As a business owner, one of the biggest expenses you’ll deal with on the outside of your building will likely be the parking lot. If you have a large parking lot or you need to expand your current lot for more customers and employees, things can get costly.
We’re here to help you understand how much parking lot costs can run, how to determine a rough estimate, and what factors will play into the final cost.
Average and Expected Costs to Build a Parking Lot
With so many different factors in play, it’s hard to get an accurate estimate of how much it costs to build a parking lot. In general, the cost to pave a parking lot is sometimes the cheapest part. Concrete curbs, painting, leveling, removing old materials, and other factors all increase the cost of a parking lot build.
Small parking lots cost an average of $3 – $6 per sqft. depending on the variables.
Because buying materials and working on large areas all at once often leads to better prices, a larger parking lot will often have a lower cost per square foot.
Pouring new pavement and seal coating an existing parking lot are both also cheaper options for your business. Let’s dive into some of the different factors that can change and determine how much you’re paying for a professional resurfacing or parking lot build.
Cost for small parking lots: $50,000 – $200,000
Cost for large parking lots: $200,000+
Factors that Affect What You Pay for a Parking Lot Build
With variables that are often outside of your control, it’s critical that you find a contractor that you trust to give you an accurate bid. If you’re not working with someone you can trust to get the job done right, you’ll be disappointed in the service they provide.
Here’s what you can expect to make an impact on your parking lot build costs.
Permitting and City Approvals
The cost of permits and approvals can quickly add up, especially if your parking lot is in a historical district or another sensitive area. Permitting agencies will need detailed drawings of the proposed project as well as specific materials that will be used. Many municipalities also have minimum requirements for width, handicap accessibility, and the number of spaces.
If you’re not building an entirely new parking lot, there may not be any permitting or applications you have to complete or fill out. This is just another reason why the initial parking lot construction is more expensive than future projects.
Parking Lot Use and Size
A parking lot that is used for public parking will cost more to build than a parking lot for a business. When lots are used for public parking, they need to be ready to handle more weight and larger vehicles. The process and materials used for parking small vehicles are different from what’s needed for large vehicles.
Extra features and factors that add to the cost:
- Size of the parking lot
- Number of entrances and exits
This list isn’t completely extensive but it does provide a rough idea of all the extra things that can go into the cost of your parking lot.
Site Preparation & Accessibility
If the site needs to be prepared before construction can begin, this will add to the cost. First-time parking lot builds will likely need to be leveled, graded, have material added or removed before asphalt can be laid at all.
Additionally, if the site isn’t very accessible due to trees, lack of roadway, or other factors, bringing in construction equipment will cost more. If the job is small enough, then sometimes hand tools and small machinery can be used to make things a little bit easier.
The cost of the paving materials will be one of the largest expenses for your parking lot build. The type of material and its thickness and grade all play into cost and determine the final price.
The cost of paving materials is often consistent and doesn’t change all that often, but they can fluctuate based on the season.
Local Labor Rates
Labor rates will vary depending on the cost of living in your area. The cost of labor makes up a large percentage of the cost to build a parking lot, as with most construction projects.
Finding a trustworthy contractor that pays their employees a fair wage and provides quality work will ensure you get a good job done on the project.
Important Markings and Sign Installation
If your parking lot needs specific markings, such as ADA-compliant spaces or loading zones, then this will also add to the cost. Having the right markings is essential for your parking area to be up to code.
Signs can also add to the cost of everything going into your parking lot. But like markings and lines, they are essential. Larger lots will likely have more of these.
It’s important to have good lighting in a parking lot. Not only does it make the area safer for everyone, but it also makes it look nicer and more professional.
Parking lot lights are typically installed on tall poles and can be quite expensive. The cost will depend on the wattage of the light, height of the pole, and installation fees.
Safety and Security
Cameras and other safety features in your parking lot will cost more but can be a huge advantage for the business.
Cameras offer the perfect solution to monitor the area and make sure that nothing is missed. They also act as a visual deterrent for would-be criminals.
Alarms, gates, and other security features can also be installed in your parking lot to make it as safe as possible or unique to the specific needs of your business.
Keeping Your Parking Lot Maintained
After your parking lot is built out and everything is wrapped up, you shouldn’t need to complete any immediate maintenance. But, over time, the elements will take their toll, and potholes, cracks, and other issues will pop up.
In Minnesota, where we live and work, these issues can be much more common than in other states, where drastic changes in temperature and shifting of the soil are less likely. Having a plan in place to repair issues as they happen will keep your lot from falling into disrepair.
Hiring a professional to keep your parking lot clean and in good repair is the best way to make sure that it stays looking its best and lasts for many years.
Build a Parking Lot With a Team You Can Trust
At Goodmanson Construction, we can provide you with premium parking lot construction services. With over 50 years in business, we have the knowledge and expertise to get your job done right the first time.
As a family-owned business with regular employee training, we’ll make sure you’re 100% taken care of. Contact us today for a free estimate.