How Much Does Having a Parking Lot Cost?

Parking lots are a necessity for any business, especially if it's in a commercial area. But sometimes people don't think about the cost of having one.
The first thing to consider is that parking lot prices vary depending on where you are and what kind of property you have. So figuring out how much your parking lot will cost can be tricky.
Here, we'll go over some of the main factors that affect parking lot prices and give you an estimated price range for different sizes and types of parking lots.

The Cost Estimate For the Construction of a Parking Lot 

Mostly in paving a parking lot, there 2 main materials used are asphalt and concrete. So, we'll be giving you the prices of both.

Asphalt Parking Lot Cost Per Square Foot

The average cost of asphalt is $2.50 to $4.50 per square foot. This price usually doesn't include the installation and materials. You're looking at an additional $1 to $2.50 per square foot for materials.

Concrete Cost Per Square Foot

Concrete costs more than asphalt, and it lasts longer. The average cost of concrete is $4 and $7 per square foot. Just like with asphalt, this doesn't include installation and materials. You're looking at an additional $3 to $4 per square foot for those.
Since concrete is more expensive and lasts longer, it's usually better. But there are some situations where asphalt paving is a better option.
For example, if you're doing a repair or patch job, asphalt will be cheaper. Asphalt is also better in cold climates because it doesn't crack as easily as concrete in freezing temperatures.

Concrete Parking Lot Cost Considerations

There are a few things that will affect the price of your concrete parking lot:

The size of your parking lot

The size of your parking lot will be the biggest factor in the price. A small parking lot (under 1,000 square feet) will cost around $4,000 to $8,000. A medium-sized parking lot (1,000 to 5,000 square feet) will cost around $9,000 to $15,000. And a large parking lot (over 5,000 square feet) can cost upwards of $20,000.

The type of concrete you choose

There are different types of concrete, and the type you choose will affect the price. The most common types are plain concrete, stamped concrete, and stained concrete.
Plain concrete is the cheapest option, costing around $3 to $5 per square foot. Stamped concrete is a bit more expensive, costing about $5 to $7 per square foot. And stained concrete is the most expensive option, costing around $7 to $9 per square foot.

The thickness of the concrete

The thickness of the concrete will also affect the price. The thicker the concrete, the more it will cost. A thickness of 4 inches is standard for driveways and parking lots. But if you want a thicker 6-inch slab, you're looking at an additional $1 to $2 per square foot.

Any special features or finishes

If you want any particular features or finishes, that will also affect the price. Special features can include things like drainage systems, curbs, and striping.
Finishes can include a smooth surface, a brushed finish, or a Broom finish. These usually add around $0.50 to $1 per square foot.

Labor Costs

Labor costs will also affect the price of your parking lot. The average cost of labor is $35 to $45 per hour. But depending on the company you use, the price could be more or less.

Number of Phases Needed 

Its important to also consider the number of phases needed for the parking lot. The most common type of parking lot is a single-phase parking lot. This is a parking lot that's built all at once.
But there are also two-phase and three-phase parking lots. These are parking lots built in stages, usually because the budget is spread out over a longer period.
A two-phase parking lot will cost around 20% to 30% more than a single-phase parking lot. And a three-phase parking lot will cost approximately 30% to 40% more than a single-phase parking lot.

Traffic Volume

The traffic volume of your parking lot is also something to consider. If you have a high traffic volume, you'll need a thicker slab of concrete paving(6 inches instead of 4 inches). This will add around $1 to $2 per square foot.

Drainage Requirements 

Your drainage requirements will also affect the price. If you need a drainage system, that will add around $1 to $2 per square foot to the average price. Although, this is not an additional cost if the system is being installed during the initial construction of the parking lot.
If you live in an area with a lot of rain, you might also need to add gutters and downspouts. This will add around $0.50 to $1 per linear foot.

Conclusion 

The parking lot paving cost depends on many factors, including the size and location of the lot and the type of paving material used. The asphalt parking lots are typically the most affordable option, while concrete is usually more expensive.
Ultimately, the best way to get an accurate estimate for your project is to consult with a professional contractor who can assess your specific needs and provide a detailed quote.

Meta Description

Some businesses without parking lots may choose to lease, partner with, or buy parking from another business. This article will explore the costs associated with all of these options.
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