Broadway Tower- Parking Garage

Broadway Tower is a Class A mixed-use building comprised of office, retail, and hotel.  Floors nine through 19 provide 175,000 sf of office space, floors three through eight a 180-room hotel, and a five-level subterranean parking garage.

Broadway Tower offers onsite parking for its tenants and hotel guests, providing an additional revenue supply for ownership.  Parking revenue was impacted during the pandemic and continues to be affected with a slow return to in-person office days in the Portland, Oregon area.

KGIP’s focus on revenue opportunities, and marketing of the garage with the parking management vendor, has resulted in growth of the transient and validated use in the garage.

While monthly parking revenue has held steady, and forecasts have been in line with budget assumptions, we have nearly doubled the transient and validation traffic in the garage.  This has resulted in an estimated $120,000 in parking revenue over budget in 2023.