The
Table of
Contents
(April 2005)
Page
Introduction -
Study Scope, Methodology, Sources Used 1-4
Nature of The Business - How Parking Garages Operate 5-10
* Discussion of industry
characteristics, evolution from 1960s to current day, relation
of garage operators to developers, industry
structure (public/private facilities),
factors affecting demand, privatization of
government parking, how garages
operate (costs, fees, construction costs per
space), major industry trade groups that
exist, types of contracts used (mgmt.
contracts, leases, fee ownership), typical staff
Executive
Overview of Major Findings ($300) 11-29
* Highlights of ALL chapters:
nature of the business, estd. number
of parking garages
in
investor demand, automation and payment
technology, move to more professional
operations, international expansion, growth of
ancillary services), and factors
affecting
demand (recent parking garage & commercial construction
trends, office vacancy rates,
pricing, the weather, the economy, etc.), industry
$ size/growth (2003-2004 perfor-
mance, 2005 outlook,
1986-2008 forecasts), outlook by major trade groups/competitors,
industry structure—public vs. private sector
facilities. Includes results of custom 2005
survey/ratios of NPA members. Latest Census Bureau
ratios (no. of facilities,
firms, avg. receipts per establishment, top 50
firms’ market share, top 10 cities receipts,
single/multi-unit operations, ratios by
receipts size of firm and estab., industry profita-
bility and composite
balance sheet items.
Factors
Affecting Demand, Industry Trends ($250) 30-50
* Summary of main factors
affecting demand for parking garage services, economic
outlook, gas prices
* Parking garage construction
status report: effect of recent commodity price increases,
no. of new garage starts and $ value new
construction 1998-2000, select findings of
Parking Market Research Co. 2000 report (size of garages built by airports, educa-
tional, medical,
private vs. public sectors, most active regions, other indicators).
continued
Factors
Affecting Demand, Industry Trends (continued)
* Analysis of trends in
nonresidential construction (total, office buildings,
hotels, retail
projects), value of new construction -
F.W. Dodge data for 1980-2002
for
nonresidential construction.
* National office vacancy and
absorption rates: analysis and outlooks by: ONCOR, Torto
Wheaton Research, Society of Office &
Industrial Realtors (national % rate, major
city rates).
* Pricing: Results of Colliers Intl. 2004 No. American Parking Rate
Survey (daily,
monthly, by city)
* Analysis of existing commercial
floor space in the
major metro area
inventory of space (2003).
* Major Industry Trends:
discussions of:
- industry
consolidation
- new
automation and payment technology (IPI 2004 survey findings: access/revenue
control
technologies, payment media, smart cards, cellular, etc.)
- industry
regulation/garage financing
-
increased professionalization,
- international
expansion by
- outsourcing
of government operations as a growth opportunity,
- expansion
of ancillary services by garage
operators, off-airport parking, valet services,
security services.
Tables:
- Number of commercial buildings,
by region & floor space: 1986-2003
- Number of commercial buildings,
by size of building: 2003
- Parking garage construction
starts & avg. sizes (1996-2000)
- Garage construction by sector
(year 2000): private, public, airport, medical, education
- Private vs. public sector garage
use by type (retail, office, general use, etc.)
- Office space regional summary:
floor space, vacancy rate, construction - 2004
- Office vacancy rates, by quarter
2003-2004
- Top 10 city office markets,
ranked by amount of floor space
-
suburban)
Results of NPA Private Parking Facility Mail Survey (Nov.
2004-Jan. 2005) 51-55
($100)
* Summary & scope of the
survey, sample survey
Topics/Ratios Covered
- 2003 percent increase in
receipts
- 2004 percent increase in
receipts
- Expected sales increase for 2005
- Total operating expenses as % of
receipts (2002, 2003)
- Percent of revenues derived from
covered parking vs. surface lots
- Average yearly operating
expenses by stall/space in 2003
(total, utilities, labor, maintenance,
liability insurance) surface lots & parking garages
separately)
- Average hourly wages, by job
function (parking attendants, valets, cashiers, facility
supervisors,
office/clerical)
- Current parking rates (hourly,
daily, monthly)
- Capital investment - expected
investment in automated equipment/upgrades for 2005
- Average number of covered
parking stalls operated
- Percent of revenues, by source -
2003.
Size &
Growth Of The Industry ($150) 56-64
* Summary & discussion of industry receipts data by Census Bureau
(limitations and
accuracy), reported receipts for 1986-2003 from
Service Annual Survey, definition of
what receipts include/exclude, garage gross
receipts vs. management fee income, how
other
industry analysts and large chains estimate industry size, analysis of lagged
effect
of commercial construction on industry
receipts, discussion of 2003-2004
performance,
2005 forecast, long-term
outlook to 2008, rationale for
Marketdata forecasts –
historical growth and during past recessions,
etc., composite sales increase of top 3
companies for 2004. Discussion of factors
affecting demand (weather,
the economy,
price of parking, office vacancy rates, etc.)
