The cost to build a parking garage for a standard size ranges from $7.7M to $12.5M. Typically, for a multi-story parking garage, the average cost is around $11M – $15.3M for a 150,000 sq. ft. If you want to know how it can cost you according to your requirements and project size, keep reading this blog!
Indeed, having enough space in a rushy business, cities, and downtown areas is quite tough. Because the more visitors you have, the more space you need for parking to fit a specific number of cars. However, every building or company has its own car parking needs and car types. In short, the parking structure varies in requirements and materials to accommodate different needs.
IF YOU ARE PLANNING TO BUILD A GARAGE THEN DISCOVER THE KEY FACTORS THAT INFLUENCE THE COST TO BUILD A PARKING GARAGE AND ENSURE YOU’RE PREPARED TO BUDGET FOR A SUCCESSFUL PROJECT!
Average Cost Per Size
| Size
(sq. ft.) |
Average total cost |
| 50,000 | $3.5 – $5.5 million |
| 100,000 | $7.2 – $10.9 million |
| 150,000 | $11 – $15.3 million |
| 200,000 | $15 – $20 million |
| 250,000 | $18 – $25.5 million |
Cost Per Number Of Levels
1- Single-Level Parking Garage
You should expect $15,000 to $21,000 per space to build a Single-level parking garage. They are less expensive or common than multi-story land because they are more expensive to build. Moreover, many cars can not fit in that space compared to the number of cars on more levels.
2- Multi-Level Parking
Multi-level parking garages are very expensive to construct as compared to single-level parking garages. The average cost to build a multi-level garage ranges between $19,000 to $30,000 per space. These types of garages are more commonly constructed for commercial building usage. The average level consists of 5 levels, but it can be higher or lower than that.
Cost To Build A Parking Garage By Material
No#1 Concrete parking lot
The average cost of building a parking garage for concrete material ranges between $2 and $5 per sq. ft. These are not popular but are constructed in the southern areas of the US. It is said that the concrete garages are better in quality than asphalt. The main disadvantage of this material is that it can break in extremely cold weather. But, you can colour it of your choice and give it a good shape. Moreover, it can last 20 to 45 years if it is sealed regularly.
No#2 Permeable Paver Parking Lot
A Permeable Paver Parking Lot costs between $2 and $8 per sq. ft. to install. The good thing about this material is that it is lightweight and porous and easy to install. Moreover, it is considered a good investment because it requires less maintenance expense.
No#3 Gravel Parking Lot
You can evaluate Parking Garage cost estimates on the basis of $3 to $5 per sq. ft. Basically, gravel consists of small stones and rocks that are combined to create a solid and durable surface. Additionally, Gravel lots are very heat-resistant but not good for colder climates. Remember, it may be cheaper to install but a very high maintenance cost is required.
No#4 Asphalt Parking Lot
The average parking lot price ranges from $7 to $13 per sq. ft. As compared to concrete material, asphalt is suitable for extreme cold weather conditions. The best feature of this material is that it melts down the snow quickly due to its darker colour.
Factors Affecting Total Parking Garage Cost
1. Location
If you are planning to build parking garages then expect more cost for the crowded cities. For instance, land near restaurants, shopping centers, universities, airports, or highways will cost you much more.
2. Number of levels
The shorter parking structures with a larger footprint need more land but comparatively, it tends to cost less per space than a more level structure. Moreover, underground parking floors usually cost more to build than above-ground structures.
3. Land
The very first step before garage construction is to buy the land. Typically, its cost ranges between $1,600 to $250,000 per acre, depending on the location.
4. Demolition
If something is constructed on your existing land then you will have to remove it before the construction process starts. Usually, $4 to $10 per square foot is the average cost so expect $1,500 to $3,000 per acre.
5. Labor Expenses
| Professional | Average hourly rate |
| Architect | $110 -$260 |
| General contractor | $70 – $190 |
| Electrician | $90 – $140 |
| Plumber | $80 – $160 |
NOW YOU KNOW THE COST TO BUILDING A PARKING GARAGE SO MAKE A SIGNIFICANT INVESTMENT BY UNDERSTANDING THE COSTS INVOLVED TO MAKE INFORMED DECISIONS AND AVOID UNEXPECTED EXPENSES DURING THE PROJECT!
Conclusion
In short, the cost to build a parking garage fully depends on the types and materials you choose. You can go with single-level garages because they are generally cheaper but take up more land. Whereas, multi-level garages, while more expensive, use vertical space more efficiently. Make sure to put a good effort into buying the right land and materials by considering the factors discussed in our blog!