Chicago Market Analysis

The parking sector does not have a source of readily available, detailed market data. Therefore, we have been building our own databases and analysis to support our clients. Our team recently completed a market-wide analysis of almost every public parking facility in Downtown Chicago. Our team walked the market and surveyed rates at 268 parking facilities with a total of 105,617 spaces.

Facility & Space Metrics

Chicago’s Loop submarket contained the highest number of facilities (36%) and spaces (42%). River North is the second largest submarket in terms of facilities (19%); however, Streeterville was the second largest submarket in terms of spaces (19%).

Submarket	# Facilities	% Facilities by Submarket	Space Counts	% Spaces by Submarket
River North	51	19%	14,621	14%
Streeterville	46	17%	20,070	19%
Gold Coast	15	6%	1,813	2%
West Loop	39	15%	10,144	10%
Loop (Northwest Section)	18	7%	10,646	10%
Loop (Northeast Section)	24	9%	17,681	17%
Loop (South of Monroe, North of Congress)	22	8%	9,636	9%
Loop (South of Congress, North of Roosevelt)	32	12%	6,064	6%
South Loop	21	8%	14,942	14%
Totals	268	100%	105,617	100%
Loop Total	96	36%	44,027	42%

Monthly Parking Rates

The average unreserved parking rate in Downtown Chicago is $295. The highest rates are found in the submarket of the Loop south of Monroe, which contains many office buildings that have low onsite parking ratios. The South Loop’s average unreserved parking rate is 36% lower than the average Downtown Chicago parking rate due to its high supply of parking and limited demand drivers.

Submarket	Unreserved Monthly Rate	Reserved Monthly Rate
Loop (South of Monroe, North of Congress)	$382.93	$509.63
Loop (Northwest Section)	$361.69	$492.50
Gold Coast	$324.77	$418.33
Streeterville	$295.36	–
Loop (Northeast Section)	$290.27	$463.00
West Loop	$278.33	$391.25
River North	$275.63	$401.00
Loop (South of Congress, North of Roosevelt)	$261.77	$315.00
South Loop	$187.78	–
Totals	$295.25	$427.24

Hourly Parking Rates

Streeterville has the highest 8-hour, 12-hour and 24-hour parking rates. These rates are 20% to 30% higher than the average rates in Downtown Chicago. Surprisingly, the West Loop which has a limited parking supply has hourly parking rates below the average hourly parking rates. The South Loop has the lowest hourly parking rates.

Submarket	1 Hour Rate	8 Hour Rate	12 Hour Rate	24 Hour / Daily Max Rate
Streeterville	$21.87	$37.81	$42.07	$46.58
River North	$19.84	$33.62	$36.17	$43.48
Loop (Northwest Section)	$22.67	$35.56	$36.06	$44.61
Gold Coast	$17.29	$29.98	$36.02	$39.58
Loop (South of Monroe, North of Congress)	$21.63	$34.91	$35.23	$39.14
Loop (Northeast Section)	$19.30	$32.17	$32.82	$41.52
West Loop	$14.38	$22.94	$24.28	$29.94
South Loop	$14.56	$22.94	$24.28	$29.94
Loop (South of Congress, North of Roosevelt)	$13.68	$19.79	$22.72	$30.86
Totals	$18.36	$29.98	$32.28	$38.70

Operator Market Share

SP+ is the largest operator in Downtown Chicago by facilities managed and spaces managed. LAZ is the second largest parking operator by facilities managed (16.4%) but InterPark is the second largest by spaces managed (18.1%).

Operator	Total Facilities Managed	Total Facilities Managed %	Total Spaces Managed	Total Spaces Managed %
SP+	81	30.2%	46,816	44.3%
LAZ	44	16.4%	11,684	11.1%
ABM	19	7.1%	9,620	9.1%
Interpark	35	13.1%	19,160	18.1%
Legacy	18	6.7%	7,506	7.1%
Impark	5	1.9%	1,498	1.4%
Other	66	24.6%	9,333	8.8%
Totals	268	100.0%	105,617	100.0%

Want to learn more?

If you would like to learn more or get access to more detailed data, please contact the Parking Advisors team.