What Recession? Parking Garages Buck the Economic Downturn

According to Colliers International's 2009 Parking Rate Survey, Garages Manage
to Hold Rates Steady Amid Economic Woes

BOSTON, June 24 /PRNewswire/ -- Colliers International, a leading real estate
services firm, today released its ninth-annual North American Parking Rate
Survey, which now tracks 64 North American markets. The survey indicates that
despite economic hardship, U.S. parking garage owners and operators have
managed to hold rates at last year's levels. Indeed, despite a loss of six
million jobs and a significantly more challenging business environment, few
markets have seen a meaningful pullback in parking rates. In contrast,
Canadian parking costs registered sizeable gains, reflecting a more robust
marketplace. And as outlined below, parking rates in regions around the world
largely mirrored U.S. pricing trends.

Daily and monthly parking rates in the U.S. diverged over the past 12 months
(ending June), with daily rates up 1.2 percent ($0.18) and monthly rates
sliding ever so slightly by 0.9 percent ($1.47). Such relative steadiness in
the face of this historic recession may be attributed to a continued imbalance
between parking supply and demand.

The modest 0.9 percent drop in U.S. monthly parking rates is attributed to a
substantial decline in office occupancies, which tends to push monthly rates
lower. However, monthly rates' drop was quite mild when compared to the
significant weakness in the office sector.

Daily rates are more a function of the general economy and consumer spending,
and their 1.2 percent increase showcases that demand for daily parking remains
remarkably strong even as the economy and retail sector continue to suffer.
This underscores the strong ties people have to their cars.

Even though the economy is expected to remain sluggish, and the labor market
lackluster, drivers should not expect this weakness to manifest itself in
lower parking rates. While higher fuel prices across North America have
reduced the total number of miles driven, demand for parking seems to be more
recession-proof, and this affords garage owners and operators the opportunity
to hold prices close to year-ago levels. Moreover, when the economy rebounds,
the markedly rising parking rates of years past are expected to return,
according to Colliers.

Parking in the U.S. - Monthly

-- Monthly parking rates decreased marginally during the past 12 months,
falling just $1.47 or 0.9 percent.

-- The monthly median parking rate now averages $154.23 in the U.S.

-- Monthly parking rates range from a high of $700.00 in Midtown
Manhattan
to a low of $20.00 in Memphis.

-- The five most expensive U.S. parking districts are (median monthly
rate):
-- Midtown Manhattan - $550.00
-- Downtown Manhattan - $500.00
-- Boston - $403.00
-- San Francisco - $350.00

-- Chicago - $325.00

-- The five least expensive U.S. parking districts are (median monthly
rate):
-- Bakersfield - $40.00
-- Reno - $45.00
-- Ft. Lauderdale - $53.00
-- Memphis - $57.00

-- Walnut Creek, CA - $57.50

Parking in the U.S. - Daily

-- Daily rates, on the other hand, rose slightly by 1.2 percent, or
$0.18.

-- The median daily parking rate now averages $15.96 in the U.S.

"Colliers has been tracking the parking sector for nine years, and we have
historically observed a direct link between the health of the office market
and monthly parking - and the health of the consumer economy and daily
parking," remarked Ross Moore, executive vice president and director of market
& economic research at Colliers International. "However, this year's survey
results truly showcase how resilient the parking sector is. We are undergoing
an unprecedented time of economic hardship, job loss and contraction in
consumer spending. And in the face of such challenges, parking rates
nationwide have basically held steady, in many cases posting increases. Is
parking immune to swings in the general economy? Watching rates as the next
year unfolds may certainly speak volumes."

U.S. Parking Inventory
In contrast to 2008, 13.6 percent of garages surveyed this year by Colliers
have a waiting list, with an average wait of 3.7 months. The year-ago
findings showed that 20.9 percent of garages had a waiting list, with an
average wait of 4.3 months.

Just over three-quarters of the CBDs surveyed by Colliers described their
city's parking supply as "fair" (garages are 60-80 percent full on weekdays,
and on weekends during special events). Sixteen percent indicated their
parking supply was "limited" (garages are usually full on weekdays and on
weekends during special events), and 6.0 percent characterized their parking
supply as "abundant" (garages are consistently less than 60 percent full).

In addition, 36 percent of cities surveyed noted that new garages are slated
for construction in the next 24 months.

Per all the above measures, parking pressures have eased a bit in 2009, though
prices remain steady.

