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.

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