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OCR for page 83
83 The following benchmarks are useful in this comparison, closures before and after the implementation of a strategy and all should be evaluated in the context of changes in air- provides an indication of whether the strategy minimized line passenger activity and other factors that may influence (or eliminated) the times that a parking facility reaches passenger parking behavior beyond the specific strategy or capacity. strategies an airport operator has implemented. Financial Performance Vehicle exits--A change in the numbers of vehicles exit- ing the parking facilities, in total, in specific facilities, or Changes to gross parking revenue and net parking revenue between facilities, indicates that the strategy implemented will affect the airport operating environment. Public parking may have influenced passenger choice of parking facilities, revenue is a significant source of nonaeronautical revenue at or the decision to use parking facilities. most airports because it often generates revenue in excess of Average vehicle length of stay--A change in the average cost. Portions of the net revenue from public parking may be vehicle length of stay within a facility or complementary used to cover other airport expenses, lower airline rates, or fac- changes among facilities indicates that the strategy imple- tor into calculations for airport financing for capital programs. mented may have influenced passenger choice of parking A common problem for the airport operator is to resolve facilities. For example, a strategy may be implemented to constrained parking while minimizing the financial impact of discourage long-term parkers' use of a facility designated implementing the strategy to relieve constrained parking. for short-term parking. A decrease in the average length of Scenarios that could result in an unacceptable loss of revenue stay in that facility would indicate that the use of the facil- from unanticipated consequences may include the following: ity by long-term parkers was influenced by the strategy (or potentially by other factors). Furthermore, similar analysis Loss of public parking customers to privately operated off- of average length of stay in other parking facilities may airport parking facilities; indicate which facility the long-term parkers were diverted Shift of public parking customers from higher priced pub- to, or if they are no longer using public parking. lic parking to lower priced public parking; Vehicle length-of-stay distribution--Similar to the aver- Shift from public parking to other access modes, such as age length of stay analysis discussed above, a more detailed curbside pickup and drop-off by private automobile, taxi- analysis of the length of stay distribution may provide more cab, and transit; and insight into parkers' behavioral changes within a facility and Construction of a new public parking facility (e.g., a park- between facilities. ing garage) resulting in substantially more capital costs Facility occupancy--A comparison of percent occupancy or operating costs that are not offset by a corresponding of parking facilities during overnight and peak periods increase in parking revenue. before and after implementation of a strategy provides an indication of parkers' behavioral changes within a facility Overall changes in gross parking revenue and net parking and between facilities. This information also can supple- revenue will be the most important benchmarks for the air- ment and help support conclusions drawn from length-of- port operator, and should be evaluated in conjunction with stay data. changes in parking activity, as described above, and other fac- Amount and duration of overflow parking used--A com- tors that may have influenced changes in behavior. Changes parison of the number of times overflow parking was used, in revenue for the period before and after the implementation the duration of its use, and number of parkers using the of strategies should be compared to changes in numbers of overflow parking facility before and after implementation airline passengers and changes in rates or available parking of the strategy provides an indication of whether the strat- supply at a certain rate level. Additional financial metrics to egy minimized (or eliminated) the times that an airport consider and evaluate include the following: parking system is in overflow condition. Level and duration of additional resources deployed--A Gross revenue per space or gross revenue per exit or comparison of resources deployed (e.g., extra staff, tempo- transaction--Comparison of changes in revenue gener- rary shuttle services) to manage parking constraints from ated per parking space or per exit provides an understand- before and after the implementation of a strategy provides ing of changes on a unit basis for total parking activity and an indication of whether the strategy minimized (or elimi- by facility. nated) the amount of time that an airport experiences con- Net revenue per space or net revenue per exit or trans- strained parking conditions. action--Comparison of total net revenues of capital and Number of parking facility closures--A comparison of operating costs to adopt the strategies and manage con- the number of times or the durations of parking facility strained parking prior to strategy implementation can be