Last week we saw the Penn Plaza/Hudson Yards submarket score two major upsets to make it into the final four and the Fifth/Madison submarket start its path as a repeat Midtown Madness Champion. Let’s see which submarket has what it takes to be the winner this year.
As we move into the second round, the scoring criterion changes to the largest increase in overall average asking rent over the past 12 months. The West Region continues to be dominated by the “nobody believed in us, we are too small” Penn Plaza/Hudson Yards submarket. In its third upset of the tournament, Penn Plaza/Hudson Yards posted a 9.3 percent increase in overall asking rents to $60.44 per square foot. This submarket completely outmatched the Fashion District, which only posted a 1.8 percent increase to $53.13 per square foot. Read More