A technology firm that provides data on the parking industry has launched a new tool that aims to arm lot operators, real estate owners and local governments with benchmarks in the new world of COVID-19, where work commuting and other activity has decreased markedly.
San Francisco-based Smarking's "Parking Benchmark," allows users "to gain a holistic view of parking performance across North America, understand drivers' behaviors, and keep a pulse on market-level trends."
The firm, citing its own data in the release, noted a more than 90% drop in the demand for parking in March of this year. And, according to a recent blog post from Smarking, year over year, off-street commuter parking activity has decreased 62%, and off-street visitor parking activity has decreased 77%, in 2020.
"While often overlooked, parking is one of the most important urban mobility infrastructures, facilitating the daily needs of 100MM+ commuters across the US every day," according to Smarking. "A market-level view of this industry is vital to truly evaluate the health and performance of businesses across the U.S. It's indicative of business health, provides insight on consumer behaviors as businesses re-open, and uncovers regional and national trends."
The data "empowers users to better understand and measure the performance of their locations, and identify competitive gaps by comparing key metrics to the entire industry," the release added. "With 1-click, users can see how their location stacks up against the industry, in real-time."
The tool uses data from more than 2,000 parking locations across North America. Users who contribute data may use the benchmark, according to Smarking's website, which invites users to schedule a demo.
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David Gialanella
David Gialanella, Editor-in-Chief, Business of Law and The American Lawyer, has been with ALM since 2010 in various roles. He previously managed the New Jersey Law Journal and oversaw all of ALM's regional brands. Reach him at [email protected].
