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Finding the Value of Urban Parking

In this study, researchers examined smart parking, a parking management tool that helps drivers efficiently find and pay for available parking by knowing where they will park before reaching their destination. This can prompt more traffic to have a definitive destination when exiting from major roadways near dense urban areas, potentially leading to increased efficiencies of existing parking structures and land use. Smart parking can also reduce congestion, 30 percent of which in urban cores is attributable to drivers searching for parking spaces. Researchers anticipate that smart parking systems will spark property redevelopment as land values increase and parking demand patterns change.

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