Our team has provided parking consulting services for asset owners in Detroit. Not only does our team provide our services but we have been involved in one of the largest real estate transactions in Detroit history.
Detroit's Leading Parking Consultants
Parking Advisors is a national parking consulting firm with extensive experience in Detroit.
Detroit’s Leading Parking Consultants
Downtown Detroit’s primary demand driver is office parking demand. Detroit is primarily a driving market; therefore, most tenant employees require parking spaces. As a result, parking occupancy and rates are heavily correlated with office occupancy as well as the ability of the City of Detroit and real estate developers and owners to attract new office users downtown.
Bedrock’s Detroit Ownership
Bedrock, a full service real estate firm based in Detroit, controls a significant amount of parking in downtown Detroit which includes stand alone parking facilities as well as parking facilities that serve specific buildings. Bedrock owns a portfolio of over 100 properties comprised of over 18 million square feet in Detroit.
Some of the office buildings Bedrock owns which have parking garages includes:
Ally Detroit Center (3,100 spaces / 3.16 parking ratio)
One Campus Marius: 1000 Woodward Ave. (2,700 spaces / 2.74 parking ratio)
First National Building: 660 Woodward Avenue (477 spaces / 0.56 parking ratio)
Fifth Third Bank at One Woodward (94 spaces / 0.25 parking ratio)
Some of the stand alone garages Bedrock owns includes:
The Z Garage – 1234 Library Street (1,275 spaces)
1001 Woodward Garage (700 spaces)
Greektown Garage (1,100 spaces)
Financial District Garage (900 spaces)
Typically, this level of consolidation in a market results in high parking rates that steadily increase over time.
Downtown Detroit Events
There are number of events that impact parking demand in downtown Detroit including the North American International Auto Show, Detroit Boat Show and MOVEMENT: Detroit’s Electronic Music Festival. There are also sporting events including Detroit Tigers MLB games at Comerica Park and Detroit Lions NFL games at Ford Field.
Smaller events also regularly occur at The Fillmore Detroit, Orchestra Hall, The Majestic Theatre and Saint Andrew’s Hall. Downtown Detroit also has two casinos, MGM Grand Detroit and Greektown Casino, that generate activity in the downtown area.
New Development Projects
There are several new development projects that will have an impact on parking demand including:
- Hudson Site (Bedrock) – The property will include 150 residential units, roughly 225 hotel rooms (exact number not determined yet), 402,000 RSF of Class A office space, 127,000 SF of event space, and 18,000 SF of retail space. The development will also include a 700-space below-grade parking garage.
- Chemical Bank Headquarters – The property includes 185,000 RSF of Class A office space, 7,500 SF of retail space, a rooftop terrace, and a parking garage containing 311 striped parking spaces.
- Monroe Blocks (Bedrock) – The development will have 847,000 RSF of Class A office space, 482 residential units, and 117,000 SF of retail space. Plans also include a 700-space below-grade parking deck.
- Book Tower (Bedrock) – The 486,760 SF property will be turned into a true mixed-use building. Book Tower will include 25,000 SF of retail, 50,000 RSF of office space, 120 luxury hotel rooms, and approximately 220 residential units.