4 Factors Influencing Parking Lot Construction Costs
Getting an accurate parking lot construction cost quote upfront can seem challenging simply because there are a lot of variables involved that can influence the end cost. Let’s break this down so that you have some numbers you can then use with a parking lot cost calculator for easier planning.
1. How Much Does a Parking Lot Cost? Depends On Size & Layout.
The size of your parking lot directly influences the end cost, as the larger the lot, the more materials and labor are needed to complete it.
- A small lot of 50 parking spots averages between $50,000-$200,000.
- A large lot of 200+ parking spots can cost over $200,000+.
Additions like the number of entrances/exits, medians, curbs, gutters, and sidewalk space will also affect the final number.
2. How Much Does It Cost to Pave a Parking Lot? Material Type Matters
To expand on the numbers above so that they make sense, let’s use a parking lot cost calculator to figure out the average parking lot construction costs based on lot size and material type.
How Much Square Footage Is Needed?
A parking lot typically ranges between 300-350 square feet per parking stall, including the space needed for the driving aisles. Using the average of 325 square feet per parking stall, we can calculate the total square footage needed based on how many parking spots you want.
Size and Space Requirements
- A 50-space parking lot at 325 square feet per space = 16,250 square feet approx.
- A 200-space parking lot at 325 square feet per space = 65,000 square feet approx.
Parking Lot Construction Cost - Estimate For Materials ONLY
Asphalt pavement costs between $3-$6 per square foot, while a concrete parking lot costs between $4-$8 per square foot. So, how much does it cost to build a parking lot?
- Small Lot: An asphalt parking lot of 50-spaces would cost between $48,750-$97,500, based on $3-$6/square foot, while a concrete lot would be $65,000-$130,000 based on $4-$8 per square foot.
- Large Lot: An asphalt parking lot of 200 spaces would cost between $195,000-$390,000 based on $3-$6/square foot, while a concrete lot would be $260,000-$520,000 based on $4-$8 per square foot.
Note: estimates are ONLY for the material portion, and don’t include other factors given in this list.
3. How Much Site Preparation Is Needed?
Preparing the land for your parking lot can be quite a labor-intensive process, as it involves removing existing structures that are in the way, and grading the site for drainage. This can add between $50,000-$100,000 to the parking lot construction cost.
4. Don’t Forget About Signage & Markings.
Once your parking lot has been paved, it needs to be brought to life with clear and informative signage and markings that will guide drivers and pedestrians safely and efficiently. This will include directions, speed limits, parking restrictions, loading zones, etc. This can add $10,000-$20,000 to the overall cost.
