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Paying A Pretty Penny To Park The Car - Boston Parking Prices Rank 3rd Highest in US

BOSTON (CBS) - Park your car in Harvard Yard all you want. If you come across the river to park your heap in Boston, it'll cost you.

Boston parking rates are the third priciest in North America
, according to a new study from Colliers International that measured parking rates from June, 2009 to June, 2010. Median parking rates in Boston were $32 a day. Only in midtown New York and Honolulu are garages charging drivers more.

However, there is a bright spot for Boston drivers: the city was one of the few in North America to see a modest decline in daily parking rates. The 2009-2010 exorbitant parking fees represented a 5.6 percent decline from the previous year's, the Colliers study found.

Boston Business Journal's Lisa Van Der Pool reports

By contrast, midtown New York parking rates were up 9.1 percent; Rates at number-four Chicago were flat.
Honolulu's rates also declined, however ­ by 7.7 percent.

"Even in the face of economic hardship, parking garage owners and operators have managed to hold rates steady, providing little relief to businesses or consumers," the Colliers study concluded.

Related: Boston Business Journal: Shares in Cambridge, Mass.-based Zipcar Inc. (Nasdaq: ZIP) beat a market downturn, Friday, on the strength of the Colliers report.

Top 10 median daily parking rates in North American cities, 2009-2010

1. New York - Midtown: $40.00
2. Honolulu: $32.75
3. Boston: $32
4. Chicago: $31
5. New York - Downtown: $31
6. Los Angeles: $29.63
7. Philadelphia: $26
8. San Diego: $26
9. San Francisco: $25
10. Seattle: $25


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