#Streetvalues - The Hidden Value of One Square Foot

One square foot of Parking Space contributes $13 per year to the city. One square foot of commercial building contributes $50 per year.

One square foot of Parking Space contributes $13 per year to the city. One square foot of commercial building contributes $50 per year.

What is the revenue to the City of San Francisco from a square foot of parking space?

  1. As of 2014, there were 275,000 parking spaces in San Francisco. (1)

  2. Only 26,750 were on-street and metered. (1)

  3. The City of San Francisco collected $54.6 million from parking meters in 2012-2013. (2)

  4. The standard dimension for off-street parking in San Francisco is 144 square feet. (3)

  5. The average annual revenue per parking space is $54.6M / 26,750 places = $1985.45.

  6. The average annual revenue per square foot of parking space is $1985.45 / 144 square feet = $13.78/square foot.

 

What is the revenue to the City of San Francisco from a square foot of retail space?

  1. The City of San Francisco sourced $572,385,000 from business taxes in its FY 2014-2015 annual budget.

  2. Over the same period, the City sourced $136,100,000 from sales taxes.

  3. Total revenues sourced from commercial activity in 2014-2015 (excluding some more minor taxes), were: $572,385,000 + $136,100,000 = $708,485,000.

  4. The total land area of retail/entertainment land use in San Francisco is 4,621,410 square feet. (4)

  5. The total land area of office land use in San Francisco is 9,428,258 square feet. (5)

  6. The total floor area of commercial (office, retail, entertainment) land use in San Francisco is 4,621,410 + 9,428,258 = 14,049,668 square feet.

  7. The total revenue per square foot of commercial land area in San Francisco is $708,485,000 / 14,049,668 square feet = $50.42/square foot.

References

  1. SF Park census:
    http://sfpark.org/resources/parking-census-data-context-and-map-april-2014/

  2. SF Controller’s report: http://sfcontroller.org/sites/default/files/FileCenter/Documents/5985-SFMTA%20Parking%20Meter%20Revenue%20Audit%20Report-FINAL.pdf

  3. SF Planning Code: http://planning.sanfranciscocode.org/1.5/154/

  4. GET https://data.sfgov.org/resource/a2rp-pwkh.csv?LANDUSE=RETAIL/ENT

  5. GET https://data.sfgov.org/resource/a2rp-pwkh.csv?LANDUSE=MIPS