This report shows the break down of state and local governments that have attempted to privatize their parking assets. It is a great bench mark for the future of parking investments.
Reason Foundation’s Annual Privatization Report 2010 declared that parking assets had become a hot privatization opportunity for local governments. This trend continued in 2011, led by an innovative agreement signed in Indianapolis. Chicago’s previously maligned parking meter privatization deal has been vindicated. Meanwhile major cities such as New York, Pittsburgh, Sacramento, Memphis and Harrisburg are exploring parking asset privatization. And in an unprecedented development, Ohio State University (OSU) began procurement for the first parking asset privatization by a public institution of higher education.
Parking asset privatization has captured the attention of lawmakers, journalists and pundits across the political spectrum. For example, in the April 14, 2011 episode of National Public Radio’s Marketplace program, host Kai Ryssdal effectively summarized the appeal of parking privatization saying,
Paying to park your car on a public street is one of those things that you just kind of have to do. It’ s not like parking meters are going away, and they do keep people from hogging the best spots all day. As an added bonus, parking can be a pretty good moneymaker when cities are short of cash. And there are a whole lot of cities in exactly that situation right now. Cities that are trying to make ends meet by leasing out parking to the private sector.
The full report can be read here
Parking Investing Blog
The Expired Meter
International Parking Institute
Donald Shoup on Parking
The Valet Spot
We Wrote the Book on Parking Investing