Most contemporary Greek cities face the lack of adequate public space. This lack has a direct effect on parking space issues, turning cities’ open spaces into congested ones with parked cars. Although, according to Greek buildings’ regulations parking space must be provided within the building itself, especially in the county of Attica, where Athens, the capital, is located, the Law offers the possibility of exemption from this obligation in small building lots. Thus, in many cases, for small apartment buildings no parking space is provided within the building, forcing drivers to resort to either off-street parking or parking lots. Offstreet parking may cause more traffic jams, noise and loss of time, among other negative effects, while parking lots have turned into environmental catastrophes in many cases (Soup, 2017; Davis et al, 2010). On the other hand, the construction of a basement parking space is linked with high initial costs, while parking spaces on other floors deprive vital area from living spaces, let alone the embodied energy of constructing these spaces. In this paper Life Cycle Analysis and Multicriteria Analysis is made so as to compare which the most sustainable option is; the creation of underground and ground floor level parking spaces within a small apartment building, off-street parking or the creation of a parking lot to host these vehicles. The environmental, social and economic effects of these three cases are analysed, taking into consideration both their constructional and operational effects. A comparison is made between these three options, with criteria for environmental protection, social equity and economic growth, the three pillars of sustainability, selected from relevant indicators of sustainable development. Hierarchy of the three examined options (off-street, in a parking lot or within the building parking) is made with Multicriteria Analysis. Through this research conclusions are drawn on the policy that cities should follow, so as to face in the most sustainable way the demand for parking space and whether legislation should change in regards to the provision of parking spaces within small building lots.