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Deals Lag As Market Looks for Value of Parking Garages During Pandemic

Only a Few Prime Spots Have Drawn Buyers in a Saturated Market
With an eye toward redevelopment, a buyer paid $24.5 million for a parking garage at 1608-1634 Sansom St. in Philadelphia. (CoStar)
With an eye toward redevelopment, a buyer paid $24.5 million for a parking garage at 1608-1634 Sansom St. in Philadelphia. (CoStar)

The commercial real estate industry’s consensus view of parking lots and garages, one of the hardest-hit property sectors during the pandemic as commuters have mostly worked from home, has yet to emerge a year later.

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