9 Factors That Affect Parking Lot Pricing

9 Factors That Affect Parking Lot Pricing

9 Factors That Affect Parking Lot Pricing

Parking lots across the country generate around a million dollars annually in the US. As a result, there is a high demand for parking places, especially in high-traffic urban areas. But, when not planned well, building parking areas to meet this demand can be expensive. Consequently, it is wise to consider factors that affect parking lot pricing before investing. Our experts on asphalt paving in San Antonio, TX, want to educate you on the primary factors that affect parking lot building costs.

Market conditions

Like other businesses, market waves affect the cost of parking lot construction. For example, when there is high parking lot demand, the cost of construction will increase. In comparison, When the market is flooded with paving contractors, you can expect lower construction costs.

Efficiency

The overall square footage of parking stalls determines a parking garage’s efficiency. The larger the square footage per stall, the more expensive the construction cost.

Aesthetics

An ideal parking area will be adequately painted with clear markings to allow a smooth traffic flow and easy visibility. Many people add elements to make their parking areas more secure and attractive to encourage more customers, which leads to additional costs.

Improvements

There are situations where a paving contractor needs to add certain features to increase a parking lot’s functionality, which leads to increased construction costs. For example, you may experience a need for added drainage elements to prevent the lot from experiencing water stagnation.

Number of levels

Construction costs will be higher with more parking levels constructed in your parking garage. In addition to the increased number of materials needed to build more levels, your garage's foundation will need to be stronger and more significant to support the entirety of the structure.

Parking grade

With ground level in mind, you can design your lot to be above or below grade. If your parking area is intended above ground, it will be less costly because fewer materials are needed. However, when the same area is constructed below ground level, the cost is likely to be much more expensive.

Structural system

Your parking area framing layout is also known as the structural system. When constructing a parking lot, two layouts are typically used: the long span and the short span. Short spans tend to be less costly, but the spaces between stalls are smaller. On the other hand, long-span will allow more room for larger vehicles but costs significantly more.

Project size

The amount of time required to build a lot is directly proportional to the size of the parking lot you desire. The construction cost will be higher for larger parking areas. Have a clear plan for how many vehicles your lot should accommodate based on area demand to avoid spending too much. Unused spaces are wasted construction costs.

Geography

The cost of lot construction will depend on the area's topography. For example, if the site you are building on is hilly, construction costs will be more expensive based on the demand for labor and equipment for leveling the space for your lot. In addition, certain soil conditions can make for challenging construction and impact building costs. For example, if there is sandy soil, your contractor may need to add an additional concrete layer to ensure the foundation is firm and robust.

Whether you are building a new parking lot or revamping an old one, you will need to strategize your approach if you want to save money. We hope these tips will help you find reliable estimates of building costs for parking lots in your location. And, when you are looking for asphalt paving in San Antonio, TX, call M. Carroll Black Top Service. We will get the job done right.

To Top