A property’s parking ratio indicates how “well-parked” a property is.
Properties with a high parking ratio mean that there are more parking bays per office size. Likewise, properties with a lower ratio mean that a tenant with a high number of office staff may need to either make alternate plans for parking, or take up more office space.
In South Africa, the parking ratio is normally explained per 100 sqm of lettable office space. A “good” parking ratio depends on the area. Therefore 3 bays per 100 sqm of office may be a good ratio for old central business districts. Whereas tenants may expect a ratio greater than 5 bays per 100 sqm office in newer developments.
Better public transport, or greater access to residential property for workers, or remote working initiatives can lower the need for parking.
Minimum parking ratios are normally defined in a land parcel’s zoning.
A property is made up 4,200 square meters of lettable office space.
This property has 180 bays.
The parking ratio is 4.3 bays / 100 sqm
Calculation: [ 180 bays / ( 4,200 sqm / 100 sqm ) ] OR
180 bays / 4,200 sqm office x 100 sqm
Some further info
#1 – FYI
How much floor space does a parking bay take up? Depending on the space efficiency of a specific parking area, you can budget a parking bay to take up, on average, from 25 sqm to 40 sqm.
Parking bays can live in
- Underground basements (more expensive to build)
- Above ground basements (less expensive to build)
- “On grade” (ground level) parking (least expensive to build)
#2 – Parking ratio requiring occupation of more space
I have 200 office staff, with 170 of these staff permanently employed and travelling to work. The property has a parking bay ratio of 3.5 bays per 100 sqm. How many square meters of vacant space do I need?
170 staff cars needing 100 sqm / 3.5 sqm of GLA needs 4,857 sqm of lettable office space
Calculation: 170 cars x (100 sqm / 3.5 cars per 100 sqm)