US$17 Trillion Value for Parking Real Estate In the US.
Many financial reporting and accounting executives have wondered how they should report the fair market value of parking space assets that are trapped in illiquid or otherwise frozen markets. Now ParkingCupid.com’s first parking real estate report has marked to market value America’s 800 million car spaces at $20,800 each, a total of US$17 trillion dollars.
Using proprietary software and market data has given a glimpse into the potential of this market. The valuation is an average for all types of car spaces including parking garages, supermarkets and stores, parking spots at work and home, as well as council owned street side parking.
“This is an untapped blue ocean market with limitless potential globally. Not only in real estate but also the value added services for the industry as whole. Investing is a no-brainer,” said Daniel Battaglia, founder of Parking Cupid. “Parking is never free; it always comes at price, whether paying for it upfront or paying by the lost inefficiency of looking for that elusive car space.”
Another study of parking infrastructure: energy, emissions, and automobile life-cycle environmental accounting by Mikhail Chester, Arpad Horvath and Samer Madanat also calculates 800 million parking spaces in the United States, or about 3 for every car of the 250 million cars on the road.
Battaglia says, “We’re definitely in the early stages of creating a new world order, a new way of doing things for parking made easy. It’s a great opportunity to create new value and jobs in society, increase economic efficiency, reduce carbon emissions and change the world for the better.”