US truck parking shortage drives up demand and prices

The United States is facing a shortage of truck parking spaces, which is leading to an increase in demand and prices for parking, according to Cresa, a commercial real estate firm. The lack of parking spots has been a longstanding problem, with just one parking spot available for every 11 trucks in the country, according to Cresa's research. As a result, national lease rates for truck parking have gone up by 10% annually in the last two years.

While the need for expanded and updated logistics infrastructure at the nation's ports, airports, and distribution centers has driven demand for new warehouses, the lack of available space has made finding a parking spot for trucks even more challenging. This shortage of truck parking was the third-biggest concern, behind fuel prices and the driver shortage, according to a late 2022 national survey by the American Transportation Research Institute.

The shortage of parking has been exacerbated by municipalities and local governments that have enacted strict zoning regulations to prevent the development of parking lots. They are concerned about the lower tax revenue and excess traffic that these sites bring. The pandemic-era e-commerce boom has further exacerbated the issue, driving up demand for trucking and shipping services.

Cresa's head of research, Craig Van Pelt, believes that even if expected advances in autonomous and heavy-duty electric vehicles take hold, there will always be a need for parking. New regulations in places like Southern California, which is pushing for more electrification of heavy trucks, will create new demand and investment opportunities in expanding and adding more parking spaces with chargers and the right infrastructure, he said.

The shortage of truck parking has led to fierce competition for available real estate. Both larger carriers and investors are fighting for the limited space. While larger carriers want spaces to diversify their business and improve their shipping networks, investors are simply looking to add real estate to their portfolios.

This shortage has been a longstanding problem and has been exacerbated by municipalities and local governments that have enacted strict zoning regulations. The pandemic-era e-commerce boom has further exacerbated the issue, but even if expected technological advances in autonomous and heavy-duty electric vehicles take hold, there will always be a need for parking.