This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList.
Parking Calculations: Parking costs can get complicated. Depending on the location, you may have some parking spots that are more expensive than others. To keep this example simple, I’ve assumed everyone has the same rental rate per parking spot. Parking spaces are usually rented out monthly.
Number of Cars: 30
Monthly Parking Fee: $150/car
Leased Office Space Square Footage: 7,000
Start by calculating the number of spaces required for your business and multiply by the cost per car and then multiply this number by 12 months.
30 spots x $150/spot x 12 months = $54,000
$54,000 / 12 months =$4,500/month
Parking Cost/Square Foot:
Take the annual cost and divide it by the rentable square footage for the space.
54,000/7,000 s.f. =$7.71/s.f./year