The value of a shopping center or strip mall is directly proportional to the number of visitors it receives. One of the major concerns for visitors is parking, and it is often a deciding factor when choosing a location to shop or dine. Real estate investors who invest in parking options such as surface lots or garages can significantly improve a strip mall’s value, making it more attractive to tenants and visitors.
The Importance of Parking
Parking is an essential component of any retail property. It is often the first impression that visitors have when arriving at a shopping center or strip mall. A well-maintained and properly designed parking area can make a significant difference in attracting visitors and tenants.
If parking is not easily accessible or if there is a shortage of spaces, visitors may choose to go elsewhere. In some cases, visitors may even avoid the area altogether, which can negatively impact the property’s value. Therefore, it is crucial for property owners and investors to pay attention to parking options when looking to improve the value of a retail property.
Surface Lots
Surface lots are one of the most common types of parking options found in shopping centers and strip malls. They are often less expensive to construct than other types of parking options, making them an attractive choice for property owners and investors.
One of the primary advantages of surface lots is that they can be designed to accommodate a large number of vehicles. This is particularly beneficial for high-traffic retail areas where visitors need easy access to the shopping center or strip mall.
In addition, surface lots can be designed to be aesthetically pleasing. They can be landscaped with trees, shrubs, and other greenery to create an inviting and welcoming environment for visitors. This can help to attract tenants and visitors and enhance the value of the property.
Garages
Garages are another popular type of parking option that can significantly improve a strip mall’s value. They offer several advantages over surface lots, including protection from the elements and enhanced security.
Garages can be designed to provide shelter from the sun, rain, and snow. This is particularly beneficial in areas where the weather can be extreme or unpredictable. Visitors are more likely to choose a shopping center or strip mall that offers covered parking options, which can increase the property’s value.
In addition, garages can be designed with enhanced security features, such as surveillance cameras and access control systems. This can provide visitors with peace of mind and help to prevent theft and vandalism. These security features can also be attractive to tenants, which can increase the property’s value.
Mixed-Use Parking
Another popular trend in parking options is mixed-use parking. This type of parking option combines residential and commercial parking spaces in one location. Mixed-use parking can be beneficial for property owners and investors in several ways.
First, it can help to increase the value of the property by providing parking options for both residents and visitors. This can attract tenants and visitors who are looking for convenient and accessible parking options.
Second, mixed-use parking can be more efficient and cost-effective than separate residential and commercial parking options. Property owners and investors can save money on construction and maintenance costs by combining the two types of parking spaces.
Finally, mixed-use parking can help to create a sense of community and promote sustainable living. By combining residential and commercial parking options.
Last modified: March 22, 2023