Parking in Canada - Monthly

-- Monthly parking rates in Canada increased by $20.00, a robust 9.9
percent over 2008 levels, when parking rates jumped 8 percent.

-- The monthly median parking rate in Canada now averages $222.60 CAD.

-- The five most expensive Canadian parking districts are (monthly median
rate):
-- Calgary - $460.00 CAD
-- Toronto - $305.00 CAD
-- Montreal - $280.00 CAD
-- Edmonton - $275.00 CAD

-- Vancouver - $224.00 CAD

Parking in Canada - Daily

-- Canadian daily parking rates increased by 9.9 percent as well.

-- The median rate for daily parking in Canada now averages $15.04 CAD.

Global
Outside North America, Colliers now tracks 76 markets around the world. Once
again, London seized top the top spot as the most expensive parking district
in the world, with London - City leading the way.

The top-five most expensive parking districts in Europe, Middle East, and
Africa (EMEA) include (monthly median rate, in USD):
-- London - City: $1,020.00
-- London - West End: $956.00
-- Amsterdam: $805.00
-- Zurich: $516.00

-- Milan: $495.00

The top-five most expensive parking districts in Asia-Pacific include (monthly
median rate, in USD):
-- Hong Kong: $748.00
-- Sydney: $588.00
-- Brisbane: $529.00
-- Tokyo: $525.00

-- Perth: $517.00

The top-five most expensive parking districts in Latin America include
(monthly median rate, in USD):
-- Bogota: $280.00
-- Buenos Aires: $150.00
-- Lima: $145.00
-- Sao Paulo: $140.00

-- Santiago: $140.00

About Colliers

Colliers International is a global affiliation of independently owned
commercial real estate firms. The organization's 12,749 employees span the
world in 294 offices in 61 countries. On a worldwide basis, Colliers manages
more than 1.1 billion square feet and has revenue of $US 1.6 billion. For
more information, visit http://www.colliers.com.

Monthly Unreserved
U.S. Market Daily Median Median Rate
Rate (USD) (USD)

Atlanta, GA $12.00 $90.00
Bakersfield, CA $7.25 $40.00
Baltimore, MD $13.00 $160.00
Bellevue, WA $14.00 $170.00
Boise, ID $12.00 $80.00
Boston, MA $34.00 $402.50
Charleston, SC $12.80 $107.25
Charlotte, NC $13.61 $103.75
Chicago, IL $31.00 $325.00
Cincinnati, OH $9.50 $127.50
Cleveland, OH $10.00 $172.50
Columbia, SC $10.00 $65.00
Columbus, OH $9.00 $110.00
Dallas, TX $10.50 $90.00
Denver, CO $16.00 $175.00
Fresno, CA $8.00 $60.00
Ft. Lauderdale, FL $15.00 $53.00
Greenville, SC $6.00 $69.75
Hartford, CT $20.00 $175.00
Honolulu, HI $35.50 $212.33
Houston, TX $12.00 $140.00
Indianapolis, IN $11.00 $105.00
Jacksonville, FL $8.70 $94.54
Kansas City, MO $10.00 $90.00
Las Vegas, NV free $65.00
Little Rock, AR $6.46 $59.12
Los Angeles, CA $28.20 $205.00
Louisville, KY $9.00 $96.00
Memphis, TN $4.00 $57.00
Miami, FL $17.00 $134.12
Milwaukee, WI $12.00 $110.00
Minneapolis/St. Paul, MN $17.25 $187.00
Nashville, TN $12.00 $125.00
New York, NY; Downtown $38.00 $500.00
New York, NY - Midtown $44.00 $550.00
Oakland, CA $18.00 $192.50
Orlando, FL $15.00 $85.00
Philadelphia, PA $26.00 $314.00
Phoenix, AZ $9.00 $65.00
Portland, OR $9.00 $185.00
Raleigh, NC $12.00 $95.00
Reno, NV free $45.00
Sacramento, CA $19.35 $215.00
San Diego, CA $26.00 $180.00
San Francisco, CA $25.00 $350.00
San Jose/Silicon Valley, CA $15.00 $117.50
Seattle, WA $28.00 $290.00
St. Louis, MO $12.00 $105.00
Tampa, FL $15.00 $133.00
Walnut Creek, CA $10.00 $57.50
Washington, DC $14.00 $215.00
West Palm Beach, FL $16.00 $68.90
NATIONAL AVERAGE $15.96 $154.23

