A big squeeze

Once upon a generation ago, developers built suburban office buildings that offered three parking spaces for every 1,000 square feet of leasable building space. Upscale, Class A buildings that charged higher rents often went all out in providing four spaces per 1,000 square feet as an amenity to tenants.

But today, as technology and “open” office designs have allowed companies to fit more workers into smaller spaces like never before, some tenants are demanding five or even six parking spaces per 1,000 square feet.

That shift has increased pressure on developers to acquire additional land for surface parking, increased costs and, ultimately, led to higher rental rates.