Why Is Dedicated Parking Important in Commercial Real Estate?
In Atlanta’s commercial real estate advisory, dedicated parking is one element often underestimated yet crucial for a successful business location. If you are looking for an office space in Atlanta, the significance of parking can be a game-changer.
But why is dedicated parking so important in commercial real estate? Let’s discuss the reasons and uncover the impacts this small detail can have on the overall success of commercial properties.
1. Convenience and Accessibility
One of the primary reasons dedicated parking is essential in commercial real estate is the convenience it offers to both clients and employees. When people visit a business, whether for work or services, the last thing they want is to spend time searching for a parking spot.
According to a survey conducted by INRIX, a transportation analytics company, drivers in Atlanta spend an average of 50 hours per year searching for parking. It costs Americans approx.—$ 73 billion per year to search for parking. This statistic highlights the necessity of having a readily available parking space, especially in high-traffic areas.
Dedicated parking enhances the accessibility of commercial property and makes it easier for customers to access services and for employees to commute. For Terra Alma, a leading real estate advisory in Atlanta, the focus on providing properties with ample parking spaces is part of our broader strategy to ensure customer satisfaction and retention.
This strategy is echoed across other business space consultants in Atlanta, who recognize the direct correlation between parking availability and client experience.
2. Impact on Property Value
Another critical aspect of dedicated parking is its influence on property value. Commercial properties with ample parking tend to have higher market values than those without. This is particularly important for office space leasing in Atlanta, where competition for prime locations is fierce.
According to the National Association of Realtors (NAR), properties with dedicated parking spaces can see an increase in value by up to 10% to 20%. This increase is largely due to the convenience and perceived added value that parking offers.
This can be a significant factor in decision-making for businesses seeking advice from a leasing and consulting firm in Atlanta. Parking availability can make a property more attractive to potential tenants. Hence, increasing demand and allowing landlords to command higher rents.
3. Employee Satisfaction and Productivity
Dedicated parking is not just about customer convenience; it’s also pivotal in employee satisfaction and productivity. A study by the Society for Human Resource Management (SHRM) found employees in urban areas face parking difficulties that negatively affect their job satisfaction. In Atlanta, where traffic and parking are ongoing challenges, having a dedicated parking space can significantly reduce employee stress.
When employees are assured of a parking spot, they are less likely to be late for work, which directly impacts productivity. Moreover, a stress-free morning commute sets a positive tone for the day, leading to higher job satisfaction and employee retention.
We at Terra Alma, emphasize the importance of dedicated parking as part of our strategy to create optimal work environments for businesses.
4. Competitive Advantage
In the commercial real estate market, every advantage counts. Properties with dedicated parking offer a significant competitive edge over those without. For CRE advisory in Atlanta, this factor can often be a deciding point for clients when choosing between multiple properties.
Most consumers avoid shopping at a location if parking is difficult or inconvenient. This statistic is relevant to retail properties, office spaces, and other commercial real estate sectors. That’s why having properties with dedicated parking can be a key selling point, attracting more businesses and driving higher occupancy rates.
5. Environmental Considerations
While the convenience of parking is undeniable, it’s also essential to consider the environmental impact. Urban planners and CRE advisory firms in Atlanta are increasingly focusing on sustainable development practices, and parking plays a significant role in this.
Dedicated parking spaces can incorporate green features such as permeable pavements, electric vehicle (EV) charging stations, and green roofing systems to reduce the environmental footprint.
Terra Alma, a forward-thinking real estate advisory in Atlanta, is actively promoting sustainable parking solutions in their projects.
Conclusion
In conclusion, dedicated parking is a critical element in commercial real estate that should not be overlooked. From enhancing convenience and accessibility to boosting property value and ensuring employee satisfaction, the benefits are manifold.
For businesses and investors seeking the best opportunities in Atlanta, working with us (Terra Alma) can provide the expertise needed to navigate this important aspect of property selection.
Have more queries in mind? Feel FREE to call us for the best commercial real estate assistance in Atlanta.