London Tops World in Parking Rate Hong Kong and Tokyo Lead the Way in Asia

July 19, 2011 - PRLog -- According to Colliers International’s Global Parking Rate Survey 2011, covering 156 central business districts around the world, the cost of parking a car in terms of daily or monthly rate generally increased over the past twelve months.  Among the top ten, no single region dominated in this year’s survey, with North America, Europe and Asia Pacific represented by a broad mix of cities.  Although Latin America is the only region that is not included in the top ten, all the surveyed cities in the region registered double digit increases for both daily and monthly parking.

The parking rate in London, which has consistently took the top spot in the world by a significant margin of 25-35% over the past four years, was the priciest in the world again in the 2011 survey. The monthly parking rate of the City (USD 1,083.59) and West End (USD 1,014.32) ranked number one and number two worldwide, respectively, which is the same as the survey result in 2010.  

The parking rates in local currency of both Zurich and Hong Kong recorded no change over the past twelve months.  However, Zurich has replaced Hong Kong to move into the third position in the world due to a dramatic rise in the Swiss franc against U.S. dollar terms.

Global Top Five Most Expensive Monthly Parking Rates (USD)

Market                                     2010   2011   YoY Change
London – City            $932.99             $1,083.59       +16.1%
London – West End            $873.50             $1,014.32       +16.1%
Zurich                                 $605.64                 $822.15       +35.8%
Hong Kong                                 $744.72                 $744.72               0%
Tokyo                                 $654.00                 $744.00        +13.8%
(As of June 2011)

In Asia, the monthly parking rate in Hong Kong sustained to be the most expensive, followed by Tokyo.  Meanwhile, the region’s cheapest city to park in is Mumbai, India (USD 27.50 per month) in terms of monthly rate and Jakarta, Indonesia (USD 0.92 per day) in terms of daily rate.

About Colliers International
Colliers International is a global leader in real estate services with more than 12,500 professionals operating out of 512 offices in 61 countries.  As a subsidiary of FirstService Corporation (NASDAQ- FSRV; TSX: FSV and FSV.PR.U), Colliers offers the stability of a strong financial partner and significant local ownership providing clients with accountability and enterprising real estate solutions. Colliers provides a full range of services to real estate users, owners and investors worldwide including: global corporate solutions; sales and lease brokerage; property and asset management; project management; hotel investment sales and consulting; property valuation and appraisal services; mortgage banking and insightful research. The Lipsey Company and National Real Estate Investor magazine ranked Colliers International as the world’s number two commercial real estate brand.

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