RESEARCH
MAY 2017 NYC NewTrends
The effort to rezone East Midtown aims to enhance the area’s competitiveness with top markets in Manhattan and across the globe by:
UNLOCKING 12M SF IN DEVELOPMENT POTENTIAL
REDEFINING THE SKYLINE
DRAMATICALLY IMPROVING PUBLIC SPACES
www.ngkf.com/research1
RESEARCH
While some owners have poured millions of dollars into extensive Dramatic building renovations, the majority of existing inventory is outdated, Changes and the average building age in East Midtown is 73 years old. With new construction at the Far West Side and Downtown offering more efficient Planned for and affordable space than the traditional Midtown core, tenants have been Greater East lured from aged buildings. The Department of City Planning has identified the need for change in order to enhance the competitive advantage of the Midtown office market in East Midtown, and has created a rezoning proposal to that effect.
OUTDATED INVENTORY NEW CONSTRUCTION
Average Building Age: Efficient & Affordable VS FAR WEST 73 & DOWNTOWN
Current East Midtown zoning regulations allow buildings to have a Current maximum as-of-right floor area ratio (FAR) of 15. The average building size Regulations in the East Midtown rezoning area is 14.3 FAR. Among Class A buildings, this translates to an average of 640,342 SF. In comparison, the average Impede FAR for Class A buildings along the Avenue of the Americas corridor Development (from 42nd Street to 58th Street) is 22.0, or 1,085,954 SF. East Midtown also restricts the transfer of development rights, limiting transfer from landmarks only to adjacent sites. This creates a significant amount of unused floor area that landmarks are often unable to transfer.
The City has identified 30 potential redevelopment sites that may occur Impact of once the new regulations are in place. With 29 million square feet of Rezoning on development already in the pipeline in Manhattan, projects in East Midtown are likely to be very long-term prospects. They are also likely Development to happen in the most desirable areas first — along Park Avenue and surrounding Grand Central. Sites in other parts of the rezoning area, such as Third Avenue, will be hard pressed to make the economics of new development work in the near future.
12M SF of additional development potential created in East Midtown.
NYC NewTrends East Midtown Rezoning 3 W 69 ST W6W 699S STT E 69 SST E 69 ST E6E 699S STT
FREEDOM PL
W 68 ST W6W 688S STT E6E 688S STT E6E 688S STT E6E 688S STT
St. Catherines Park T ST
MAIN S W6W 677S STST EE6 67 ST EE6 67 ST E 67 ST
W 66 ST W 66 ST E 66 ST E E6E 666S STT E6E 666S STT E
R E E E E AV E E AV AV AV N AV AV AV AV