Monthly Unreserved
Canadian Market Daily Median Median Rate
Rate (CAD) (CAD)
Calgary, AB $22.00 $460.00
Edmonton, AB $14.00 $275.00
Halifax, NS $14.00 $153.00
Kitchener-Waterloo, ON $10.00 $100.00
Montreal, QC $17.00 $280.00
Ottawa, ON $17.00 $195.00
Regina, SK $8.00 $148.00
Saskatoon, SK $9.00 $158.00
Toronto, ON $22.50 $305.00
Vancouver, BC $17.00 $224.00
Victoria, BC $12.00 $185.00
Winnipeg, MB $18.00 $190.00
NATIONAL AVERAGE $15.04 $222.75

Daily Median Monthly Unreserved
EMEA Country City Rate (USD) Median Rate (USD)

Albania Tirana $6.51 $130.22
Austria Vienna $56.62 $396.31
Bulgaria Sofia $16.98 $283.08
Croatia Zagreb $12.74 $155.69
Czech Republic Prague $15.57 $311.39
Denmark Copenhagen $47.28 $472.75
Estonia Tallinn $22.65 $226.46
Finland Helsinki $41.05 $396.31
France Paris $33.97 $319.88
Germany Berlin $25.48 $176.93
Germany Dusseldorf $35.39 $232.13
Germany Frankfurt $33.97 $298.65
Germany Hamburg $33.97 $336.87
Germany Munich $28.31 $370.55
Germany Stuttgart $28.31 $302.90
Greece Athens $24.06 $311.39
Hungary Budapest $29.50 $295.00
Ireland Dublin $31.14 $467.08
Israel Tel Aviv $22.00 $175.00
Italy Milan $28.31 $495.39
Latvia Riga $25.48 $200.99
Lithuania Vilnius $9.91 $205.23
Norway Oslo $55.69 $477.30
Poland Warsaw $8.14 $184.00
Portugal Lisbon $16.98 $169.85
Romania Bucharest - $205.23
Russia Moscow $25.00 $250.00
Russia St. Petersburg $31.00 $350.00
Serbia Belgrade $14.15 $176.93
Slovakia Bratislava $26.18 $169.85
South Africa Cape Town $7.61 $132.19
South Africa Durban $4.44 $80.96
South Africa Johannesburg $5.49 $71.45
South Africa Pretoria $5.39 $90.66
Spain Madrid $35.39 $261.85
Sweden Stockholm $34.22 $447.44
Switzerland Geneva $26.26 $431.34
Switzerland Zurich $37.51 $515.74
The Netherlands Amsterdam $70.77 $805.36
The Netherlands Eindhoven $19.82 $203.82
The Netherlands Rotterdam $38.22 $290.16
The Netherlands The Hague $56.62 $268.93
The Netherlands Utrecht $36.80 $297.23
UAE Abu Dhabi $5.00 $105.00
UAE Dubai $40.00 $240.00
UK London - City $56.68 $1,020.29
UK London - West End $51.82 $955.51
Ukraine Kiev $8.00 $250.00

Daily Median Monthly Unreserved
Asia Pac Market City Rate (USD) Median Rate (USD)

Australia Sydney $44.10 $587.72
Australia Brisbane $38.09 $529.19
Australia Perth $23.25 $517.16
Australia Melbourne $30.47 $340.77
Australia Adelaide $14.83 $220.50
Australia Canberra $6.82 $204.46
China Hong Kong $28.38 $748.20
China Shanghai $11.74 $220.05
China Beijing $7.04 $146.70
Indonesia Jakarta - $27.20
Japan Tokyo $52.50 $525.00
New Zealand Auckland $8.97 $256.28
New Zealand Wellington $8.97 $249.87
Singapore Singapore $21.06 $179.24
Philippines Manila $2.65 $42.40
Singapore Singapore $21.06 $179.24
Thailand Bangkok $11.43 $85.71

Daily Median Monthly Unreserved
Latin America Market City Rate (USD) Median Rate (USD)

Argentina Buenos Aires $10.00 $150.00
Brazil Sao Paulo $15.00 $140.00
Chile Santiago $12.00 $140.00
Colombia Bogota $12.50 $280.00
Costa Rica San Jose $11.00 $120.00
Mexico Mexico City $15.50 $116.00
Peru Lima $15.00 $145.00

SOURCE Colliers International

Kristin Sadlon, Porter Novelli, +1-212-601-8192, ksadlon@porternovelli.com