After building rents, the parking garage is typically the second largest revenue generator. The average parking space is approximately 150 square feet and in a CBD can generate from $1,500 to as much as $10,000 per year. That’s a gross of $10 to more than $65 per square foot. Winpark implements basic revenue strategies and then develops tactics specific for the garage. We create the framework that allows us the flexibility to take advantage of new opportunities as they present themselves. In Class-A, however, that’s not enough.
Parking spaces are also an amenity. Regardless of costs, tenants have a strong desire to park their employees within the building’s garage. Parking becomes an amenity that’s used to sweeten a building lease deal. The convenience of parking under the building or next to the building rather than walking a couple of blocks can’t be understated. It is the difference between signing and retaining tenants or losing them to the building that pays attention to the parking operations. Winpark was developed with Tenant Satisfaction in mind and we’ve always been responsive to tenant surveys and comments. We get that even if parking is the second largest revenue generator, the garage exists because the building must be leased.
Balance Revenue and Satisfaction
You know how to operate buildings and we know how to operate garages. Parallel objectives between Owner and Operator is what makes for satisfied tenants. Winpark’s management philosophy developed from an understanding of the parking garage as a mix of parking amenity and revenue generator. We know that the financial bottom line of the parking garage is important but not as important as providing spaces for the building’s tenants. We understand that the way to manage the garage is a balance between revenue and availability. Our 30 years of Class-A garage experience is essential in developing parallel objectives with the Owner and Property Manager of the building.