Office space in
Penn Plaza.
One of Manhattan’s 31 office submarkets — advised by DLS Commercial Real Estate, tenant-side, lease by lease.
Penn Plaza is the office district around Penn Station and Madison Square Garden — the blocks near 34th Street and Seventh Avenue now at the center of Manhattan’s largest commercial transformation. Major redevelopment around Moynihan Train Hall and the Penn District is converting a long-overlooked, value-priced market into a rising one. DLS Commercial Real Estate advises tenants here, tenant-side, lease by lease.
At a glance
Character
The blocks around Penn Station and Madison Square Garden near 34th Street — the nation’s busiest transit hub, in the midst of a sweeping redevelopment that is reinventing the district building by building.
Typical tenant
Financial, technology, and corporate tenants — established occupiers drawn by unmatched commuter access and, increasingly, firms following the district’s new and repositioned trophy space.
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. (Current market data, Q1 2026.)
A DLS datapoint
Illustrative — DLS stamps one original, first-hand figure here (e.g. the spread measured between repositioned and unrenovated space across recent Penn District tours).
Deal footprint
Illustrative — an anonymized DLS engagement in the district goes here (e.g. a transit-driven relocation negotiated ahead of a building’s repositioning).
Office inventory
7,087,686 SF of office space across 24 office buildings — 19 of them 50,000 SF or larger, averaging a 1932 vintage.
Small (<50k)
5 buildings, 150,005 SF total, averaging a 1919 vintage.
The floor of the market — single-tenant or partial-floor space.
Mid-Size (50k-150k)
11 buildings, 841,816 SF total, averaging a 1925 vintage.
Room to grow — typically several floors for one tenant.
Large (150k-500k)
4 buildings, 1,088,614 SF total, averaging a 1921 vintage.
Anchor scale — often most or all of a building.
Trophy (>=500k)
4 buildings, 5,007,251 SF total, averaging a 1963 vintage.
Headquarters scale — the market's largest occupiers.
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 · Current market data, Q1 2026 — shown as a range reflecting a spread across sources.
Questions
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.
Does DLS represent tenants in Penn Plaza?
Yes. DLS Commercial Real Estate advises office tenants across Penn Plaza and Manhattan's other office submarkets — the tenant's interests only, with a fee customarily paid by the landlord.