With tighter urban site designs we frequently discuss the option for structured parking. Its an attractive option for creating a walkable urban environment and it also makes great economic sense when land becomes expensive.
The first question is always, “What does a parking garage cost”. The answer is…depends.
Parking garages are often budgeted on a cost per space. In most cases that cost averages $15-20,000 per parking spot. More efficient layouts with more parking per square foot are more affordable and smaller, taller or complex layouts tend to be more expensive. If you take the entire range from easiest to most complex it is $10-25,000 per space.
There are a few other costs that can drive a parking garage to be more expensive. Underground garages or parking structures that are less than 50% open will require constant mechanical ventilation, which is both an upfront and ongoing cost. If you provide elevators that are not shared with the building you need to budget between $50,000 and $110,000 per elevator. If you plan to install a fancier skin that can add costs.
A big cost driver is the layout and the efficiency of the structural system and the parking layout. Hiring an architect and structural engineer who appreciate this is essential.
