We have some exciting news to share with you about the state of parking in Toronto, Canada.

Since September 2022, parking volume has been steadily increasing, with Tuesday to Thursday being the peak days for parking. Despite a seasonal decrease in December 2022, the total parking volume is now at 60% of pre-COVID levels. This indicates that people are slowly returning to offices and other workplaces, resulting in an increase in the average parking duration. This trend suggests that people are working traditionally in office business hours on a more frequent basis.

Monthly permit sales continue to remain stable due to hybrid work arrangements. SP+ has introduced several expanded hybrid work programs to major corporations, which allow for the pooled use of monthly parking permits. This program eliminates employee reimbursement and administrative costs incurred at each company for daily parking receipt purchases.

Event parking has remained stable with a full return to sporting and entertainment events. We are thrilled to see that there continues to be an upward trend of customers leveraging pre-booking/reservation-based parking sessions when attending events. An increasing number of customers are being introduced to the pre-booking option through the embedded event ticket purchasing process, resulting in higher conversion rates.

The Plus Space program continues to be a win for both retail ownership and customers. Due to its low startup cost and enhanced customer experience, several retail complexes have expressed interest in a program trial for the spring season, while others have committed to expanding their existing program due to customer and retailer feedback and popularity.