The Midtown Core Returns to Normal with Sixth Avenue/Rockefeller Center Resurgent

Although global real estate markets are grappling with headwinds, subsets of the Manhattan office market are experiencing a fast recovery. The Midtown core submarkets’—which include Park Avenue, Fifth/Madison Avenue, Sixth Avenue/Rockefeller Center, Grand Central and the Plaza—have seen their leasing activity fully recover from pandemic lows. In 2024, the Midtown core registered 10.6 million sq. ft. of leasing activity (which counts new leases and expansions, but excludes renewals), 10% more than the 2015-2019 average. Through the first two months of 2025, these submarkets are continuing to exceed the average. This resurgence is a testament to the enduring appeal of assets proximate to transportation hubs, well-maintained and high-quality office spaces, and desirable amenities.