Employers
The cost of employer-provided parking often motivates businesses to find ways to reduce employee parking demand. Both the construction and maintenance of a single parking space represents a long-term financial commitment that many people don't even notice. (See graphic below.)
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Another consideration often overlooked is the value of the parking space/lot itself. Parking lots, particularly surface lots, require substantial property commitments that could otherwise be used for building additional office space, housing, and/or classrooms. Parking garages offer a possible alternative, but that solution is expensive.
Additionally, parking spots occupied by employees reduces the number of available spaces for clients and customers.
Many parking-related costs can be reduced by encouraging employees to travel in fewer automobiles. For example, if a 100-employee business reduced single-occupancy travel by 30%, they could potentially save between $100,000 and $600,000 over a five year period.
To reduce the demand for parking, consider implementing programs to encourage high-occupancy travel such as purchasing transit passes and providing preferential parking. Not only will it save your company money, such programs will put money back into the pockets of your employees, reduce regional congestion, and improve air quality.
