Assessing the impact of proximity to transit hubs on Manhattan office vacancy

Jun 28, 2024, 10:40 AM by Matt Mowell
Proximity to New York’s two major commuter transit hubs - Grand Central Terminal and Penn/Moynihan Station - affects office property performance.

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.






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