Preventative Pavement Management Drives Real Estate Value
An often overlooked aspect of property management is the maintenance of parking lots and other on-site infrastructure. Regular maintenance of asphalt and concrete parking lots, sidewalks, and other outdoor amenity spaces can extend their life, improve safety and assist in maximizing long-term real estate value.
Pavement management is essential for many reasons. According to the Federal Highway Administration, limiting friction on roads helps to prevent accidents. Similarly, maintenance of pavement areas such as parking lots and sidewalks can also help to prevent vehicle or pedestrian incidents while reducing the risk for liability should an incident occur on property. Rather than waiting for potholes or cracks to develop, we encourage owners to take a more preemptive approach to address these issues before they arise.
Regular pavement maintenance and repair activities can preserve pavement for more than 25 years at a significantly lower cost than replacing it when it fails. According to indusinc.com, the total cost per square yard for a rehabilitated pavement is nearly double what would be paid for a preserved pavement.
To put that into perspective, the price difference of preserving a 65,000 square foot parking lot (7,222 square yards) rather than rehabilitating it over a 50-year period would save more than $186,000.
It is important to have a team that understands the maintenance required to supply and maintain top of the line pavements. At Ware Malcomb, our team of experienced civil engineers provides assessments and recommendations for existing parking lots. This includes thorough analysis of:
- ADA Parking Space Dimensions and Slopes
- ADA Ramps and Signage
- Exterior ADA Paths of Travel
- Parking Counts
- Trip Hazards
In addition to parking lots, which are an essential part of the property’s infrastructure, amenity spaces are also crucial to address. Maintaining and improving walking paths, patio areas and other outdoor amenities is also key to increasing long term property value.
We offer comprehensive services for pavement maintenance, which include:
- Initial Evaluation: We help to identify any existing pavement issues and develop a comprehensive plan to address the concerns.
- Quantity Takeoffs and Budgeting: We assist with budgeting, helping our clients plan for long-term maintenance costs.
- Contractor Coordination: We have long term relationships with high quality contractors, ensuring quality service and execution.
- Permitting Assistance: We support with obtaining necessary permits for maintenance.
- Construction Observation: We oversee construction projects to ensure high standards for maintenance and compliance.
- Project Closeout: We ensure that maintenance and compliance are executed in full and client objectives are achieved.
In addition to these services, we also provide site selection services, including pavement evaluation as part of upfront due diligence assessments. These services help our clients make informed decisions when considering new properties or evaluating existing assets in their real estate portfolio. For more information on our Civil Engineering services: