Denver Market Analysis
October 13, 2021
The parking sector does not have a source of readily available, detailed market data. Therefore, we have been building our own databases to support our clients. Our team recently completed a market-wide analysis of almost every public parking facility in Denver. Our team walked the market and surveyed rates at 102 parking facilities with a total of 38,934 spaces.
Facility & Space Metrics
38 of the 102 facilities surveyed are located in Denver’s LoDo submarket, which stretches from the train station to Lawrence Street. This submarket includes several large garages including Tabor Center, 1900 16th Street and 17th Street Plaza. Our survey also includes Denver’s Cherry Creek neighborhood which contains approximately 9,149 parking spaces; however, 5,850 of those spaces are contained within the Cherry Creek Shopping Center.
| # Facilities | % Facilities by Submarket | Space Counts | % Spaces by Submarket | |
|---|---|---|---|---|
| LoDo District | 38 | 37% | 11,411 | 29% |
| Central Business District | 20 | 20% | 9,362 | 24% |
| Capitol Hill | 16 | 16% | 2,988 | 8% |
| Cherry Creek | 15 | 15% | 9,149 | 23% |
| River North Art District | 13 | 13% | 6,024 | 15% |
| Total | 102 | 100% | 38,934 | 100% |
Monthly Parking Rates
The weighted average unreserved monthly parking rate in Denver is $184 and the average reserved parking rate is $282. LoDo has the highest unreserved parking rates and the central business district has the highest reserved parking rates. The River North Arts District (RiNo) has the lowest parking rates as a result of two Coors Field facilities, totaling 1,211 parking spaces, that charge $70-$80 per month for unreserved parking. Excluding these lots, the weighted average parking rate is $160.26.
| Unreserved Monthly Rate | Reserved Monthly Rate | |
|---|---|---|
| LoDo District | $229.10 | $272.90 |
| Central Business District | $218.48 | $299.45 |
| Capitol Hill | $154.60 | n/a |
| Cherry Creek (1) | $151.90 | $233.97 |
| River North Art District (RiNo) | $117.53 | $270.00 |
| Average | $184.45 | $282.19 |
(1) Cherry Creek excludes the shopping center. Including the shopping center ($100 unreserved monthly rate), the weighted average unreserved rate average is $117.06.
Hourly Parking Rates
Denver’s LoDo submarket has the highest three, eight, twelve and twenty-four hour weighted average parking rates. The central business district has the highest one-hour parking rates. Cherry Creek has the lowest average one-hour parking rate; however, rates for parking stays in excess of one hour increase significantly.
| 1 Hour Rate | 3 Hour Rate | 8 Hour Rate | 12 Hour Rate | 24 Hour / Daily Max Rate | |
|---|---|---|---|---|---|
| LoDo District | $8.97 | $20.43 | $22.03 | $22.03 | $23.63 |
| Central Business District | $10.46 | $20.21 | $20.21 | $20.21 | $20.21 |
| Capitol Hill | $5.51 | $10.65 | $12.33 | $12.33 | $14.29 |
| Cherry Creek | $4.75 | $15.58 | $17.31 | $17.31 | $22.50 |
| River North Art District | $5.06 | $7.99 | $8.57 | $9.13 | $11.22 |
| Average | $7.40 | $15.48 | $17.99 | $18.36 | $19.68 |
| Cherry Creek including the Shopping Center | $2.97 | $8.17 | $15.19 | $16.47 | $18.31 |
Hotel Parking Rates
Hotel parking rates generally vary by submarket and the quality of the hotel. The CBD has the highest average parking rates; however, the CBD also includes Denver’s only two 5-star hotels. A number of the hotels in the CBD are in close proximity to the convention center. RiNo has the lowest parking rates; however, Parking Advisors expects hotel rates in RiNo to increase significantly over the next 5+ years as RiNo experiences more new development.
| Average Stars | Average Self Park Rate | Average Valet Rate | |
|---|---|---|---|
| LoDo | 3.9 | $32.50 | $47.33 |
| CBD | 3.9 | $40.14 | $48.89 |
| RiNo | 4.0 | $20.00 | $30.00 |
| Cherry Creek | 3.8 | n/a | $41.00 |
The detailed data by hotel is displayed in the chart below:
| Submarket | Stars | Self Park | Valet | |
|---|---|---|---|---|
| Westin Denver Downtown | LoDo | 4.0 | $35.00 | $46.00 |
| The Oxford Hotel | LoDo | 4.0 | – | $47.00 |
| The Maven at Dairy Block | LoDo | 4.0 | $30.00 | – |
| The Ralley Hotel | LoDo | 3.5 | – | $49.00 |
| Four Seasons | CBD | 5.0 | – | $55.00 |
| Ritz Carlton Denver | CBD | 5.0 | – | $59.00 |
| The Brown Palace Hotel | CBD | 4.5 | – | $52.00 |
| Grand Hyatt Denver | CBD | 4.5 | $38.00 | $52.00 |
| Hyatt Regency Denver | CBD | 4.0 | $42.00 | – |
| Sheraton Denver | CBD | 4.0 | $40.00 | – |
| The Curtis Hotel (Doubletree) | CBD | 4.0 | $38.00 | – |
| Hilton Denver City Center | CBD | 4.0 | $34.00 | $54.00 |
| Kimpton Hotel Monaco | CBD | 4.0 | – | $35.00 |
| Homewood Suites by Hilton | CBD | 3.5 | $45.00 | |
| Hyatt House Denver | CBD | 3.5 | – | $46.00 |
| Courtyard Marriott Denver | CBD | 3.0 | $44.00 | – |
| Holiday Inn Express | CBD | 3.0 | – | $42.00 |
| Tru by Hilton Denver | CBD | 2.5 | – | $45.00 |
| The Ramble Hotel | RiNo | 4.0 | – | $30.00 |
| The Source Hotel | RiNo | 4.0 | $20.00 | – |
| Halcyon | Cherry Creek | 4.5 | – | $45.00 |
| The Jacquard Autograph | Cherry Creek | 4.5 | – | $49.00 |
| Clayton Members Club & Hotel | Cherry Creek | 4.5 | – | $45.00 |
| JW Marriott | Cherry Creek | 4.5 | – | $49.00 |
| Moxy By Marriott | Cherry Creek | 3.0 | – | $33.00 |
Operator Market Share
LAZ has the highest market share by total facilities managed. SP+ manages the most parking spaces; however, this includes 9,990 parking spaces associated with the Cherry Creek Shopping Center and three Coors Field parking facilities. The two charts below provide detailed market share metrics by operator, the latter adjusting out the four large SP+ facilities. Overall, LAZ, Parkwell and SP+ manage 72.5% of the parking facilities and 84.9% of the parking spaces in Denver.
| Total Facilities Managed | Total Facilities Managed % | Total Spaces Managed | Total Spaces Managed % | |
|---|---|---|---|---|
| LAZ | 30 | 29.4% | 11,412 | 29.3% |
| Parkwell | 23 | 22.5% | 5,101 | 13.1% |
| SP+ (1) | 21 | 20.6% | 16,555 | 42.5% |
| Republic | 6 | 5.9% | 1,174 | 3.0% |
| In-House | 5 | 4.9% | 825 | 2.1% |
| Interstate Parking Co. | 4 | 3.9% | 1,670 | 4.3% |
| Douglas Parking | 3 | 2.9% | 390 | 1.0% |
| ABM | 2 | 2.0% | 389 | 1.0% |
| Nationwide | 2 | 2.0% | 123 | 0.3% |
| Premier Parking Management | 2 | 2.0% | 665 | 1.7% |
| Time Park | 2 | 2.0% | 261 | 0.7% |
| Dension Parking | 1 | 1.0% | 369 | 0.9% |
| NDC | 1 | 1.0% | n/a | n/a |
| Totals | 102 | 100.0% | 38,934 | 100.0% |
(1) SP+ includes the Cherry Creek Shopping Center which has 5,850 spaces. SP+ also includes 3 facilities associated with Coors Field which have a total of 4,140 parking spaces
The chart below adjusts SP+’s facility count and space count by excluding the Cherry Creek Shopping Center and Coors Field facilities. After these adjustments, SP+ manages the third most facilities (17) and the second most parking spaces (22.7%).
| Total Facilities Managed | Total Facilities Managed % | Total Spaces Managed | Total Spaces Managed % | |
|---|---|---|---|---|
| LAZ | 30 | 30.6% | 11,412 | 39.4% |
| Parkwell | 23 | 23.5% | 5,101 | 17.6% |
| SP+ | 17 | 17.3% | 6,565 | 22.7% |
| Republic | 6 | 6.1% | 1,174 | 4.1% |
| In-House | 5 | 5.1% | 825 | 2.9% |
| Interstate Parking Co. | 4 | 4.1% | 1,670 | 5.8% |
| Douglas Parking | 3 | 3.1% | 390 | 1.3% |
| ABM | 2 | 2.0% | 389 | 1.3% |
| Nationwide | 2 | 2.0% | 123 | 0.4% |
| Premier Parking Management | 2 | 2.0% | 665 | 2.3% |
| Time Park | 2 | 2.0% | 261 | 0.9% |
| Dension Parking | 1 | 1.0% | 369 | 1.3% |
| NDC | 1 | 1.0% | n/a | n/a |
| Totals | 98 | 100.0% | 28,944 | 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.