Establishing the value of a parking space is relative in San Francisco.  If you have a home on a street in Noe Valley with easy street parking (many blocks west of Castro heading uphill qualify), the garage isn’t worth as much. But in buildings downtown, where identical units can come with and without parking, the spaces go for a $60-100,000 premium.

Last summer, the New York Times assessed the value of parking in cities around the world. In Manhattan, space in a new building costs an average of $165,000. Keep in mind that’s an average– some spaces are worth a lot more.

In London, the spaces go for even more– running as high as $500,000+ in central neighborhoods like Knightsbridge.

In Hong Kong parking spaces in new luxury condo buildings go for an average $153,000.

When it comes to renting a space, London is the most expensive. A typical spot in the West End runs $900/month on average. In Tokyo,the monthly rent is $700, followed by Hong Kong at $675 and Midtown Manhattan at $574. Moscow is also expensive, at $530/month.  

This entry was posted on Monday, March 31st, 2008 at 9:00 pm and is filed under Buying Strategies, Investors. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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