The Parking Advisors team has provided parking investment advisory services across the metro-Denver area. We’ve consulted on projects in most of Denver’s major submarkets including the Downtown CBD, LoDo (Lower Downtown), RiNo (River North Arts District), North Capitol Hill and Cherry Creek.
Denver’s Leading Parking Consultants
Parking Advisors is a national parking consulting firm that has done extensive work in Denver and its surrounding neighborhoods.
Denver’s parking demand varies by submarket but is typically dependent on a submarket’s commercial occupancy. During the daytime, it is common for city garages to have high occupancies as a result of office parking and construction workers from nearby developments. Some submarkets have seen slightly lower daytime parking utilization with the expansion of the city’s mass transit system, but in general, parking occupancy, rates and revenue tend to correlate with submarket growth and commercial occupancies.
Denver’s Public Transportation Network
Due to the its growing economy and population, transportation access has become a focal point of Denver’s urban planning initiatives. In recent years, the city has invested significant capital to upgrade the public transit network to unify Metro Denver and connect the city’s neighborhoods and surrounding suburbs at Denver’s historic Union Station. However, since public transit doesn’t adequately serve every suburb, driving a vehicle is still the main way that residents get around.
Denver has three main public transit modes:
- High-Speed Light Rail – The Regional Transportation District’s (RTD) Light Rail lines provide service to 57 active stations on 60 miles of track.
- Commuter Rail – The RTD’s Commuter rail lines provide service to 21 active stations on 53 miles of track.
- City Bus Rapid Transit – The RTD has 1,026 buses that provide service to 9,800 active bus stops.
Submarkets & Demand Drivers
Parking Advisors analyzes the supply and demand fundamentals of each parking facility it works on to understand the potential risks and upside opportunities. Some of Denver’s primary parking submarkets are detailed below:
- LoDo (Lower Downtown) & Union Station – Just northwest of the Denver CBD, the bustling neighborhood of LoDo is home to Union Station, as well as a large number of trendy shopping and dining options. As a result, parking garages located in the area typically see higher afterhours parking demand than some other Denver neighborhoods. However, buildings located in close proximity to Union Station may see lower parking utilization during the daytime.
- RiNo (River North Art District) – Bound by I-70 and I-25 to the north and west, respectively, RiNo is filled with revamped industrial buildings that have made the district the home to art galleries and concert venues. Commercial projects in the submarket tend to be built with lower parking ratios than other Denver markets.
- Coors Field – The home of the Colorado Rockies is nestled in between the LoDo and RiNo submarkets. On game nights, parking demand can be seen at garages deep into these two neighborhoods.
- Convention Center – At the southern tip of the Denver CBD, the Denver Convention Center, and the surrounding hotels, drive significant parking demand to the submarket during large conferences, as well as for smaller events.
- Cherry Creek – A few miles to the southeast of the CBD, the affluent residential suburb of Cherry Creek includes a mix of high-end boutiques and eateries. The submarket has been growing rapidly over the last decade, but daytime office parking is the largest demand driver.
Other Relevant Parking Dynamics
- Surface Lot Redevelopment – As a result of the city’s growth in recent years, new developments have replaced surface parking lots throughout the city. This influx of commercial and residential development has caused the parking supply to tighten throughout the city. It is not uncommon to see monthly parking waiting lists, particularly at parking garages in Denver’s downtown submarkets.
- Parking Aggregators – In recent years, Denver has seen an uptick in the adoption of online parking reservations from the primary parking aggregators; however, the market for online sales is still relatively immature. It is likely that an increasing amount of demand will be generated from these sites in the coming years as their presence throughout the city expands, especially given the young, innovative and technologically literate demographic that continues to grow. Of the three main aggregators, two charge significant commissions and could have a noticeable negative impact on the value of parking facilities in the future. Parking Advisors collects sales and commission data and recommends steps to use alternative sales strategies to maximize online sales revenues and mitigate the high commissions that these two vendors charge.
- Parking Taxes – There are no parking taxes or other sales taxes that impact parking revenues in Denver.