It is often difficult to grasp. This is why when you look at an empty piece of land, it can sometimes be difficult to visualize actually fitting a building on it. And why when you look at an empty room, it's common to think, "there's no way that furniture will fit in here." But in the end, it does fit.

It also tends to be relative. Here in North America, it is common to argue over things like parking space dimensions and drive aisle widths. We'll say things like, "well, people like their big cars." But then you travel to Europe and you find streets like this:

The minimum size of a parking space in Toronto is 2.6 m wide x 5.6 m long. (It can change based on other factors, but this is all you need to know for today's post.) This works out to 14.56 square meters or ~157 square feet in area for a typical spot.

Building a parking space of this size in an underground or structured parking garage is very expensive. I have seen the former cost over $200k per space once you include everything else that goes along with building below-grade parking.

However, this opinion piece reminded me that if you'd like to rent an equivalent area on the streets of Toronto, you can do that for a lot less. If it's your first vehicle permit and you have no on-site parking where you live, the 2024 cost is $22.19 (plus HST) per month.

That works out to a monthly land rent of approximately $0.14 per square foot.