Whether it’s home improvement or construction work on your office building, a parking lot is a big investment. You may be surprised by the cost of building a parking lot. Parking lots can replace whatever surface was there before the parking lot or they can be parking under an existing structure. That said, how much do think it will cost to build a parking lot?
Cost to build parking lot
The average cost to build a parking lot is around $25 per square foot. The actual cost will vary depending on the size of your lot and the materials used.
Costs can be further broken down into four components: grading, site prep, base materials and surface material. Grading accounts for about 30 percent of the total cost, with site prep making up another 20 percent. The rest is divided between base and surface material.
Grading involves leveling the ground so it slopes away from buildings or other areas with water drainage issues. It’s also important if you have a slope leading to your parking lot because vehicles must be able to drive up without getting stuck or damaging their brakes or tires. Site prep involves removing any existing vegetation and topsoil, installing drainage systems and putting down gravel for drainage purposes if needed.
Base materials are typically crushed stone or crushed asphalt that provides support under the entire parking area until it can be covered by gravel or concrete. Base material costs make up about 25 percent of total costs, while surface material makes up 15 percent of total costs.
The average cost to build a parking lot is between $12 and $18 per square foot. This is a rough estimate, as it depends on factors such as the size of the parking lot and whether you want to include curbs and sidewalks.
Cost to Build a Concrete Parking Lot
The average cost to build a concrete parking lot is $17 per square foot, including curbing and sidewalks. This does not include lighting or landscaping costs.
Sidewalks can add an additional $1 or more per square foot depending on the materials used and whether they are poured directly into place or formed with asphalt. Curb and gutter installation may be done by pouring concrete into forms or by forming them with steel edging material. If you use curbing only, you will save money because it will not require much labor.
The cost of paving materials varies according to the type of paving material used: asphalt, concrete slabs or concrete blocks. You should also take into account the costs of labor associated with installing the pavers, sealing them, removing any weeds that grow through the pavers (if this happens), repairing cracks in the pavers and other maintenance issues that may arise over time (e.g., replacing cracked pavers).