PARKING CONSTRUCTION COSTS have risen 50 percent faster than inflation since 2012, according to a new report that examines the costs across 17 U.S. cities. The report estimates that the average surface parking space costs about $52,000, while the average underground space costs roughly $73,000.
“No Such Thing as Free Parking: Construction Costs in 17 U.S. Cities,” by Ellen Schwartz, MURP, Manager, UCLA Center for Parking Policy at the UCLA Institute of Transportation Studies, employs 2025 construction cost estimates from Rider Levett Bucknall (RLB) to calculate the cost per space in 17 U.S. cities. Numbers are combined with local minimum parking requirements to estimate how parking mandates increase total construction costs across building types.
Across the 17 cities analyzed, the average underground space, excluding land costs, ranges from $40,000 in Washington, D.C. to $111,000 in Portland, Oregon.
Above-ground parking structures cost from $29,000 in Phoenix, Arizona, and Washington, D.C., to $99,000 in Portland, Oregon.
The study also examines the financial impact of parking mandates and underground and above-ground parking costs for office buildings, shopping centers, and apartment buildings, highlighting the broader impact these requirements can have on housing affordability and commercial construction.
The complete 37-page report is available here.