Fair Market Value, York Region, Ontario
The first phase of the project considered several approaches to understanding what value was realisable from a workplace parking lot and creating an approach that worked as well and consistently for sites in a downtown area with multiple local commercial parking lots in its vicinity as it did for rural locations where there was no apparent parking market. In particular the approach involved modelling potential demands on the parking in the vicinity of each site and thus the unrealized of potential value of parking.
The project included development of market value model applicable to each site. This took account of the parking demand being generated from other sites in the area based on building type and floor area, the available parking capacity provided by that site, the overspill generated (if any), the demand for parking on the site itself and any other available parking capacity not otherwise dedicated or outside the scope of use by employees in the walking neighbourhood of the site under assessment. The model generated an evidence-based quantified reflection of the potential worth and value of the parking to employees.