LONDON-The City and West End submarkets here are the most expensive places to park a car for a month, according to the 2010 Parking Rate Survey from Colliers International. The survey evaluates parking rates for central business districts across the globe.
The survey found that The City and West End submarkets ranked number one and number two in the world. Monthly parking rates in The City topped the global list at $933 USD per month (₤643.00 GBP) followed by the West End at $874 USD (₤602.00 GBP).
The survey findings highlight the recovery the financial centers have experienced. For example, parking rates in The City increased 2.1% over the past 12 months, while West End rates increased 2% from 2009 levels.
The expensive parking rates correspond to exorbitant office rents. “High parking rates tend to go hand-in-hand with high lease rates,” says Ross Moore, chief economist for Colliers International.
Moore tells GlobeSt. that parking continues to be in demand despite the recent global recession. “The move towards a more green/sustainable society is also slowing things, but I still think demand is on the upswing,” he adds.
Behind London, Hong Kong came in as the third most expensive city for parking with $745 USD per month ($5,800 HKD). Interestingly, two Australian cities again made the top 10 list: Sydney at number six and Perth at number seven (Brisbane was not far out of the top ten coming in at 14).
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