RK FDR DR WEST DR FIFTH YORK PA THIRD FIRST SECOND MADISON W 65 ST W 65 STS E 65 ST LEXING TO E 65 ST EE6 655S STT
HUDSON PKWY
HENRY
VD E6E 644S STT W 64 ST E WW6 644S STT E 64 ST E6E 644S STT E EAST DR W E AV Samuel N. AV AV Bennerson LINCOLN ARK 2nd P Playground CENTER CENTRAL RIVERSIDE BL B COLUMBUS WEST END W6W 633S STT R W 63 ST EE6 633S STT EE6 633S ST E 63 STS O PARK AMSTERDAM A S D W CENTRAL Damrosch Park A M Y
FREEDOM PL W 62 ST WW6 622S STT E 62 ST E6E 622S STT E 62 ST RD E
WEST RD AV FDR DR YORK W 616 ST W 61 ST E 61 ST E6E 611S STT E 61 ST
CENTER DR
W 60 ST W 60 ST E 60 ST E 60 ST E 60 ST
Grand Army COLOLUMMBUUS Plaza CIIRCLELE W 59 ST W 59 ST CENTRAL PARK S E 59 ST E 59 ST E 59 ST
E AV Pulitzer GM Fountain Plaza
TWELFTH W 58 ST W 58 ST WRezoning 58 ST Creates 30 PotentialE 588S STT Development Sites in AdditionE 58 ST to the Vanderbilt CorridorE 58 ST
E 57 ST W 57 ST W 57 ST W 57 ST E 57 ST E 57 ST E S E E E E
E VE VE AV E
E A AV AV E AV AV AV AV AV N
N
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FIRST SEVENTH SEVENTH ELEVENTH MADI EASTEA R W 56 ST W 56 ST W 56 ST E 56 ST E 56 ST SECOND E 56 ST
LEXING TO VE OF THE THE OF VE A 14 Hudson 21.0 FAR AVE PARK River Park W 55 ST W 55 ST W 55 ST E 55 STS E 55 ST E 55 ST 22 21.0 FAR W 54 ST W 54 ST WW5 544S STT E5E 544S STT E5E 544S STT E 54 ST
FDR DR 26.0 FAR THIRD AVE DeWitt Clinton Park W 53 ST W 53 ST W 53 ST E5E 533S STT 26.0 FAR 28.0 E 53 ST E5E 533S STT FAR 13 JOE DIMAGGIO PKWY W 52 ST W 52 ST W 52 ST E5E 522S STT EE5 522S STT EE2 52 ST E E AV AV
21 12 27 RD 30 THIRD TH I W 51 ST W 51 ST WW5 511S STT EE5 511S STT E5E 511S STT E5E 511S STT 21.0 FAR 26 E W 50 ST W 50 ST W 50 ST EE5 500S STT E EE5 500S STT E 50 ST E
E E
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AV AV AV N
N AV AV AV Franklin AV AV SO ROCKEEFFEELLER RK D. Roosevelt
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D A W 10 A 20 19 FDR DR Y W 48 ST W 48 ST W4W 488S STT EE4 488S STT E 48 ST E 48 STS
Hell’s 24.6 24.6 Kitchen 21.0 FAR Park FIFTH AVE FAR FAR W 47 ST W 47 ST W 47 ST E4E 477S STT EE4 47477S ST E 47 ST UNITED NATIONS 26.0 G 6 9 HEADQUARTERS
W 46 ST WW4 466S STT W 46 ST EE4 466S STT FAR E4E 466S STT E 46 ST 26.0 29 F 5 FAR 25 W 45 ST W 45 ST W 45 ST EE4 455S STT E 45 ST E4E 455S STT D 4 E 16 C 24.6 W 44 ST W 44 ST TIMEST S W 44 ST EE4 444S STT E 44 ST E4E 444S STT SQUARS RE AMERICAS 3 30.0 FAR FAR B 28
VE OF THE THE OF VE E 43 ST E E A VE V GRAND VE E E AV A A E4E 433S STT AV
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W E AV 17 A 1 Y FAR W 39 ST W 39 ST W 39 ST E 39 ST E3E 399S STT TWELFTH E 39 ST Floor Area Ratios shown include density bonuses W 38 ST W 38 ST W 38 ST E 38 ST EE3 388S STT E 38 ST NYCProposed NewTrends Greater East Midtown East Midtown Rezoning Rezoning Boundary 30.0 FAR Vanderbilt Corridor (Existing Regulations4 Apply)
