Cost Of Building A Parking Garage – 15 Factors That Affect The Number

How Much Does It Cost To Build A Parking Garage? Average Cost Is In The Millions

In the United States, the average cost of parking garages range between $7.5 million and $12 million. If you were to build a 150,000 square foot, multi-level parking garage that’s above ground, it would cost on average $9.75 million. The cost breakdown looks like this:

• Labor = 20.1 - 25% (about $3.5 million).
• Materials = 35-40% (around $4.1 million).
• Machinery = 10-15% (roughly $1.2 million).
• Finishing and soft costs = 10-30% (about $950,000).

These numbers may seem shocking upfront, but to truly understand the investment, let’s break down these costs even further.

What’s The Cost of Building a Parking Garage Per Parking Space?

The cost per space varies based on the location and design of the parking garage.

1. A surface lot is $1,500-$10,000 per space (economical).
2. An above ground garage is $25,000-$35,000 per space (balanced).
3. An underground garage is $35,000-$50,000 per space (expensive from excavation).
4. Automated parking garages can vary greatly, but typically fall within the range of above-ground garages.

Automated parking garages use mechanical systems to park and retrieve vehicles, offering space efficiency but requiring specialized maintenance. While they can sometimes be more cost-effective per space, the technology and maintenance requirements can offset these savings.

How Much Does It Cost to Build a Parking Garage Out of Concrete vs. Asphalt Cost Comparison

Concrete is preferred for multi-level structures (better durability and longevity), while asphalt is common for surface lots. Concrete costs $4-$8 per square foot, while asphalt is $3-$6 per square foot. So, for a 50-space lot, the cost of building a parking garage of concrete is $65,000-$130,000, while asphalt is a bit cheaper at $48,750-$97,500.

Concrete Flavors

But that’s not the whole story, as there are 2 ways you can go with concrete - precast or traditional. Precast is faster to install because the slabs are pre-made and assembled on-site ($19,500-$26,000 per space), while traditional concrete is poured on-site to allow for unique features or stamping designs ( $31,000-$42,000 per space).

15 Factors That Affect The Cost of Building A Parking Garage

It's important to consider each of the following elements when planning your budget and design, as they’ll significantly impact the overall cost of your parking garage project.

1. Location: Urban areas typically have higher construction costs.
2. Size and capacity: Larger garages with more spaces cost more.
3. Type of construction: Above-ground, underground, or automated systems.
4. Materials used: Concrete vs. asphalt, precast vs. traditional concrete.
5. Design complexity: Unique architectural features increase expenses
6. Number of levels: More levels generally mean higher costs.
7. Soil conditions: Poor soil may require additional foundation work.
8. Local regulations: Building codes, permits, and zoning laws affect design and costs.
9. Amenities: Features like EV charging stations or solar panels increase the budget.
10. Land acquisition: Costs for purchasing or leasing the project site.
11. Site preparation: Costs for clearing, grading, and preparing the construction site.
12. Structural system: Short-span vs. long-span designs affect both cost and capacity.
13. Parksmart certification: Consider this certification for sustainable parking structures.
14. Ventilation and fire protection: Mechanical systems required for enclosed garages like sprinklers cost. between $2-$7 per square foot.
15. Lighting and security: Essential for safety and user comfort.

Maintenance and Operating Costs

On top of the factors that impact parking garage costs, you’ll need $400-600 per space annually for maintenance and operating costs, which covers inspections, repairs, utilities, preventative maintenance and general upkeep.