What is a Parking Feasibility & Demand Study?
A feasibility and demand study is the first step in the process of developing a plan of action or “Project Plan” and as the name implies, it is an overarching analysis to determine the feasibility of a desired project plan. This project may be an effort to increase usage and revenue or the beginning of a new parking operation in its entirety. Developing a methodology for the study involves creating a set of measurement tools that will collect data targeting specific considerations to include:
- The primary purpose or target market of the parking facility.
- Analyzing the existing environment to determine current and future parking demands within the target market.
- The total number of vehicles in the overall environment during the measurement period.
- Identification and analysis of the drivers for parking in the existing environment as well as anticipated market demand changes due to development, new roads or improvement of existing roadways, etc.
- Contract versus transient usage metrics with a focus on maximizing utilization during periods where monthly contract parkers create opportunity for gains in transient usage.
- Location and capacity of surrounding on-street and other localized parking relevant to the target markets of the study.
- Developing an economic model of the existing or planned parking operation to determine continued sustainability or feasibility as applicable.
Upon completion of the Feasibility and Demand Study a determination is made, typically by the client, but often through a joint determination by the client and the consultant as to whether or not the project should proceed.
