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17 Allocation Constraint at Seattle-Tacoma International Airport Seattle-Tacoma International Airport has one public parking facility--an eight-level parking garage adjacent to the terminal area with designated areas for short-term parking, premium parking, and long-term parking. Employees with parking permits for the garage were able to access any available long-term space. In 2007, the Port of Seattle reallocated the number of spaces by product to achieve more efficient use of the garage. The reallocation included combining the hourly and premium parking areas, and requiring employees to park on the eighth floor. The eighth floor had been underutilized by revenue-generating customers who perceived it as being remote. The reallocation resulted in the availability of additional lower-level spaces for revenue customers, a more consistent and dedicated park- ing space supply for employees, improved overall use of the parking garage, and a reduction in the number of spaces dedicated to short-term and premium parking by cross-utilizing a combined, but smaller, inventory for those parking products. (6) changes such that either (1) supply decreases (or does not service coverage ratio; thus, potentially increasing an airport increase at an adequate rate) relative to demand or (2) demand operator's cost of capital. increases relative to supply. Many factors can influence both Airport operator policies and regulations may limit the sides of this equation (e.g., a low-cost carrier begins serving ability of the airport operator to expand the parking sup- the airport and stimulates demand for airline travel, or a pub- ply for financial, land use, environmental, or other reasons. lic or employee parking lot is redeveloped for another use These policies may not relate directly to parking, but they with no replacement supply). Therefore, it is important that influence the parking environment. For example, a land- parking capacity and parking demand be analyzed together use designation or policy to support rental car operations when assessing the causes of constrained parking and when in the terminal area--land that could otherwise be used to subsequently making informed decisions about the best ways accommodate parking demand--is an airport operator to resolve constrained parking at a specific airport. The typi- policy that could indirectly contribute to a constrained cal causes of constrained public or employee parking at air- parking environment. ports are discussed in the following section. External policies and regulations related to land use, airline passenger vehicle trip reduction, employee trip reduction, and other issues may limit the ability of an air- Parking Supply Constraints port operator or private off-airport operator to expand the The parking supply at an airport may be limited for the parking supply. For example, an externally enacted policy following reasons: may restrict airport parking to encourage the use of public transportation; however, this policy may result in a parking Land constraints may limit the physical area available for constraint if the public transportation system does not offer the development of on- or off-airport parking facilities, the level of service or geographic coverage necessary to serve such as at airports where land is not available or ideal to the airport's parking customers. accommodate parking, either on the airport property or in the vicinity of the airport. Influences on Parking Demand Financial constraints may limit the ability of an airport operator or a private operator to expand parking supply. Demand for airport parking may exceed supply for the fol- Parking revenue is generally a significant component of an lowing reasons: airport's financial operation and overall airport financial constraints are a major consideration when evaluating future An inadequate allocation of parking supply may result in airport parking expansion, particularly if a parking structure the demand for a certain parking product at an airport is under consideration. Although a new, structured parking exceeding the supply of that product as a result of an facility at a constrained airport would likely result in incre- imbalance in demand relative to the available supply. This mental revenue, the resulting increase in an airport's debt imbalance could occur on a regular basis or sporadically, service to finance a parking structure without sufficient off- such as during peak days of the week or at peak seasons of setting incremental parking revenues in the initial years of the year. For example, increased leisure travel in the sum- operation could negatively impact an airport's overall debt mer months may result in increased demand for economy