy, commercial/office construction and vacancy rates). The study
contains profiles of the leading chains (Standard Parking, Central Parking, AMPCO System Parking, Impark). Also includes findings of new 2007 survey of NPA members/operating ratios of private facilities. Study contains 80 tables & charts.
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