W 37 ST W 37 ST W 37 ST E 37 ST E 37 ST E 37 ST
W 36 ST W 36 ST W 36 ST E 36 ST E 36 ST E 36 ST
St. Vartan Park
W 35 ST W 35 ST W 35 ST E 35 ST E3E 355S STT E3E 355S STT E AV DYER
W 34 ST W 34 ST W 34 ST E 34 ST E 34 ST E 34 ST
W 33 STT B E W 33 ST W3W 333S STT E 33 ST E 33 ST E 33 ST FD E R E A E E E E AV O E R
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JOE DIMAGGIO PKWY WW3 311S STT WW3 311S STT E 31 ST E 31 ST
WW3 300S STT W 30 ST WW3 300S STT E3E 300S STT E3E 300S STT E 30 ST
A VE W 29 ST W 29 ST E 29 ST E2E 299S STT E 29 ST W 29 ST C
W 28 ST
W 288 ST WW2 288S STT E 28 ST E 28 ST E 28 ST
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W 20 ST WW2 200S STT W2W 200S STT E 20 ST E 20 ST E 20 ST
W 19 ST WW1 199S STT W 19 ST E 199S ST E 199S ST EE1 199S STT
STUYVESANTUYVESANUYVESANTTL LLOOPO N EE1 188S STT EE1 188S STT EE1 188S STT ELEVENTH W 18 ST W1W 188S STT W1W 188S STT W
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PL T TTERY ESE ST BA G BRIDBRI
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FREEDOM PL
W 68 ST W68SW 68 STT E68SE 68 STT E68SE 68 STT E68SE 68 STT
St. Catherines Park ST
MAIN ST W67SWW6 67 STST EE6 67 ST EE6 67 ST E 67 ST
W 66 ST W 66 ST E 66 ST E E66SE 66 STT E66SE 66 STT E
R E E E E AV E E AV AV AV N AV AV AV AV
RK FDR DR WEST DR FIFTH YORK PA THIRD FIRST SECOND MADISON W 65 ST W 65 STS E 65 ST LEXING TO E 65 ST EE65S 65 STT
HENRY HUDSON PKWY HENRY
E64SE 64 STT W 64 ST E WW64S 64 STT E 64 ST E64SE 64 STT E EAST DR E AV Samuel N. AV AV Bennerson LINCOLN 2nd Playground CENTER CENTRAL RIVERSIDE BLVD B COLUMBUS WEST END W63SW 63 STT R W 63 ST EE63S 63 STT EE63S 63 ST E 63 STS O PARK AMSTERDAM A S D W W PARK CENTRAL Damrosch Park A M Y
FREEDOM PL S W 62 ST WW62S 62 STT E 62 ST E62SE 62 STT E 62 ST RD E
WEST RD RD AV FDR DR YORK W 616 ST W 61 ST E 61 ST E61SE 61 STT E 61 ST
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W 60 ST W 60 ST E 60 ST E 60 ST E 60 ST
Grand Army COLOLUMMBUUS Plaza CIIRCLELE W 59 ST W 59 ST CENTRAL PARK S E 59 ST E 59 ST E 59 ST
Pulitzer GM Fountain Plaza TWELFTHAVE W 58 ST W 58 ST WRezoning 58 ST Creates 30 PotentialE 588S STT Development Sites in AdditionE 58 ST to the Vanderbilt CorridoE 58 ST Development Potential in Greater East Midtown RESEARCH City-Identified Assemblage Opportunities & Impact of Rezoning
W 57 ST W 57 ST W 57 ST E 57 ST E 57 ST FAR RBA (SF) FAR RBA (SF) E E E E E E AV E E AV AV E AV AV AV AV AV Max Existing *Max N Max Existing *Max N AV SO RK Proposed Total Proposed Proposed Total Proposed NINTH PA TENTH EIGHTH 23 WEST RD SUTTON PLSUTTON S
