With the expansion of urban scale and the popularization of multi-modal transportation, transportation hubs, as the link of multi-modal travel, are becoming increasingly important in urban development and residents’ lives. In situations of high parking demand, the increase in road traffic volume and parking search delays exacerbates the service pressure on hub parking lots and the traffic congestion on surrounding roads. Therefore, reasonable parking demand allocation is one of the key solutions to this problem. Based on the analysis of the vehicle parking search process, this paper constructs a model for estimating parking search delay on roads outside hub parking lots and proposes an optimization model for parking demand allocation aimed at minimizing the total parking search delay of vehicles. Finally, taking a major transportation hub in Nanjing as a case study, data were obtained through field investigations and simulation experiments to identify peak parking demand periods and calibrate the model parameters. The results show that the average vehicle delay was reduced by 4.5%, with a total reduction of 13,860 s in vehicle delay for parking demands at the hub within one hour. Therefore, by optimizing the allocation of parking demand, the average delay for vehicles searching for parking can be reduced to a certain extent.