The" price tag "and location of the apartment tells a story. If you want all three, then you have to pay more, but if you want all three, and dont want to pay more, than you may become a "bargain hunter", looking for a "deal" in those low priced pads. The price of an apartment is always a combination of these factors, but , invariably, the best "deals" spacewise as well as renovation wise, seem to be the farthest from the subway.
On the other hand, there are some pretty small studios that are close to the subway that are so small, with less than 300 sq ft of useable space, that the ONLY thing that they have going for them is location.
Of course, different people have different needs, and some need location more than space. Ultimately though most people have to end up "trading off" location for space, since they cannot afford both.
I think that it is a fair statement to say that the market is "location driven" , if that answers your question.