Parking revenue and volumes have continued an upward trend over the past few years. *
Emerging Trends **
Societal influences helping the parking industry grow:
- Desire for more livable, walkable communities
- Change in commute/driving preferences
- Increase in traffic congestion
- Focus on environment/sustainability
- Increased migration from suburban to urban areas
Other notable parking trends:
- Innovative technologies improve access control and payment automation
- Increased use in cashless payments
- Real-time communication of pricing and availability of parking is accessible with mobile/smart phones
- Collaboration between parking, transportation and decision makers, which is a possible pathway to solving many problems
* National Parking Association. “Parking in Perspective.” 2014. Page 2.
** International Parking Institute. “2013 Emerging Trends in Parking.” 2013. Page 3.
There can be no assurance of profitability based on current demographic trends as significant competition exists related to the acquisition of assets.