If all factors are equal, where is a parking lot likely to fetch the highest sales price?

The highest sales price for a parking lot is likely found in a business district zoned for a six-story office building due to the demand generated by the working population and businesses in that area. Business districts typically experience higher foot traffic and vehicle activity, which increases the need for parking spaces. The presence of offices means that employees and clients require ample parking, and that can drive up the value of the parking lot significantly.

In contrast, while a shopping mall parking lot may also see high traffic, its value is often tied to the retail operation. Additionally, residential neighborhoods generally have less demand for dedicated parking lots, given that homes typically provide parking for residents. Rural areas are less likely to yield high sales prices for parking lots due to lower population density and lesser need for commercial parking spaces overall. Hence, a business district, particularly one designed for taller buildings that likely accommodates a larger workforce, creates an environment where a parking lot would hold greater value.