ParqEx: AI-Powered Parking Solution for Mixed-Use/Residential/Commercial Portfolios
Inefficient parking management just doesn’t cut it anymore! Property owners and managers: if you are ready to streamline your entire parking operations, ParqEx is known for its innovative AI-driven smart parking solutions that meet the diverse needs of your entire portfolio, whether they are mixed-use, residential, or commercial properties. By leveraging our AI-powered advanced parking technology and intuitive user interface platforms, ParqEx is making parking management more efficient, effective, and secure, and even providing profitable parking revenue-generating opportunities for all property owners. Below, we will highlight four selected case studies from ParqEx to demonstrate how the parking solution for mixed-use/residential/commercial portfolios is ParqEx!
Four Case Studies Showing How ParqEx is the Parking Solution for Mixed-Use/Residential/Commercial Portfolios
1) Streamlined Parking Management for Residential & Airbnb Properties with AI
Residential property parking management is undoubtedly one of ParqEx’s strengths. Significant residential developments, like The Avenue at East Falls in Philadelphia, often face several parking-related challenges. They struggle to accommodate all parking demands from residents, guests, short-term parkers, and Airbnb parking needs. With an incredibly diverse resident base, which includes 35 Airbnb rental units, and relatively limited parking availability, The Avenue desperately needed a parking solution to optimize its current parking allocation while meeting the demands of its broad tenant base. ParqEx partnered with The Avenue at East Falls and quickly developed a custom digital parking solution, integrating its residential property license plate reading technology (LPR) and residential parking access control system, enabling tenants to access and manage their parking easily. Within three months, ParqEx’s system achieved a 90% tenant enrollment rate, met revenue targets within the first year, and drastically improved tenant satisfaction.
2) Optimizing Commercial Property Parking with AI
Mixed-use commercial properties also face parking-related challenges, and ParqEx has repeatedly found creative property-specific solutions for this market. Commercial properties that host event venues, coworking spaces, and businesses require flexible parking solutions to accommodate the diverse flow of people coming and going, ensuring security to meet safety standards and prevent unauthorized users from abusing parking. Lacuna Lofts in Chicago is home to shared workspaces and event venues and has consistently faced issues with unauthorized parkers and an inefficient payment system. ParqEx partnered with Lacuna Lofts and implemented its end-to-end AI-driven parking solution, which includes ParqEx’s parking reservation system (Marketplace), its commercial property license plate recognition system (LPR), parking enforcement (Enforcer), event parking management, and a parking kiosk. Within the first month of partnering with ParqEx, Lacuna Lofts generated over $11,000 in parking revenue, with a projected annual income exceeding $150,000, while saving over $60,000 per year in operational expenses.
3) Flexible AI-Driven Parking Solutions for Retail and Mixed-Use Lots
Retail facilities and mixed-use parking lots often also struggle with parking. ParqEx’s diverse solutions have resolved many retail and mixed-use lot parking complaints. For example, at 112 North May Street in Chicago, a retail facility was undergoing construction, and its parking lot faced many challenges and needed flexible parking solutions. ParqEx’s solutions for 112 N May allowed the property owner (without any effort on management or ownerships side) to generate over $72k in parking revenue by listing its 26 available parking spaces on ParqEx’s parking reservation app (Marketplace), while the retail facility was under construction, and provided towing and parking enforcement services to ensure only authroized users with active ParqEx parking reservations were on the property.
4) Complete Service Parking Optimization for Residential and Mixed-Use Garages
Since ParqEx’s inception, the company has successfully managed parking for facilities and garages. Lincoln Park Plaza is our final example (of this short blog – there are numerous more on our case studies page) on why ParqEx is the parking solution for mixed-use/residential/commercial portfolios. The Chicago property operates two parking garages with hundreds of spaces available for tenants and external transient city renters seeking parking. In a highly competitive urban parking market, efficient and effective management was necessary for this property. By implementing ParqEx’s parking app, which allowed the property to leverage its built-in AI-driven dynamic pricing feature, utilizing parking garage license plate recognition technology, enforcement technology, and internal tenant management solutions, ParqEx was able to streamline tenant parking needs while optimizing additional parking for external renters, turning all parking assets into substantial profit for the property. Since ParqEx installed its technology in December 2023, Lincoln Park Plaza has seen nearly $586k in total revenue and completed just under 8k parking reservations through ParqEx.
That’s a Wrap on: The AI-Powered Parking Solution for Mixed-Use/Residential/Commercial Portfolios
ParqEx’s suite of smart parking solutions offers advanced AI-powered parking technologies that streamline all parking management, enhance property security, provide significant revenue-generating opportunities, and are scalable and flexible to meet all properties’ needs. So, whether your portfolio is filled with mixed-use developments, residential buildings, or commercial complexes, ParqEx is the perfect solution.
Thank you for reading our article showcasing four case studies illustrating how and why ParqEx is the parking solution for mixed-use/residential/commercial portfolios. We believe our solutions can enhance your portfolio. Contact a ParqEx sales representative today!
