The future of car parks: Influencing factors on occupancy rates in the period 2015-2025 based on a study of The Netherlands and Western European countries.

The future of car parks: Influencing factors on occupancy rates in the period 2015-2025 based on a study of The Netherlands and Western European countries.

IJsseldijk, S.H.

Nase, I. (mentor)
Van Oel, C. (mentor)

Architecture and The Built Environment

Management in the Built Environment

Successful Corporate Real Estate (CRE) to support profitability and competitive advantage

2016-01-28

In the past decennium, parking received growing attention within real estate as a niche market for real estate investors. Since car park investments outperformed other types of real estate in the period 2008-2013, it is supposed to be the ideal investment within real estate due to its stable and secured cash flows with long-term leases. Investors base their decision making on performances, characteristics and market developments of the car parks. One of the least transparent, yet important, indicators for investors are occupancy rates. In recent years, occupancy rates of European car parks are assumed by the market to decrease whilst turnover of car parks increased. On top of that, parking tariffs have been increasing for several years. However, literature states parking to have a very low price elasticity. Therefore, the assumed decrease in occupancy rates by these the market might not have been influenced by the recent tariff increases. Nonetheless, the occupancy decrease is a clear trend that might become unsustainable in the long run. Therefore this study aims at identifying influential factors for occupancy rates for European car parks in the period 2015-2025. Paid parking in publicly accessible car parks located in Western Europe and especially in The Netherlands has been studied. Approximately 28.000 off-street parking places have been the basis for this, of which 12.000 parking places are located in The Netherlands, which is about 6.00% of the total parking supply. For the European Union, the sample size is approximately 0.14%. The car parks are analyzed to find current influential factors on occupancy rates. Additionally, eight experts with different roles in the market are interviewed to determine future influential factors.

car park investments
real estate
occupancy rates
regression modelling

http://resolver.tudelft.nl/uuid:f4d4fdbe-8a1b-4483-be76-3fa310b26bf2

Student theses

master thesis

(c) 2016 IJsseldijk, S.H.