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City Pulls Into No. 1 Spot In State For Parking Costs

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By RICH SHOPES

The Tampa Tribune

Published: July 16, 2008

TAMPA - A new survey by real estate company Colliers International shows downtown Tampa has the costliest parking among large Florida cities, 43 percent more than Orlando and 18 percent higher than Miami.

That doesn't put Tampa in the same class as midtown Manhattan, where parking can cost upward of $750 a month or Boston, at $460.

But Tampa's office workers easily outspend their counterparts across the state: The median cost for a monthly, unreserved spot in Tampa is $134 but can climb to $240 for a reserved spot with your name and near an elevator.

"Parking is very location sensitive," said Ross Moore, senior researcher at Colliers. "Generally, people want to park at the office building they work at. It might be 20 percent less somewhere else but that might mean a five- or 10-minute walk."

The annual survey, conducted in June, looked at rates in 64 North American cities, including 11 in Canada and, for the first time, 74 in Europe, Asia and Latin America.

Among the heavyweights globally, Sydney, Australia, and Hong Kong came in $775 and $742 per month, respectively, but none beat London, which tipped the scales at $1,167.

Tampa's rate climbed 16.5 percent from last year, according to the survey. Reviewers didn't take into account the city's many surface lots, which might have lowered the median cost, but did include public and private garages.

When told about the survey, downtown boosters were quick to point out that many U.S. cities charge more for parking than Tampa, such as Chicago, San Francisco and New York.

"I've never heard, 'Wow, it's expensive to park here,'" Paul Ayers, marketing director at the Downtown Partnership, said.

One trait common to downtowns is that parking costs and office occupancies tend to move in tandem. Hot office markets will usually experience increased parking costs.

That might explain why Tampa's median rate for parking is $134 a month and Dallas' is almost a third less at $90. Tampa's office vacancy rate is a relatively low 12 percent to 14 percent, while Dallas' rate is close to 20 percent, Ross said.

Two other possible contributors are Tampa's sticky hot summers - who wants to slog five blocks through 98 percent humidity? - and meager mass transportation system. Riders have long complained about too few express buses reaching too few suburban destinations.

"I think if Tampa had a better mass transit system, even light rail connecting some of the remote housing areas, that would make a difference," said Michael Hoffman, first vice president in the Tampa office of CB Richard Ellis. Instead, most folks drive to work, hoping to park as close to their offices as possible.

The real estate giant handles leasing at the Bank of America building and its 1,263-space garage. More than 1,000 of those spaces are non-reserved. Rates start at $135.

That might seem high, but as Colliers points out, that's the mid-point of what downtown Tampa workers already are paying.

"It doesn't surprise me that Tampa's parking rates are equal to or higher than some of the other central business districts," said Hoffman. "It's a function of supply and demand. There's a limited supply and demand is high.

"Walking from a remote parking lot three of four blocks away in middle of July or August is not a pleasant experience," he said. "Convenience is certainly a factor."

Ross offered another explanation: Unlike some cities with a sprinkling of low-rate garages at its outskirts, Tampa's downtown is compact and its garages close to the core.

"Tampa certainly has a defined downtown. It's not as spread out as Miami or Orlando," he said. "The more suburban areas, that's where you see the free parking."

Reporter Rich Shopes can be reached at rshopes@tampatrib.com or (813) 259-7633.

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