In June 2023, CBRE Econometric Advisors mapped how proximity to highway access affects logistics trends in the Atlanta market.

In New York City, proximity to its two major commuter transit hubs - Grand Central Terminal and Penn/Moynihan Station - affects office property performance. 

Orange dots represent buildings within a 10-minute walk from Penn/Moynihan Station or Grand Central Station. The average vacancy rate for office properties within a 10-minute walk is 13.9%. Expand the walk time to 11 to 15 minutes and the vacancy jumps to more than 16%.

To be sure, the map provides only a cursory analysis – other factors, such as building quality and tenant mix matter significantly. As commuters prioritize travel time, proximity to transit hubs may become more important. Indeed, this partly explains the 22.4% vacancy rate in the Financial District (blue dots on the map), located far to the south of Grand Central and Penn/Moynihan Station.

By Matt Mowell, Christina Tong, Franz Limoges, Jamie Portolese, Dennis Schoenmaker, Ph.D.