Like to drive the car to work in Sydney’s CBD? The news is bad, with few new spaces available in the next few years, according to property agents Savills.
The lack of sites in the CBD and tight regulations means parking will remain tight. In fact since 2001, only 23 car spots had been added to the city’s CBD core compared with 74,235 square metres of office stock.
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By using a standard workspace ratio, one car bay had been added for about 215 employees since 2001, The Australian Financial Review reports today. Car parks built recently were in mid-town or western parts of the CBD.
Casual daytime parking charged at hourly or half hourly rates is the most lucrative.
And as you would expect, the shortage has attracted significant investor interest as the tightness of the market has led to earnings growth for car parks and a compression of yields.