The priciest places to park

The priciest places to park Americans are paying more for their space, but the prices vary widely. A spot in Manhattan can cost you almost $900 a month -- and Memphis just $20. By BusinessWeek Rising gas prices aren't the only thing affecting drivers' wallets lately. The cost of parking is also on the rise in cities across America. Nationwide, daily parking rates jumped 10.1% in the past year, to an average of $15.28, according to a new survey released by real estate services firm Colliers International. Average rates for a monthly unreserved parking space rose 4.4% in the same period, to $153.19 per month. Busy downtowns Monthly unreserved rates in the 49 U.S. markets included in the survey ranged from a high of $887.80 in midtown Manhattan to a low of $20 in Memphis. And even though Manhattan's parking prices exceed the average monthly rents for housing in many U.S. cities, parking can cost plenty in many international cities. A spot in London's West End now costs about $898 a month, with a daily rate of $58.80. And in Tokyo, drivers pay about $84.20 per day to park, while a monthly spot costs $702. The good news? Rising costs for both daily and monthly parking are a general reflection of a healthy economy and high consumer confidence. Monthly parking costs reflect the rising demand for downtown office space, while daily parking rates are a function of strong retail sales and tourism. Walk to work Colliers predicts that even an economic slowdown won't slow the rise in parking prices, since demand for parking continues to outpace supply. And building new garages isn't the answer, according to Ross Moore, director of Market & Economic Research for Colliers. "The numbers just don't work," he says. Land values in major cities continue to rise, and the condo craze that's hit downtowns of late has driven up the cost of already expensive land. Also, construction costs have risen sharply over the past few years as international demand for steel and concrete -- particularly in China -- has put pressure on materials suppliers. That makes it harder for parking garage owners to recoup their costs. As parking prices continue to rise, cities are looking at other ways to manage the demand, including encouraging people to leave their cars at home. David Feehan, president of the International Downtown Association, said most cities are expanding public transit while developing partnerships with car-sharing firms and creating programs that encourage commuters to bike or walk to work. (veiw chart properly at http://articles.moneycentral.msn.com....aspx?GT1=8472 ) Median parking rates across the U.S. City Daily Monthly City Daily Monthly City Daily Monthly Atlanta, Ga. $10 $90 Milwaukee, Wis. $22 $100 Austin, Texas 10 100 Minneapolis, Minn. 11 159.5 Bakersfield, Calif. 6.5 40 Nashville, Tenn. 7 130 Baltimore, Md. 12.5 132.5 New York, N.Y. - Downtown 32 500 Boise, Idaho 12 79 New York, N.Y. - Midtown 40 574.12 Boston, Mass. 31 420 Oakland, Calif. 22.5 165 Chicago, Ill. 25 332 Orlando, Fla. 12 77.5 Cincinnati, Ohio 10 85 Philadelphia, Pa. 22 325 Columbia, S.C. 10 65 Phoenix, Ariz. 7 35 Columbus, Ohio 9 95 Pittsburgh, Pa. 14.6 247.1 Dallas, Texas 9 65 Portland, Ore. 12.5 166 Denver, Colo. 12 140 Raleigh, N.C. 17.5 75 Detroit, Mich. 7 155 Reno, Nev. 15 45 Fresno, Calif. 10 55 Sacramento, Calif. 16 200 Ft. Lauderdale, Fla. 16 70 San Diego, Calif. 22 160 Hartford, Conn. 19.25 190.8 San Francisco, Calif. 24 335 Honolulu, Hawaii 30 190.5 San Jose/Silicon Valley, Calif. 18.75 87.5 Houston, Texas 12 145 Seattle, Wash. 24 250 Indianapolis, Ind. 8 105 St. Louis, Mo. 12 105 Jacksonville, Fla. 13 110 Tacoma, Wash. 12.25 118 Kansas City, Mo. 11 100 Tampa, Fla. 12 110 Los Angeles, Calif. 24 190 Walnut Creek, Calif. 15 35 Louisville, Ky. 10 100 Washington, D.C. 14 230 Memphis, Tenn. 6 57 West Palm Beach, Fla. 7.5 65 Miami, Fla. 13 100 Average $15.28 $153.19>