FIRST Address Existing Rezoning Assemblage Zoning Total Address Existing Rezoning Assemblage Zoning Total SEVENTH AVE AVE SEVENTH ELEVENTH MADI EASTEA RD W 56 ST W 56 ST W 56 ST E 56 ST E 56 ST SECOND E 56 ST LEXING TO 266 Madison Avenue 18.2 24.6 16 711 Third Avenue 14.1 24.6 546,299 1,093,861
AVE OF THE AMERICAS THE OF AVE 14 16 East 40th Street 12.6 24.6 17 99 Park Avenue 24.9 24.6 640,122 726,346 Hudson 21.0 FAR 1 503,508 946,866 River Park W 55 ST W 55 ST W 55 ST E 55 ST S E 55 ST 274 Madison Avenue 15.6 24.6 18 279 Madison Avenue 23.4 24.6 510,232 617,429 278 Madison Avenue 10.6 24.6 423 Madison Avenue 4.0 24.6 22 21.0 FAR 13 East 40th Street 3.1 24.6 19 425 Madison Avenue 16.7 24.6 396,740 575,390 W 54 ST W 54 ST WW54S 54 STT E54SE 54 STT E54SE 54 STT E 54 ST 9 East 40th Street 12.4 24.6 415 Madison Avenue 24.0 24.6 3 East 40th Street 17.2 24.6 422 Madison Avenue 7.4 21
FDR DR 26.0 FAR 15 East 40th Street 11.2 24.6 20 East 49th Street 6.0 21 DeWitt Clinton Park 2 623,716 1,162,578 W 53 ST W 53 ST W 53 ST E53SE 53 STT 26.0 FAR E 53 ST E53SE 53 STT 22 East 41st Street 3.2 24.6 22 East 49th Street 7.6 21 28.0 20 233,586 522,365 FAR 13 284 Madison Avenue 26.6 24.6 418 Madison Avenue 16.5 21 JOE DIMAGGIO PKWY 290 Madison Avenue 9.3 24.6 424 Madison Avenue 19.2 21 W 52 ST W 52 ST W 52 ST E52SE 52 STT EE52S 52 STT EE2 52 ST E E 292 Madison Avenue 22.2 24.6 410 Madison Avenue 6.7 21 AV AV 14 East 44th Street 4.6 26 21 350 Park Avenue 20.3 28 567,000 899,185 21 12 27 RD 30 THIRD THI 12 East 44th Street 9.5 26 410 Park Avenue 17.7 28 W 51 ST W 51 ST WW51S 51 STT EE51S 51 STT E5E51SE 511S STT E51SE 51 STT 22 425,710 781,397 10 East 44th Street 6.7 26 400 Park Avenue 17.4 28 3 884,684 1,518,472 21.0 FAR 26 6 East 44th Street 12.5 26 23 575 Madison Avenue 16.3 21 328,000 484,811
E 364 Lexington Avenue 19.9 24.6 W 50 ST W 50 ST W 50 ST EE50S 50 STT E EE50S 50 STT E 50 ST 3 East 43rd Street 6.4 26 E E E E AV E AV E 24 591,089 768,668 E E AV AV AV N N AV AV AV Franklin AV 340 Madison Avenue 22.5 26 354 Lexington Avenue 24.0 24.6 AV SO ROCKEEFFEELLERR RK D. Roosevelt
CENNTTER 7 PA 11 Four Freedoms ADI 5 East 44th Street 10.7 26 156 East 46th Street 13.4 24.6 THIRD FIRST
NINTH Park M SECOND
TENTH SEVENTH AVE AVE SEVENTH EIGHTH EXING TO
TWELFTH AVE TWELFTH
L MITCHELL PL ELEVENTH W 49 ST W 49 ST W 49 STS EE49S 49 STT E4E 499S SSTT E49SE 49 STT 10 East 45th Street 3.3 26 150 East 46th Street 3.1 24.6 B
R
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A 6 East 45th Street 17.9 26 141 East 45th Street 4.0 24.6
