As the downtown Boise market continues to grow, and surface parking lots slowly make way for higher density development, we're starting to see the impacts on what it cost to park your car in downtown. If you go up in any taller building in downtown Boise, you quickly realize that Boise has numerous parking options. Because the number of parking spaces has long out paced the demand, we saw very little rise in parking rates from 1988 until 2008. Those 20 years only produced an annualized rent increase of 1.47%.
Fast forward to the next 11 years, where parking rates jumped from $79/month to $195/month, and you'll see parking rates have been increasing at an annualized rate of 6.3%. Take a look at the table and trend line below, and you may start wondering where opportunities lie. Is it in providing parking? Buying property near transit centers? Should I make my development more bicycle friendly and close to amenities?
Fast forward to the next 11 years, where parking rates jumped from $79/month to $195/month, and you'll see parking rates have been increasing at an annualized rate of 6.3%. Take a look at the table and trend line below, and you may start wondering where opportunities lie. Is it in providing parking? Buying property near transit centers? Should I make my development more bicycle friendly and close to amenities?
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