Macerich, a fully integrated, self-managed, and self-administered real estate investment company, wanted to ensure every customer had a place to park at its retail regional town centers around the country. Macerich partnered with ParkHub to improve occupancy tracking and make informed decisions about parking rates at all of their commercial assets with paid parking. The goal was to make sure that every customer had easy access to parking, so optimizing parking rates to incentivize parking turnover was important.
Fig. 1 (February to November 2022 Macerich Parking Garage $5 and $6 transactions by month)— The orange bars show the monthly transaction volume for the $5/hour rate for the 5 months before the rate change. The pink bars show the monthly transaction volume for the $6/hour rate for the 5 months following the rate change.
Fig. 2 (Macerich Parking Garage average monthly transaction totals)— This graph compares the 5 months before the rate change with the 5 months after the rate change. The total number of transactions increased from February through June to July through November.
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