The empty swaths of parking decks and garages during the coronavirus pandemic in commercial properties are more than just evidence that working from home has killed traffic into office buildings, hotels and retail properties.
Those empty garages have huge financial implications on the commercial parking industry. Their operators are facing a financial crisis, laying off thousands of workers, and building owners stuck with unused garages are losing millions and wondering if they should repurpose the space.
“I would think [the impact on revenues] is almost as much as the airports and hotels,” International Parking & Mobility Institute Vice President Rachel Yoka said. "No one is traveling. No one is really commuting."Commercial parking companies have seen revenues drop 70% to 90% since the start of the pandemic,…
Read the full story here.