WASHINGTON D.C. (July 10, 2018) – (RealEstateRama) — The Mortgage Bankers Association’s Research Institute for Housing America (RIHA) today released a new report, Quantified Parking: Comprehensive Parking Inventories for Five Major U.S. Cities, authored by Eric Scharnhorst, Principal Data Scientist at Parkingmill. The report reveals an investment in parking that is out of balance with the current demand for parking in almost all cases, and even less in tune with what appears to be declining future demand.
“The foundations of the real estate finance industry are, both literally and figuratively, built on the use of a finite amount of space,” said Mike Fratantoni, Trust Administrator for RIHA and MBA’s Chief Economist. “This report gives us a window into land-use trends that are sure to intensify in the coming decades.”
“Today’s empty parking spaces can be seen as a land bank in some of the most convenient city locations, or, taken another way, a future is arriving where builders will be able to provide more of everything else and fewer parking spaces,” said Scharnhorst. “One surprising element we discovered during the inventory, especially illustrated by Seattle, is that as land increases in price and surface parking begins to dissolve, the amount of parking in an area may paradoxically increase as parking spaces take shelter in new buildings.”
New York, NY, Philadelphia, PA, Seattle, WA, Des Moines, IA, and Jackson, WY are the five cities inventoried. You can download the full paper here.
MBA’s Research Institute for Housing America (RIHA) is a 501(c)(3) trust fund. RIHA’s chief purpose is to encourage and assist–through grants to distinguished scholars and subject matter experts, educational institutions, research facilities and government organizations–establishment of a broader based knowledge of mortgage banking and real estate finance. You can find additional studies on RIHA’s website: http://www.housingamerica.org.
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