Do commercial areas with less parking do better? The answer is complicated
MONTREAL -- Should Montreal actually get rid of more parking spots?
More drivers would honk their horns in frustration at the very suggestion but in the wake of a report suggesting businesses do better in areas with fewer spots, it is something that the City of Montreal may have to consider.
Commercial real estate consultant Glenn Castanheira said parking may be overrated, adding that the study may have missed some factors that contribute to the economic success of some streets.
“It just so happens some smaller streets we have like Wellington have fewer parking spots and at the same time have a lower vacancy rates,” he said. “What’s important to look at is those streets do have a lower vacancy rate mostly because they’re local streets. They cater to the local population regardless of fluctuation and construction work.”
Castanheira pointed to another area of Montreal that is very popular despite a lack of parking: Old Montreal.
“It’s very hard to park yet it’s Montreal’s number one destination,” he said. “It’s because the experience is worth it and let’s not forget the accessibility by metro and other forms of public transportation.”
Should Montreal reduce the number of parking spots in commercial areas? Castanheira gives his take in the video above.