With underground parking spaces costing $37,000 and more to build in Chicago, it might come as a shock that a recent study found much more parking supply than demand around the city's apartment buildings.
Robert Channick reports on a study by the Center for Neighborhood Technology in Chicago that finds a lot of empty parking in apartment buildings around the city. "Mandated parking garages and surface lots at apartment buildings across the city were on average one-third empty, wasting space that may make neighborhoods more expensive and less walkable," explains Channick.
The article acknowledges that both Chicago and Evanston have relaxed parking requirements for residential developments located near transit stations—yet there is still far more supply than demand for parking overall in the city. The article includes more details about the methodology of the study, and the effect of parking requirements on developments around the city.
Read the full story: Chicago has apartment building parking glut, study shows
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