Friday, July 11, 2008

Dallas parking is on the cheap side, survey finds

Suburban visitors and office workers sometimes lament the "high" parking costs in downtown Dallas.

But a new survey shows that Dallas' central business district has one of the cheapest parking rates of any major U.S. city.

Daily and monthly parking costs in downtown Dallas are about two-thirds the national average, according to a just-released study by real estate broker Colliers International.

On average, downtown Dallas parkers pay $10.50 a day and $90 a month.

That compares with a nationwide average of $15.42 and $153.79, Colliers International found.

But Dallas costs are just a fraction of what drivers pay monthly to park in some major cities, including New York, Boston, San Francisco and Chicago.

Dallas is even cheaper than some other Sun Belt cities, including Houston and Denver.

Fierce competition with suburban office locations helps keep Dallas downtown parking costs low, Colliers International's Ross Moore said.

"And your land prices are cheaper than places like San Francisco and Boston," he said.

Researchers found that it's not just the soaring cost of gasoline that has added to commuters' woes.

Overall parking costs around the country have risen for five years in a row.

"Parking inventory in CBDs across the country is increasingly tight," Mr. Moore said in the report.

"This dearth of parking and accompanying rise in cost, coupled with skyrocketing fuel prices – all in the face of a stagnating economy – exacerbates the everyday headaches faced by commuters nationwide."

By Steve Brown