Tables:
- $ Value of industry receipts
from Dept. of
Commerce Service Annual Surveys
(1986-2003)
- Marketdata’s estimates of the true size of the industry
(1986-2008 F), $ value and
annual % changes.
Profile of The Public Parking Industry - Operating Ratios: Results
of 2001-2004 IPI Benchmarking Surveys ($200) 65-87
* Scope of the survey, analysis of
public parking facility… operating revenues,
parking operations, revenue sources, fines
& penalties, worker compensation trends
(avg. salaries by 9 job functions, payroll as %
expenses by type facility),
use of contracted services, rate increases,
operating costs per space, etc., analysis of
on-street vs. off-street spaces, valet parking,
security services.
Tables:
- Revenue items as a percent of
total parking revenues (1998, 2000, 2004)
- Revenue items as a percent of
total parking revenues, by type parking operation
(airports, colleges, medical facilities,
municipal locations: 1998, 2000, 2004)
- Expense items as a percent of
total parking revenues, by type (1998, 2000, 2004)
- Initial fines $ amounts, by type
(2004)
- Hourly parking rates, by type
facility
- Contracted services to outside
vendors, by type facility (2004, 2000)
- Contracted services, by type, by
type facility (airport, college, etc. – 2004)
- Payment options, by type parking
facility - 2004
- Annual salaries, by job
function, by type facility - 2004
- Annual operating costs per
space, by type facility - 1997, 2004)
- Hard cost per space to construct
garage, by type facility - 2004
- Surface lost maintenance costs,
construction costs per space - 2004
- Airport services offered, rates
- 2004
- Medical facilities and municipal
parking rates - 2004.
Economic
Operating Performance & Key Ratios ($300) 88-111
(2002 vs. 1997 U.S. Census
data)
* Summary & Analyses (1997 vs. 2002 5-year changes) - discussions of auto
parking
garages by.... number of garages, no. of
parking spaces in
structures,
avg. annual receipts per garage and per space, avg. receipts per employee,
annual payroll/employee, ratios by: legal form
of company, concentration levels, single
vs. multi-site companies, garages by revenue
size of facility, garages by revenue size of
firm, national/state distribution (top
states' and cities’ share of
with highest avg. receipts per garage, top 50
firms’ share of industry receipts,
growth
in no. of
garages & receipts for top states, industry composite balance sheet
and
profitability measures- summary and discussion.
Census Tables:
* 2002/1997 comparative ratios (estabs.,
receipts, receipts per employee)
* Parking lots and garages, by
employment size (1998-2001)
* Parking garages, by legal form of organization: no. of
establishments, receipts,
payroll as % receipts (1997)--corporations,
sole proprietorships, partnerships
* Industry concentration ratios (share of mkt.) -- top 50 firms
(2002, 1997):
no. of estabs., receipts, payroll as % sales, for top 4, 8, 20, 50
firms
* Parking garages, by single vs. multi-unit firms: no. of firms
and estabs., annual receipts, payroll as % receipts, 1-10 or
more facilities
* Parking garages, by annual receipts size of firms,
receipts from
$100 million to less than $100,000: no. of
firms, estabs., annual sales, payroll, no.
of employees
* Parking garages, by receipts size of facility: sales
size classes under
$10,000 to $10+ million, no. of estabs.,
receipts, share of receipts, payroll as %
receipts
* Number of auto parking garages by state, no. of facilities, receipts,
avg. receipts
per facility
* No. and avg. annual receipts per
parking garage, by major city
* Composite industry Balance Sheet
& Income Statement: 1998-2003.
Profiles Of Some Leading
Parking Companies ($200) 112-129
(In-depth profiles, covering: 3-5 year revenues when available, company
structure, history,
operations and services, divisions/subsidiaries, no. of facilities,
recent acquisitions, list of facilities,
headquarters address, etc. for each company below.)
* Summary of top 3 companies’ 2004
sales.
* AMPCO
System Parking (ABM Industries)
*
APCOA/Standard Parking
* Central
Parking Corp. (incl. Allright Corp.)
* Impark
Reference
Directory Of Industry Trade Associations, Journals,
Consultants,
Other Sources 130-138
* List of parking industry
national/regional trade associations, journals, consulting firms,
brokerage analysts, other key contacts --
address & phones, description of activities.
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