![](https://cdn.parkingadv.com/wp-content/uploads/2024/07/09190318/market-place-1-2.jpg)
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.
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Developing a Comprehensive Parking Solution
- 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.
![](https://cdn.parkingadv.com/wp-content/uploads/2024/07/10103538/pike_place_market-001-800x510.jpg)