Neighborhood Spillovers: The Demand for Cubs Game Parking in Wrigleyville

Abstract

We examine the market for parking spaces during Cubs games, focusing on primary data from parking at two residential locations near Wrigley Field in 2008. We describe the price setting process in a theoretical and applied context. Renting six spaces to Cubs game patrons yielded nearly $14,000 during the 2008 baseball season. Parking revenues were higher when attendance was higher, during night games, during weekday games, and especially when the White Sox were the opponent. We suggest opportunities for increased efficiency in price setting for the building owners. We estimate the real estate value of each parking space at about $8,250.