Annual Maintenance Cost vs Replacement Cost for Parking Lots
You see it all the time… parking lots with potholes and cracks. A lot of this is caused by poor maintenance practices. Lack of annual maintenance not only affects owners, but also can cause disruption to employees and customers.
If annual maintenance is not done, the result can be costly and end up in replacement. After years of neglect, these parking lots will fail. In a retail setting this disruption requires phasing plans to be developed and inevitably some sort of sub-grade modification. Again, the owner is faced with replacement costs and possible lost revenue from this disruption.
Estimated cost impacts:
“Zimmer estimates that the costs for parking lot preventive maintenance, which include crack sealing, patching, striping and seal-coating range between 14 cents per SqFt to 16 cents per SqFt on a preventive maintenance cycle of four years. If more extensive work is required during a four-year rehabilitation cycle, a cost is estimated of 60 cents per SqFt to 65 cents per SqFt for a simple overlay and up to $1 per SqFt for a more complex project.
In speaking generally about costs, estimates range up to 8 cents per SqFt annually. This is to maintain a parking lot during the first eight to 10 years of its life cycle. That cost increases to 12 cents per SqFt to 20 cents per SqFt after eight to 10 years when the company is beginning to phase in a resurfacing project, he says.” – via Allyson Sicard