Office space in Penn Plaza.
At a glance
Building stock
A mix of large mid-century towers and older Class B stock undergoing major modernization, joined by ground-up and gut-renovated trophy development around Moynihan Train Hall. The stock is rapidly upgrading.
Rent posture
Historically a value market, now rising: repositioned and new space pushes toward Midtown pricing, while unrenovated stock still offers some of Midtown’s most accessible rents.
Office inventory
8,670,517 SF of office space across 28 office buildings — 23 of them 50,000 SF or larger, averaging a 1931 vintage.
Under 50,000 SF
5 buildings, 150,005 SF total, averaging a 1919 vintage.
50,000 to 150,000 SF
12 buildings, 897,116 SF total, averaging a 1925 vintage.
150,000 to 500,000 SF
5 buildings, 1,405,456 SF total, averaging a 1923 vintage.
500,000 SF and larger
6 buildings, 6,217,940 SF total, averaging a 1949 vintage.
Source: NYC Department of City Planning, MapPLUTO (fetched July 2026) — counting only true office buildings: 10,000 SF of office or more, office above grade (not a ground-floor office under apartments), purpose-built or converted loft/office-condo stock. Spatially joined to DLS’s 31 mapped submarkets.
Where rents sit
Asking rent, $/SF · Average: median of five published market reports, second quarter 2026. They range from $61 to $102. Class A from the two reports that publish it. Outliers exist in every submarket. In Penn Plaza, office space can be found in the $40s per square foot, and prime space above $100.
Questions
What does office space cost in Penn Plaza?
In the second quarter of 2026, office space in Penn Plaza averaged $70 per square foot a year in asking rent, the median of five published market reports. What a tenant signs depends on the building, the floor, the term and the concessions.
What is the office market like in Penn Plaza?
Penn Plaza is the office district around Penn Station and Madison Square Garden — a transit-anchored, historically value-priced market now rising through the Penn District redevelopment around Moynihan Train Hall. DLS Commercial Real Estate represents tenants here, negotiating space, timing, and terms as the district transforms.
