2A — August 10 - 23, 2018 — M id A tlantic
Real Estate Journal
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Mid Atlantic Real Estate Journal
Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists .............................Keith Bawolek; Daniel Schuster,HF Planners, LLC; Jason Gottdenker, Bane Realty Capital; Jack W. Intrator CPM, RAM, ARM, Realty- Mark CityScape LLC Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 15 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Is The Value Of Your Urban Parking Garage Hurting The Value Of Your Office Building? P Keith Bawolek arking is a critical com- ponent of any office property. For an office building to be competitive in the marketplace, there needs to be sufficient parking to meet the needs of tenants and visitors. However, the future demand of parking is uncertain today. You can’t pick-up a magazine or newspaper that doesn’t warn that the upcoming onslaught of self-driving cars will change the world’s driving (and parking) habits forever. Third-party ride sharing services are disrupting transient and to a lesser extent monthly parking. How do these trends impact the value of the parking facili- ties currently serving your of- fice project? More importantly, how does a declining parking garage value impact your of- fice building asset? Is it time to re-evaluate how your garage is managed, and more impor- tantly, is the current make-up of parking demand drivers appropriate for your urban location? Just like your retirement portfolio, it’s always good to
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re-evaluate your parking opera- tions annually. Parking Revenue Control Technology and Efficient Staffing Schedules There’s increasing pressure across the U.S. to increase non-union hourly wages to $15.00 per hour or more, which could have significant financial implications for office parking owners and operators. The good news is that there are tech- nological solutions available that effectively and efficiently minimize the amount of person- nel needed to operate garages, without sacrificing customer service. Do you have the right equipment for your parking op- eration? The correct software? It’s also important to stay on top of payroll administration. Make sure payroll withhold- ings and pension deductions accurately reflect the required
percentages of the state and city your garage is located in. Many garage owners have pen- sion costs deducted for hourly- garage workers as a garage operating expense only to find that many employees don’t stay employed long enough for the required vesting period. Where are those withholdings? Does your garage need to be open and staffed 24/7? Monthly tenant parkers can always access the garage via their proximity card or AVI tag. But have you kept the garage open and staffed after normal busi- ness hours and on weekends to capture transient restau- rant and bar business? If so, you may want to rethink your strategy because this parking demand driver is now serviced by the third-party ride sharing services and is a diminishing continued on page 18A
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