Shared parking agreements are an important tool in many Tucson commercial developments. These agreements allow multiple property owners or businesses to use the same parking areas under defined conditions. They can help sites meet zoning requirements, support efficient land use and reduce the need for additional paved areas.
Learn more below about the need for clarity in shared parking agreement terms.
Who benefits from these arrangements?
Shared parking agreements typically outline how parking spaces are allocated, accessed and maintained. The City of Tucson recognizes shared parking as a way to accommodate different peak hours among businesses, e.g., an office building and a restaurant sharing the parking lot because their open hours are at different times. This type of arrangement can help properties comply with zoning standards without expanding their footprint.
Clear terms are key
Any shared parking agreement should state its terms clearly, listing the following:
- The number of spaces allotted to each company
- The hours permitted
- Any restrictions on access
Other areas of focus include the maintenance responsibilities, lighting, signage and liability for damage. These details help ensure that each party understands its obligations and that the parking area remains functional for all users.
What commercial developers need to know
For buyers evaluating a commercial property in Tucson, reviewing any existing shared parking agreements is an important part of due diligence. These agreements can affect how a property is used, expanded or leased in the future.
It’s often helpful to have a trusted professional review your shared parking agreements periodically to make sure that they are still a good fit for your growing business.
