Parking garages in Chicago and other big cities are in high demand. Whether for residential or commercial use, these parking facilities must be designed with safety, convenience, accessibility, and efficiency in mind at all times. Building a parking garage isn’t cheap either, which is why it’s a good idea to hire a parking consulting team to make sure one stays on budget.
Expert Cost Projections
Parking garage consultants know how to project costs to the dime. Their expertise helps garage developers develop realistic budgets. This knowledge is invaluable as it protects developers from underestimating expenses and possibly running out of money to finish the project.
Financing Methods
As with any new development, builders don’t have a mountain of cash to invest in their parking facility. They must find lenders and investors to finance the project. Parking consulting firms help their clients identify various financing methods to help them ensure their project gets completed without being dragged down by high financing costs.
Cash Flow Projection
Future cash flow projections are important for any developer taking on a parking lot development project. Knowing this information helps them predict their return on investment and how much money they should put into the project. Depending on the projected numbers, the information may encourage the developer to be aggressive with the development by adding more spaces than previously considered or take a more conservative approach and complete the project in phases.
Developers interested in speaking with the top parking consulting firm should contact Parking Advisors, Inc., and learn more about their services by visiting their website today.
