$30,000 to $50,000
There are a few other costs that can drive a parking garage to be more expensive. Underground garages or parking structures that are less than 50% open will require constant mechanical ventilation, which is both an upfront and ongoing cost. If you provide elevators that are not shared with the building you need to budget between $50,000 and $110,000 per elevator. If you plan to install a fancier skin that can add costs. A big cost driver is the layout and the efficiency of the structural system and the parking layout. Below are the top 10 issues that affect how much it costs to build a parking space. 1- Geography – Where the project is located has an effect on the cost of parking. Construction costs vary by location due to regional factors such as the cost of labor and availability of materials. 8- Efficiency – This is the amount of square footage it takes for every parking stall overall. The cost of a parking space is the cost per square foot times the square foot per parking stall. So, the more square feet you have to build per stall will increase the cost per stall. Los Angeles’s requirement of 4 spaces per 1,000 square feet, forexample, leads to parking lots that are 32 percent larger than the shoppingcenters they serve. For underground parking, this requirement increases thecost of building a shopping center by 93 percent; for an aboveground garagethe cost increase is 67 percent. For retail service buildings withhigh parking requirements such as restaurants, the last parking space cost$14,700 more than it added to the building’s value. 7 High parking require-ments thus force developers to provide parking spaces that lose money. At $250,000 a tire, the parking spaces in the underground garage cost more than four times the national median sales price for a home, which is $217,800, according to Zillow.  The rental increase can be attributed directly to the cost of providing underground parking at a cost of $55,000 a space. • Based on Results of Envision Tomorrow Return on Investment Model & Analysis. • Developments with a Return on Investment of 7 to 10% are reported. There is a moderate rental rate increase associated with this scenario to accommodate the cost associated with providing tuck-under spaces and loss of potential residential units. Surface 0.6 47% 2% 2.8 M $1,200 - $1,800 50% C 30 19 A building with surface parking is able to utilize 50 percent of development capacity. For example, the average cost of constructing anunderground garage in Boston is $95 per square foot, and the average spaceoccupies 330 square feet, so the average cost of a parking space is $31,000($95 × 330). For retail service buildings withhigh parking requirements such as restaurants, the last parking space cost$14,700 more than it added to the building’s value. 7 High parking require-ments thus force developers to provide parking spaces that lose money. Parking garages are often budgeted on a cost per space. In most cases that cost averages $15-20,000 per parking spot. More efficient layouts with more parking per square foot are more affordable and smaller, taller or complex layouts tend to be more expensive. If you take the entire range from easiest to most complex it is $10-25,000 per space. If you provide elevators that are not shared with the building you need to budget between $50,000 and $110,000 per elevator. If you plan to install a fancier skin that can add costs. A big cost driver is the layout and the efficiency of the structural system and the parking layout. Seattle andNew York have the lowest parking requirements (1 space per 1,000 squarefeet) and the lowest cost increases (25 percent and 16 percent). The last rowshows that the required parking increases the average cost of an ofﬁcebuilding by 47 percent.Table 2 shows the results for underground parking. For retail service buildings withhigh parking requirements such as restaurants, the last parking space cost$14,700 more than it added to the building’s value. 7 High parking require-ments thus force developers to provide parking spaces that lose money. Chicago. The average cost of one above ground parking space can range from $16,000 to $25,000. The average construction cost of one underground parking space can range from $30,000 to $50,000 in today’s market. These costs are directly related to design efficiency, construction methods, labor costs and geographical area
http://evstudio.com/parking-garage-construction-cost-structured-parking/ http://watrydesign.com/insights/top-10-issues-affecting-cost-of-building-a-parking-space http://shoup.bol.ucla.edu/HighCost.pdf http://www.nytimes.com/2014/09/10/realestate/million-dollar-parking-spot.html http://www.portlandoregon.gov/bps/article/420062 http://shoup.bol.ucla.edu/HighCost.pdf http://evstudio.com/parking-garage-construction-cost-structured-parking/ http://shoup.bol.ucla.edu/HighCost.pdf http://parkingdesigngroup.com/solutions/
building cost underground parking space