The State of the Parking Industry: Recovery Signals & Early Trends
Updated: May 29, 2020
Introductions: Dan Roarty, COO of Arrive and Rick West, CEO of Millennium Garages
4:01 min: Current state of the parking industry: YOY parking activity & transactions
7:06 min: Parking demand and behaviors, an online reservation perspective by Dan Roarty
14:03 min: Rick West shares insight into parking activity and regional trends
18:17 min: What is the driving force for the changes you're seeing?
22:24 min: The new normal and recovery
47:22 min: Setting goals in 2020 and next steps
54:15 min: Q&A session
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The Current State of the Parking Industry
Wen Sang: While it differs per region, we are seeing activity start to pick up a little. The week of April 13th was the lowest with activity at only ~6% of volume from last year. In the past few weeks, we've consistently stayed above the 10% threshold. Same with transactions, we were down in April to less than 10%, we're up to about 20% now and it's continuing to rise. See below data from our new parking industry benchmark (schedule a demo).
Dan Roarty: Similar to what you shared Wen, the lowest week across the board was that week of April 6th. What we're seeing on the online side is slow and steady growth and signs of recovery each week. Not only in cities that are re-opening but also cities like NY and Chicago.
People are starting to get back to work and think 'where can I park, what is it going to cost me' and those kinds of things. You can see these trends below, from Google, of people starting to search again.