Market Place I & II

Seattle, WA

Project Overview

Market Place I & II is a two-building, Class A office campus comprising 131,000 square feet of office and retail space located near Pike Place Market in downtown Seattle.
The onsite 412-space parking facility provides parking for tenants, local retail, and tourists of the Pike Place Market.
Parking Advisors was engaged beginning in 2021 to evaluate the parking technology, streamline operations, and identify strategies to restore garage revenue to pre-pandemic levels.

Selected and Oversaw Parking Operator Transition – Parking Advisors conducted an RFP process to select a best-in-class operator to maximize customer service levels under the optimal financial structure. We supported negotiation of an operating agreement and oversaw the transition to a new management team and operations plan.
Implemented Gated Technology Solution – Our team supported the selection and implementation of new, cloud-based garage gated technologies to enhance the customer experience, access revenue and occupancy statistics, and tighten in-lane revenue controls. The new technology supported a 6.3% percentage point boost in ticket collection rate.
Executed Strategic Pricing Decisions – Leveraging this data, we made strategic pricing decisions that generated 13% annual growth in average ticket while sustaining growing post-pandemic parking demand.
Maximized Cash Flow and Asset Value – Resulting from our efforts, garage cash flow increased by $355,000 annualized (a 24% increase over pre-pandemic levels), resulting in $5.1 million in new asset value creation.