Tragedy of the Commons

 

One more parking space

At Amy Bush Commercial, we are known to be experts in Office Condominiums. There are a lot of aspects of Office Condominiums – common areas, regulations, property taxes, insurance, maintenance – but the one topic that is often at the top of everyone’s list is parking.  Parking can often be a Tragedy of the Commons. Everyone would like to use “just one more space” for their business since it is a shared resource. That works great, up to a point.  If everyone uses those extra spaces, then there no more spaces left.

Fortunately at Amy Bush Commercial, we represent Office Condominiums that typically do not suffer from the Tragedy of the Commons. The best way to solve this issue is for businesses to work together and come to a common agreement about what sustainable and self police. The cities of Raleigh and Cary both have a long traditions of parking regulations, so that helps as well.  Finally, the Condominium Associations in the area do a wonderful job of arbitrating disputes.

Different businesses have different peak parking needs and when we help you with buying or leasing an Office Condominium, we work with your usage and the resources of the property to insure a good match.

As for the regulations, in Raleigh, office space is required to have one parking space per 400 sq.ft. with medical usage requiring one space per 300 sq.ft.    Amy Bush Commercial hasn’t leased a bowling alley yet, but we have noted that the parking requirements there are for five spaces per lane!

We hope you summer has been relaxing and wish you a very happy Labor Day holiday.

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