Featuring Gregg Reuben, CEO of Centerpark. As the United States slowly returns to pre-Covid market and transit levels, the parking industry shifts to accommodate it. Many workers are returning to the office, but with flexible schedules. How will the parking industry respond to a workforce that only goes into the office 2-3 days a week?
Featuring
Parking Trends: How Parking is Recovering Across North America, Region by Region. Industry Trends
Best Practice Running Parking Assets: The Current Industry Shift from Monthly Parking to Transient Parking
Parking Technology: Current Flexible Parking Options
Advice to peers and a Q&A session
If you want the Parking Market Trends slides Wen discussed, please contact marketing@smarking. com.
Key Takeaways
Gregg runs all his garages according to the FIRST principle-Fill the garage, Identify Parkers, Rate Adjustments, STart all over again
When Gregg starts a garage, he opens up to as many people as he can, then gets an idea of seasonality and peak hours, when he can't fit more cars, then he becomes more selective. More granular, more rate focused instead of occupancy focused
In New York City it is easy to fill parking lots. It is more important to be rate oriented than transaction oriented. Once you fill a garage your goal is to make the most money you can. This is all about maximizing rates and revenue. Smarking helped Gregg maximize his rates over time by identifying key peak times.
Transitory parkers sometimes are worth more than monthly parkers. You can charge 30 people who use the day one time much more than one person who keeps their car in the garage every day.
Not all monthly parkers are created equal. Sometimes a $400/month parker is worth more than a $750/month if the $400/month doesn't take as much of your resources. Gregg said all his garages are Valet.
Big change in the industry-many owners don't operate and many operators don't own. This creates an arbitrage between owners and operators. It's a big advantage to do both.
Make sure your parking managers know your growth potential and how to get there.
If you want the Parking Market Trends slides Wen discussed, please contact marketing@smarking. com.
Q&A off webinar
Narenda-How many EV charging stations do you typically have in your buildings currently? Where will it peak to est?
Anonymous-Are you seeing an increase in demand for pool parking especially in commercial office areas given the hybrid work model? Any insights on rates and number of credentials per company?
John-Can't the EV chargers become "amenities" in shared/co-owned garage facilities: e.g., the costs can be either paid by the vehicle owner and/or "leased" by the adjoining structure? Same with other parts of the garage as a solution for "curb management" and use by ride-sharing and small goods delivery?
Raunak-How do you categorize and find the different kind of customers? What means do you use to know the type of transient or monthly Parker?
Kenya-Have you seen any models for integrating on-street Parking payment and EV charging at the curb?