SAN FRANCISCO—Wouldn't it be convenient if someone had clear, intelligent answers to most of your CRE-related questions? Problem solved. Nina J. Gruen, a.k.a. Ms. Real Estate, a.k.a. the principal sociologist overseeing market research and analysis at Gruen Gruen + Associates, is here to answer readers' questions.

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Dear Ms. Real Estate,

The Planning Department in our community has limited the amount of parking we can provide in our proposed downtown mid-rise condo project. We are planning to provide between 40 and 48 one-bedroom units. While we have not yet completed our plans, the one-bedroom units are anticipated to range in size from 650 to 850 square feet. We would like to provide one parking space per unit, but current city regs will only permit one parking space for up to two-thirds of the units. Won't this lack of parking spaces for one-third of our future residents be a major sales problem?

—Always Searching for Parking 

Dear Always Searching, 

The straightforward answer is yes, it will—but more so for multifamily condos than it will for multifamily rentals. That's because home buyers will always be concerned about the resale value of their units. Renters, on the other hand, are more concerned about the convenience. If they own a car, yes, they will want a space. But increasingly those who choose to live in downtown locations close to public transit and within a convenient walking distance of retail and service providers are less likely to own a car. Many Millennials who live in high-amenity job locations care far less about owning cars than did and do previous generations. They are quite happy to rent a car when one is needed, therefore it will be necessary for your project to use some of your parking spaces for car rentals.

So what is the likely discount you will have to provide your future condo buyers for whom you are unable to provide a parking space? You will likely be required to provide an approximately 10 percent price discount, particularly if your parking is in a secure underground garage.

I would also like to recommend that you offer a secure bike storage area that can handle at least 25 bikes. Safe bike storage will go a long way in the mind of the downtown condo buyer or renter to make up for the lack of parking.