Any Strategies to Increase Parking Lot Demand?

Denver, Colorado
Commercial Real Estate Investing
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Any Strategies to Increase Parking Lot Demand?

Andrew Delveaux
Real Estate Agent · Boulder, CO · Member since 2021 · 2 posts · 1 vote

I am helping out someone who owns a lot of parking spaces in the Denver metro business district. His demand has been significantly down since the pandemic, of course. What are some options that would help to increase demand? He has no interest in opening his lots up to short term/hour+ leases like SpotHero..etc. I'm thinking some apps can do monthly rentals, but what else would help to increase demand? Perhaps going business to business in the nearby area to see if employees would like a nearby parking spot for a discount compared to pre-pandemic rates. That's all I got!

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  • Ronald RohdePro Member
    Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
    4y

    What amenities do you offer? is there demand in the area and your lot is down?

    Restriping, covered spaces, fully automated, pay by phone, etc.

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    4y
    Quote from @Andrew Delveaux:

    I am helping out someone who owns a lot of parking spaces in the Denver metro business district. His demand has been significantly down since the pandemic, of course. What are some options that would help to increase demand? He has no interest in opening his lots up to short term/hour+ leases like SpotHero..etc. I'm thinking some apps can do monthly rentals, but what else would help to increase demand? Perhaps going business to business in the nearby area to see if employees would like a nearby parking spot for a discount compared to pre-pandemic rates. That's all I got!


     Add electric charging stations, get some food trucks to come by, add some amenities. You can also reach out to nearby businesses and start offering discounts to them.

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  • Andrew Delveaux
    OP
    Real Estate Agent · Boulder, CO · Member since 2021 · 2 posts · 1 vote
    4y

    Thank you both! Good thoughts on additional amenities. I also came up with ebike/scooter docking stations, air fill up machine, fleet and/or ride share storage. 

    Thanks again!!

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  • Ronald RohdePro Member
    Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
    4y
    Quote from @Chris Seveney:
    Quote from @Andrew Delveaux:

    I am helping out someone who owns a lot of parking spaces in the Denver metro business district. His demand has been significantly down since the pandemic, of course. What are some options that would help to increase demand? He has no interest in opening his lots up to short term/hour+ leases like SpotHero..etc. I'm thinking some apps can do monthly rentals, but what else would help to increase demand? Perhaps going business to business in the nearby area to see if employees would like a nearby parking spot for a discount compared to pre-pandemic rates. That's all I got!


     Add electric charging stations, get some food trucks to come by, add some amenities. You can also reach out to nearby businesses and start offering discounts to them.

    Yep, I posted a great YT video about actual charger costs, projections for usage, etc. Its becoming a popular tenant amenity as well
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