The City of Knoxville Outperforms 74% of Parking Facilities Nationwide
With Smarking’s Industry Benchmark, the City of Knoxville uncovered real-time recovery trends and identified opportunities to optimize its operations.
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Partnership
In 2020, The City of Knoxville integrated Smarking’s Industry Benchmark to analyze the performance of their parking assets against the industry and to understand recovery trends.
Brookfield and Smarking have partnered since 2020 to enable real-time visibility for their parking assets and to uncover revenue opportunities through Smarking’s Business Intelligence.
Through this partnership, the City of Knoxville has access to the Industry Benchmark at no additional cost, with unlimited users.
The Challenge
With a drop of 50-70%+ commuter parking activity and 95%+ visitor revenue loss following pandemic-related shutdowns, municipalities across the country were facing budget cuts and needed to do more with less.
The City of Knoxville was facing similar challenges and needed to find opportunities to generate revenue that supports essential services.
The Results
While the majority of municipal off-street facilities across the United States suffered significantly throughout the pandemic, the City of Knoxville was able to accelerate revenue recovery by leveraging oversell opportunities and optimizing rate structures.
The city is strategically accelerating recovery while maintaining accessibility for residents and business owners.
City of Knoxville 2020 performance:
Between April and December 2020, Knoxville’s on-street parking revenue outranks 74% of locations in North America
Between April and December 2020, Knoxville’s parking revenue outranks 70% of locations in the Nashville region
As of December 2020, off-street parking has recovered 42% of YoY revenue, compared to the 26% avg YoY recovered in North America
Occupancy levels in 2020 outrank 73% of locations in North America
The Approach
As uncertainty abounds, real-time industry data gives parking operators the ability to evaluate a locations’ performance against the industry and better understand commuter behaviors in order to maximize revenue opportunities.
Standardized industry data not only creates a baseline for performance across facilities, but it also serves as a barometer of health and recovery of local economies.
With the Industry Benchmark, the City of Knoxville can monitor their performance against the industry, track recovery, and identify areas of opportunity.
With the frequent changes in recovery across the U.S., the city can use the benchmark as an ongoing baseline to understand what the next normal is and get granular insight to inform their strategy and accelerate recovery.
Smarking’s Industry Benchmark centralizes key metrics of parking assets across North America. Enabling parking managers to quickly benchmark a location’s performance, share learnings across the organization, and improve transparency between parking operators and asset owners.