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Parking costs have risen nationwide for the fifth year in a row, according to the eighth annual Parking Rate survey being released today from Colliers International, the global real estate services company. The survey was conducted in June and covered a broad selection of 64 metro areas in North America, as well as the new addition of 74 cities in Europe, Asia and Latin America.

The survey shows that Fresno is tied with Santa Rosa as the city with the fourth cheapest parking rates in the country.

The price increases found in this year's report mirror last year's pattern, as parking owners and operators continue to feel bullish, reflecting limited supply in many U.S. markets.

Even though the U.S. economy has slowed in 2008, office occupancies remain near cyclical peaks, and this has helped push monthly parking rates higher. Daily rates, which are more a function of the general economy and consumer spending, have also increased -- and this suggests that the sluggish retail environment and higher gas prices have yet to impact the ability of parking garage owners and operators to charge more.

The U.S. economy is widely expected to decelerate further in the coming months, and the labor market is unquestionably shaky. For the most part, parking rates are expected to show little change in the near term -- however, in select markets, we may see rates come down.

Leading the U.S. was Midtown Manhattan, whose median rate was a remarkable $585.00 per month to park. However, this masks the Midtown high, which now registers $750.00 per month.

With 53 U.S. markets and 11 Canadian markets under study, Colliers' survey shows that over the past 12 months, the cost of parking has increased by 2.8 percent (monthly rates) in the U.S., in response to ongoing demand and only limited new supply. Daily rates also moved higher -- increasing 4.3 percent over the past year.

Although North American cities such as New York and Boston look very expensive, their parking prices actually pale in comparison to typical monthly rates in cities such as London, Sydney and Hong Kong.

U.S. Rates

The median monthly parking rate is now $153.79 in the United States. Rates range from a high of $750.00 in midtown Manhattan to a low of $20.00 in Memphis, Tennessee.

Daily parking rates, as noted, rose 4.3 percent in the U.S. The median rate for daily parking is now $15.42.

The five most expensive parking districts in the U.S. are (median monthly rates):

-- New York City, Midtown: $585.00 per month
-- New York City, Downtown: $462.00 per month
-- Boston, MA: $460.00 per month
-- San Francisco, CA: $350.00 per month
-- Chicago, IL: $310.00 per month

The five least expensive parking districts in the U.S. are (median monthly rates):

-- Bakersfield, CA: $40.00 per month
-- Reno, NV: $45.00 per month
-- Phoenix, AZ: $52.50 per month
-- Santa Rosa, CA / Fresno, CA (tie): $55.00 per month
-- Memphis, TN: $57.00 per month

"This is our eighth year tracking the parking sector, and we continue to observe a direct correlation between the rising cost of monthly parking and the ongoing strength of the office real estate market," remarked Ross Moore, senior vice president and director of market & economic research at Colliers International. "However, parking inventory in CBDs across the country is increasingly tight. This dearth of parking and accompanying rise in cost, coupled with skyrocketing fuel prices -- all in the face of a stagnating economy -- exacerbates the everyday headaches faced by commuters nationwide."

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