Manila still has one of lowest parking rates

Posted on July 14, 2008

UNREASONABLE parking rates? Complain if you’re in Sydney or Mumbai, since Manila is still among cities in the Asia-Pacific region offering relatively cheaper daily parking rates.

This was shown by a survey of real-estate firm Colliers International Inc., which released the results yesterday. But the comparison did not go into a parallel comparison, however, of the average per capita income of the countries surveyed to show the more realistic relative expensiveness of the rates.

The study showed that median daily rate of parking in Manila costs just under $4. Sydney has the most expensive parking rates in the Asia-Pacific region at $54 per day and $774 per month.

Colliers said the median unreserved monthly parking rate in Manila is at $69. In Mumbai, India, it’s $68 a month.

“Daily rates, which are more a function of the general economy and consumer spending, have also increased and this suggests that the sluggish retail environment and higher gas prices have yet to impact the ability of parking-garage owners and operators to charge more,” Colliers said.

The cheapest daily parking rate in the region is in New Delhi at $1.75, although that city’s monthly parking rate at $174 surpasses Manila’s. The second cheapest rate is in Jakarta at $1.89 and $26 a month.

Ayala Malls Group vice president Rowena Manhit-Tomeldan said in a franchise forum last week they don’t earn from car parks, while Cornelio Mapa of Robinson’s Mall said that is also the case with them.

Mapa added that while they charge fees for parking in highly urbanized areas, they don’t charge parking rates in provincial malls. “We can’t give free parking to those who would not patronize us,” he said, but did not explain what he meant since they also do not give free parking to those who patronize them.

In its outlook for 2008, Colliers said growth rates last year in the office-space market was directly linked to parking rates and could not be sustained in the long run.

“Rates could temper to 10 percent to 15 percent in the course of 2008,” the company said in its property market outlook for this year. Colliers said that it sees a direct correlation between monthly parking rates and the office real estate market.

As a matter of curiosity, the priciest parking space in the world is in London at $1,166 per month or $68 per day that, at P3,060 is nearly but not quite what 3 minimum wage earners in Manila would receive a day.

Manila still has one of lowest parking rates

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