The Parking Advisors team has provided parking investment advisory services across the San Antonio area. We currently asset manage Travis Park Plaza and One Alamo Center, two parking facilities that draw demand from all aspects of the San Antonio market.
San Antonio's Leading Parking Consultants
Parking Advisors is a national parking consulting firm that has done extensive work in San Antonio and the surrounding submarkets.
San Antonio’s Leading Parking Consultants
San Antonio’s office market demand varies by submarket but it typically dependent on a submarket’s commercial occupancy. During the daytime, it is typical for parking facilities to have high occupancies as a result of office parking. The city of San Antonio does not have a widely-adopted public transportation system, so office tenant employees will generally drive their own vehicles into work each day. Monthly parking rates and revenue correlate with the submarket growth and commercial occupancies.
There are many hotels in the San Antonio CBD that provide overnight stay for individuals traveling to the city for work or pleasure. Some of these hotels do not have an attached, dedicated parking facility. Therefore, these hotels will contact nearby parking garages to set up a valet program. There are numerous valet programs set up between various hotels and parking facilities in the San Antonio submarket, and are a significant driver of parking demand.
San Antonio has had consistent development activity over the past 10 years with the addition of the new Frost Tower building, The Pearl, and The Light. This trend continues to persist with multiple, large developments under construction that will affect the overall parking demand in the market.
- Hemisfair – Located just south of the Henry B. Gonzalez convention center, the Hemisfair mixed-use development will include a 200-room Hilton Curio hotel, hundreds of residential units, an urban market, and 160,000 SF of class A office space. The development is projected to be completed in Q3 2021, and will include a below-grade parking facility with 825 total stalls.
- Hotel Sul Fiume – Located at the corner of North St. Mary’s and West Crockett Street, this 14-story hotel will contain 147 rooms. The development plans do not show any on-site parking to be included with the property; therefore, there will be a significant influx in parking demand in the immediate area around this location. This property is expected to deliver in March 2022.
- Floodgate – Located at 143 East Commerce Street, Floodgate is an apartment complex that contains 63 luxury residential units, four penthouse suites, and 5,000 SF of retail space to be used for a restaurant and an exterior terrace that overlooks the River Walk. The project is projected to be delivered in March 2022 and will contain a fully automated, ParkPlus parking garage that will fit 56 vehicles.
San Antonio’s current parking tax rate is 8.250% and is distributed as follows: 1.000% City of San Antonio; 0.125% dedicated to the City of San Antonio Ready to Work Program; 0.125% dedicated to the City of San Antonio Pre-K 4 SA initiative; 0.250% to San Antonio ATD (Advanced Transportation District); 0.500% to San Antonio MTA (Metropolitan Transit Authority); and 6.250% to State of Texas.
City Owned Parking Facilities
The City of San Antonio owns 14 garages and surface lots in the downtown area. These garages offer patrons lower transient parking rates in an effort to draw demand into the downtown area, and gain market share from surrounding facilities. For example, the St. Mary’s parking garage located at 204 East Travis Street offers parking for a $5 flat rate on weekdays after 5:00pm and all through the weekend.
Other 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 San Antonio’s primary demand drivers are listed below:
- San Antonio River Walk – The San Antonio River Walk is the #1 attraction in the state of Texas, welcoming over 14 million people on an annual basis. The River Walk is a place for people to relax, dine, drink, and enjoy the local charm of San Antonio. The River Walk drives consistent parking demand into the submarket throughout the year; however, the largest spikes in demand are over the summer, spring break, and during events:
- San Antonio Christmas Lighting – The Christmas lighting is the second largest event held in the city, and the biggest held on the River Walk. The spectacle displays over 100,000 lights draped over the trees that line the River Walk and is free for people to enjoy!
- Armed Forces River Parade – This parade is dedicated to the men and women who serve in the armed forces. The event offers patrons with American themed rock/pop music that is played from the floats during the 2.5-mile downtown parade route along the River Walk.
- Fiesta San Antonio – This 11-day celebration is San Antonio’s biggest event of the year, hosting hundreds of thousand of people. The event includes three separate parades, over 150 booths offering local food and drink, multiple concerts, and a block party lasting four nights. Fiesta San Antonio contributes a substantial amount of parking demand into the submarket that typically causes garages to completely fill up.
- Convention Center – Located just southeast of the River Walk, the Henry B. Gonzalez Convention Center hosts more than 300 events each year with over 750,000 attendees from around the world. The facility currently has 1.6 million SF of space, including: 514,000 SF of exhibit rooms, 203,000 SF of meeting space, two ballrooms, and a 2,319-seat performing arts venue. This venue drives significant parking demand to the submarket during event days.
- Tobin Center – The Tobin Center for the Performing Arts features a 1,746-seat performance hall, a 232-seat studio theater, and an outdoor performance venue that connects to the River Walk. This event venue will generate consistent parking demand throughout the year with the outdoor performance venue and the studio theater. Furthermore, the Tobin Center will fill up nearby parking facilities when the performance hall hosts well known performers.
- Majestic & Aztec Theatre – The Majestic and Aztec Theatre are both located in the heart of downtown San Antonio, next to the River Walk. These two theatres hold a combined 3,300 patrons at full occupancy. When these two venues hold concerts, people will flock to the San Antonio CBD to attend the events, stay at local hotels, enjoy the River Walk, and park in the nearby parking facilities. These two venues are significant demand drivers for surrounding garages and/or surface lots.