ABSTRACT
This chapter examines the full costs of parking and therefore the economic savings that can result from parking management strategies that reduce parking supply requirements. The opportunity cost of land used for parking is often overlooked in conventional accounting and planning. For example, property owners sometimes only consider construction and administrative expenses when evaluating their parking facility costs. On-street parking uses less land per space than off-street parking because it requires no driveway, but the land it uses often has a high opportunity cost. Using curb space for parking displaces traffic lanes, bicycle lanes, sidewalks, and landscaping. Operation and maintenance costs include cleaning, lighting, maintenance, repairs, security services, landscaping, snow removal, access control, fee collection, enforcement, insurance, labor, and administration. Structured parking may require additional costs for fire control equipment and elevators, and underground parking may require mechanical ventilation. Existing parking facilities are often considered sunk costs.
