Question 1

What is a parking feasibility study?

Accepted Answer

A systematic evaluation combining market demand analysis, site assessment, financial modeling, and risk evaluation to determine whether a parking facility will succeed at a specific location.

Question 2

How much does a parking feasibility study cost?

Accepted Answer

Studies range from $15,000–$75,000 depending on scope. Single-site assessments start at $15,000–$25,000. Multi-site analysis runs $35,000–$55,000. Comprehensive plans cost $50,000–$75,000.

Question 3

When should I commission a feasibility study?

Accepted Answer

Before acquiring land for parking, investing in upgrades, evaluating structured parking, or when existing parking is chronically over- or under-utilized. Generally warranted when investment exceeds $250,000.

Question 4

How long does a feasibility study take?

Accepted Answer

Standard studies take 4–8 weeks. Complex multi-site or campus-wide studies may extend to 10–12 weeks.

Question 5

How accurate are feasibility study projections?

Accepted Answer

Well-executed studies achieve base-case revenue projections within 10–15% of actual Year 2 performance. Multi-source data and operator calibration improve accuracy.

Parking Feasibility Study