UCLA's Don Shoup's work has everyone thinking about parking. At Ohio State University, the Deans have had a productive idea. They are cashing out the present discounted value of their parking lots and will accept a one time payment of roughly $400 million dollars in return for allowing private firms to run their parking lots for the next 40 years. Details are here. It would interest me to know the details. On an annual basis, what is the revenue flow from the parking lot? What interest rate was used to convert this flow into a NPV? What risks do the private firms face? Given that OSU is a growing university with more students who are able to afford vehicles, could demand decline? What off campus parking lots are available? How lazy are students and faculty in terms of walking a few blocks to an off campus spot? If the parking lot falls apart, who pays for repairs?
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04/23/2012
University Parking Lots as Gold Mines!
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I can attest to that argument. Young people are continually discounting the value of owning a car, especially at that age.
Being an Ohioan I also know the tough economy has been with us for a while and it will be a long time before recovery. These students will not likely have the finances to buy cars.
If there are frugal though learn how to invest http://youthfulinvestor.com they may be in better shape. However until then those parking lots may lie vacant and OSU might be out some money.
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