socialmedian: Rents for the lowly parking space stay high in the world's cities

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Rents for the lowly parking space stay high in the world's cities - International Herald Tribune

Submitted by Infodiva

Oct 11, 2008

Summary

While real estate in much of the world's developed countries is struggling, the sale or long-term rental of residential parking spaces is generally doing just fine.

"New properties constructed in central city areas can come with limited parking spaces - there is, therefore, plenty of demand," said Thomas Postilio, vice president of Core Group Marketing in New York.

For developers in New York, parking is the best use of extra space because in some areas it actually can command about the same price per square meter as living space, which costs much more to develop. Read the full article

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