Features | From Pivot Magazine

Inside the hot market for prime parking spots

A thriving “underground” economy 

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Illustration of cars sitting next to a for sale signForget real estate—today’s hottest market is for places to put your car (Illustration by Leeandra Cianci)

$1,315,000

NEW YORK CITY

In 2012, developers on the Upper East Side priced parking spots in a private garage under a condo building at more than a million each. The 3.7-by-7-­metre spaces come with their own sales contracts, deeds and maintenance fees.

$1,275,000

HONG KONG

In 2019, a local businessman paid $77,582 per square metre for this parking space, which is located in the world’s most valuable office building. “To these tycoons,” said one property agent, “it’s not a significant purchase if you compare it to the value of the office floors they own.”

$680,000

LONDON

A single space located near Kensington’s Royal Albert Hall sold for nearly 2.5 times the cost of an average British home in 2014. Media calculated that a driver could park at a nearby public lot for 31 years for the same amount of money.

$732,000

BOSTON

In a 2013 auction, a two-car parking pad in the Back Bay neighbourhood started at $42,000. Fifteen minutes of bidding later, someone bought it for more than 13 times that. “This is just amazing,” said a local real estate agent. “God bless America.”