By Graham Summers
I’m not talking about the perfect office space (we can help with that); I’m talking about finding somewhere to park your vehicle when you get to the office.
If you are a tenant in Indianapolis, you might notice that you’re spending more time driving around the parking lot and walking further in the pouring down rain to get inside the building. To understand the shortage, you need to know that most of the buildings in suburban Indianapolis were constructed with the anticipation that they would park four cars for every 1,000 square feet of rentable space leased. So, if you built a 100,000 rsf building, there would approximately 400 parking spaces dedicated to that building. Today, the demand for parking is regularly 5.0 per 1,000 rsf of space leased and at times it can exceed 8.0 per 1,000 rsf of space leased. Let’s take a look at what is driving the shortage:
- Well leased buildings
The suburban submarkets, particularly Class A Keystone and North Meridian, have occupancy levels above 90% in most buildings – a full building, regardless of parking ratios, typically results in a full parking lot
- Growth in the tech and IT sectors
These companies are pioneers in how they utilize the space they occupy, and they typically work in open space environments – this creates efficiency, but also more people (and cars) in a smaller foot print
- Professional services firms replicating the Tech sectors
The law and financial services industries took notice as to how tech users were occupying their space, and over the last few years they are worked to create a more open and collaborative work space for their employees
Unfortunately, there is no quick solution to resolve the growing parking issues. Landlords do their best to monitor the ratios they allow via lease language, but the way people are using their office space continues to change and previously constructed buildings cannot keep up with that evolution. With no plans of significant public transportation on the horizon, your best bet it to get to the office early or grab your umbrella for the long walk!