How Much Does it Cost to Build a Parking Lot?

Parking Lot Construction Cost Estimate

Asphalt vs. Concrete Parking Lot Costs

Asphalt parking lots cost $2.50 to $4.50 per square foot, whereas concrete parking lots cost $4 to $7 per square foot. Neither takes much longer than the other to install, but the main reason concrete costs more is because it's rated to last longer than asphalt the majority of the time. When well kept, concrete parking lots can last 30 to 40 years; asphalt on the other hand will last 20 to 30 years.

Parking Lot Asphalt Cost per Square Foot

Paying for an asphalt parking lot per square foot remains the most common pricing method. 

Asphalt Parking Lot Cost Breakdown

Expect to pay about $1 to $2.50 per square foot for materials, then another $1.50 to $2 per square foot on labor when building an asphalt parking lot. Asphalt itself is always subject to change due to local market prices, so this could impact the price. Additional asphalt installation cost factors also include the depth of paving and shipping and/or freight fees if you don’t hire a local service.

You can potentially save money by shopping the local market and receiving multiple bids from local commercial paving companies is essential.

Tar and Chip 

A new tar and chip parking lot costs between $1 and $3 per square foot. This method uses liquid asphalt, gravel, and chipped stones to make it more cost-efficient. It's a sound solution for asphalt parking lots installed near the bottom of hills, as the installation process helps prevent cracks and potholes from forming.

Concrete Parking Lot Cost per Square Foot

Because each parking lot build has different needs, the most likely scenario is that you'll pay for your new concrete lot costs by calculating the square footage. Here's a breakdown of what the final price tag might look like.

Concrete Parking Lot Cost Breakdown

Concrete parking lots range between $4 and $7 per square foot, including materials and labor. This price typically includes the cost to deliver concrete, especially if you get multiple contractor bids on your project. 

Labor costs will account for about $2 to $3 per square foot of that figure. Again, market prices will vary. Early fall is the best time to pour concrete due to cooler weather but could cost more due to demand.

Gravel Parking Lot Cost per Square Foot

Installing a new gravel parking lot costs ranges between $1.25 and $2 per square foot. Similar to tar and chip, gravel is more affordable upfront but won't last as long; pros rate most gravel parking lots for up to 10 years. Gravel is also susceptible to extreme weather, so if you live in an area with inclement weather, the lower cost might not be worth the cost of future repairs.

Parking Lot Cost per Space or Size

$405 to $1,134 per parking space is a good guideline to consider for each individual space you're building in a parking lot. One standard parking space is 9 feet wide by 18 feet in length, or roughly 162 square feet. Be sure to consider that the additional space is actually slightly more than half of the total lot size. 

Below are some estimates you might pay based on the number of spots needed and square footage.

Contractors calculate projects by square feet, not necessarily by the number of spaces you'll need. Still, you can arrive at that number by factoring in one spot at 162 square feet and multiplying it by the number of spaces you think you'll need.

Cost to Repave a Parking Lot

An asphalt parking lot needs to be repaved every 15 to 20 years. This will cost between $0.90 and $2.50 per square foot.

Repaving a parking lot involves adding about two inches of overlay onto the old surface, which might be a factor from a cost standpoint. If repairs are needed before pouring overlay or a contractor deems you should add extra overlay to cover up gaps or cracks, you may wind up paying more than $2.50 per square foot.

Parking Lot Concrete Resurfacing Cost

Resurfacing your concrete lot costs between $3 and $5 per square foot. It's cheaper than new installation and can extend the life of the concrete beyond its initial 30 to 40 years.

Adding bonding agents to the concrete overlay, which makes the surface more durable and improves its aesthetic, could increase the cost per square foot price you might pay.

Parking Lot Add-Ons and Other Costs

Additional features or add-ons to your new parking lot could drive up costs. Some items, like light installations, may be necessary for a commercial parking lot build.

FAQs

How long does an asphalt lot last?

Asphalt parking lots can last up to 30 years if maintained well. This includes repaving your asphalt every 15 or so years. Resealing it every 3 to 5 years can also help extend the life of your asphalt parking lot.

How long does it take to install a parking lot?

The average contractor will take between 2 and 4 weeks to install a parking lot. That timeline includes:

• Preparation and freight for the materials

• Preparing the surface

• The actual paving

• Allowing the asphalt to cure

• Striping the individual spaces

You might pay more based on project size, weather, or shipping time, if you're not shopping local for materials.

How much does it cost to build a parking garage?

The average price of a parking garage ranges between $7.25 million and $10.15 million, with the national average being a little over $9 million. This comes out to about $50 to $70 per square foot. The national average parking garage size is 145,000 square feet and five stories tall.

How much does a parking pad cost?

The price of a parking pad is between $500 and $3,500 and depends mostly on materials, as well as the size of parking pad you need to park a car, boat, or other large item or vehicle. You can install a gravel pad for as little as $500. A 24x24-foot concrete slab will cost about $3,500.

How much do parking lot repairs cost?

The average asphalt repair rate is between $980 and $3,400. The price to fix potholes ranges between $2 and $4 per square foot. Fixing concrete parking lots costs more than asphalt, but you'll wind up reaping the benefits of those repairs for longer.

What is required to install a commercial lot?

Depending on your city, state, or jurisdiction, you may need special permissions to install a commercial parking lot. Check local building codes and call your local offices to determine the fees, permits, or hoops you may need to jump through.

One important thing to note is that all commercial parking lots need to follow The Americans with Disabilities Act (ADA) regulations to ensure those living with disabilities can access what they need in your lot.

In some municipalities, you must have a minimum of three parking spaces per 1,000 square feet of floor space. 

How do you maintain a parking lot?

Depending on the material of your parking lot, you may need to reseal, resurface, or fix potholes on an asphalt or concrete surface. Adding overlay every 5 to 15 years to your parking lot helps maintain its look, durability, and structural integrity and is highly recommended.