How Parking Works in an Office Building
Parking is an important consideration for office tenants. You will want to consider the parking needs of your clients, vendors, and employees. Access to and cost of parking should be part of your decision making process. Parking is an expensive amenity and can sometimes be a large revenue driver for landlords. Tenants should make sure to discuss parking options with landlords and negotiate the parking terms early in the lease process. Most office buildings have parking multi-level parking structures (above and below ground) and have limited surface parking. It is common in central business districts and other areas where land is limited for buildings to share garages or have no dedicated parking. Below we have explained the different parking terms you will find in a lease.
Contract Parking: Contract parking is essentially a leased parking space. Individuals can pay for a contract or tenants can purchase a number of contract spaces. Tenants can negotiate to receive a set number of contract spaces as part of their lease. Tenants can also negotiate a discount for their employees who purchase parking contract. Contract parking usually comes in reserved and non-reserved. Reserved spaces are denoted with a name or number, and may not be used by anyone else. Reserved spaces are more expensive, but are usually conveniently located near the building or the elevator.
Visitor Parking: Visitor parking may be offered free or for a fee, and is usually denoted with a “Visitor Parking”.
Parking Validation: Tenants may purchase parking validations, which are either a stamp, stickers, or a validation ticket that can be given to tenant guests to pay for their parking. Validations can be purchased from the property manager or the parking manager, and can also be requested when negotiating parking terms.
Surface Parking: Surface parking is ground level parking that is not part of a larger parking structure. It is possible to have reserved spaces in a surface lot.
Content is provided by SwiftLease leasing agents.