- From 2017-2022, the Penn District and Hudson Yards corridors recorded the fastest asking rent growth among Manhattan’s major office corridors, posting annualized gains of 6.5% and 5.2%, respectively, well ahead of traditional Midtown submarkets’ average rent growth of 2.2%.
- The more recent data tells a different story. Since 2022, Penn District rent growth has tapered to approximately 2% annually, while Hudson Yards and the Plaza District have accelerated to 6.4% and 7.4% CAGR, respectively, suggesting demand has shifted geographically and the market is becoming increasingly selective.
- Legacy prestige corridors including Park Avenue and the Plaza District continue demonstrating strong pricing resiliency, with average asking rents rising in both corridors approximately 36% since 2017 to $128 psf and $141 psf, respectively, as financial and legal tenants remain concentrated in Manhattan’s most established institutional office corridors.
Manhattan’s premier Midtown office corridors are no longer moving in lockstep
Manhattan’s premier Midtown office corridors rent trends
May 27, 2026
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