The evolution of car parking: technology creating risk and opportunity

The supply of commercial car spaces across Australian CBDs is very limited. Fewer parking bays are being developed within new office and residential buildings, and no new stand-alone car parking stations are currently proposed. In fact, we are seeing the demolition of several existing car parking stations to a make way for apartment and office developments. As a result, car park rentals are generally expected to trend upwards. Similar to other commercial investment markets, car parking has benefited from the weight of capital and interest from offshore purchasers. Investors are increasingly exploring alternative investment opportunities in non-traditional asset classes that include car parks. While investment demand is strong and returns have firmed, industry growth is slow due to limited expansion opportunities. The car parking sector is not immune from the advances and impacts of technology. The development of self-parking cars and robotic parking systems is already occurring. A number of licence plate recognition systems and app-based programs are currently being rolled out in the Australian market whereby a driver does not need to take a ticket in order to gain access to a car park. These developments create both risks and opportunities for car park owners. So where is the business of car parking going?

Language

  • English

Media Info

  • Pagination: 15p

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Filing Info

  • Accession Number: 01566415
  • Record Type: Publication
  • Source Agency: ARRB Group Limited
  • Files: ATRI
  • Created Date: Jun 15 2015 1:08PM