CBRE Grows Midtown to Penn Station Submarket

NEW YORK CITY-CB Richard Ellis is expanding the borders of the Midtown Manhattan market effective Jan. 1 to include the newly created Penn Station submarket. With redefined submarket boundaries, Penn Station will be comprised of the majority of the existing Penn Plaza segment, part of Midtown South’s PAS/Madison Square submarket and a small portion of Midtown’s Times Square/West Side segment.

The addition of Penn Station is expected to add 17 million sf office space to Midtown, bringing the market’s total inventory to approximately 217 million sf. The redrawn borders represent a significant evolution in the way New York City’s largest real estate services firm tracks market activity.

The Penn Station submarket will bring together several of the New York City skyline’s most iconic buildings–the Empire State Building, 1 and 2 Penn Plaza, Madison Square Garden, the James A. Farley Post Office and Hotel Pennsylvania–as well as the largest building site left in Manhattan, the 26-acre Hudson Yards development parcel.