D AVE OF THE AMERICAS THE OF AVE W 10 4 774,545 1,564,099 25 725,308 1,412,124 A 20 19 FDR DR Y 7 East 44th Street 16.6 26 154 East 46th Street 6.3 24.6 W 48 ST W 48 ST W48SW 48 STT EE48S 48 STT E 48 ST E 48 STS 346 Madison Avenue 10.3 26 158 East 46th Street 2.0 24.6 Hell’s 24.6 24.6 352 Madison Avenue 19.7 26 730 Third Avenue 17.4 24.6 Kitchen 21.0 FAR Park FAR FAR 9 East 45th Street 9.0 26 830 Third Avenue 14.0 21 W 47 ST W 47 ST W 47 ST E47SE 47 STT EE47S 4747 ST 26 304,800 501,958 E 47 ST UNITED 360 Madison Avenue 18.9 26 155 East 30th Street 15.2 21 NATIONS5 571,500 1,020,906 26.0 G 6 9 HEADQUARTERS366 Madison Avenue 14.9 26 27 850 Third Avenue 19.4 21 613,664 763,913 18-22 East 46th Street 14.8 26 28 685 Third Avenue 21.4 24.6 667,069 880,639 W 46 ST WW46S 46 STT W 46 ST EE46S 46 STT FAR E4E 466SSTT E 46 ST 6 250 Park Avenue 20.6 30 1,237,141 2,069,138 29 733 Third Avenue 17.3 24.6 445,000 728,977 F 26.0 29 5 FAR 25 7 300 Park Avenue 22.7 28 773,056 1,096,410 30 845 Third Avenue 17.0 21 358,553 509,565 W 45 ST W 45 ST W 45 ST EE45S 45 STT E 45 ST E45SE 45 STT 355 Lexington Avenue 18.2 24.6 17,364,022 29,090,775 8 409,684 692,058 Total D 369 Lexington Avenue 14.7 24.6 4 E 16 C 24.6 9 485 Lexington Avenue 20.2 26 931,000 1,379,616 Vanderbilt Corridor Sites W 44 ST W 44 ST TIMEST S W 44 ST EE44S 44 STT E 44 ST E44SE 44 STT 10 111 East 48th Street 10.4 24.6 427,611 1,164,699 SQUARS RE 3 30.0 FAR FAR City-Identified Development Opportunities and B 28 11 541 Lexington Avenue 12.8 26 317,506 739,278 Estimated Impact (Rezoning Passed in May 2015) 12 575 Lexington Avenue 22.7 26 739,040 975,488
E E AVE OF THE AMERICAS THE OF AVE VE V GRAND VE E E AV A E43SE 43 STT AV E W 43 ST W 43 ST W 43 ST E43SE 43 STT W 43 ST VE E E T A TA T CENTRAL AV E L 154 East 53rd Street 7.7 26 E AV E E FAR RBA (SF) AV AV Grace Plaza BIL
AV 13 338,084 900,588
AV TERMINAL AV AV JOE DIMAGGIO PKWY 866 Third Avenue 11.9 26 A DER 15 Max FAR in N TENTH FIRST EIGHTH LEXINGTON LEXINGTON
NINTH SEVENTH AVE AVE SEVENTH THIRD MADISO NA MADISON VA 164 East 56th Street 3.8 21 Vanderbilt *Max RBA in ELEVENTH W 42 ST W 42 ST W 42 ST E 42 ST E 42 ST W 42 ST Corridor Vanderbilt 916 Third Avenue 4.0 21 E (As of Corridor
AV Address Existing 3/30/17) Existing (Estimate) NY PUBLIC 918 Third Avenue 4.0 21
DYER LIBRARY 914 Third Avenue 4.2 21 A 1 Vanderbilt Avenue NA 30 NA 1,800,000 455 FIFTH W 41 ST W 41 ST BRYANT E41SE 41 STT E EE41S 41 ST E41SE 41 STT
AV 1,494,298- PARK 14 928 Third Avenue 9.4 21 85,350 434,917 B 335 Madison Avenue 26.5 30 1,148,400
RK 1,800,000
PA 24 926 Third Avenue 3.4 21 2 8 C 50 Vanderbilt Avenue 19.2 30 174,895 314,123 18 920 Third Avenue 6.7 21 W 40 ST W 40 ST E40SE 40 STT E40SE 40 STT W 40 ST B FDR DR D 52 Vanderbilt Avenue 17.8 30 162,330 314,123 R
O FDR DR SVC RD922 W Third Avenue 3.5 21 A 24.6 D E 347 Madison Avenue 13.1 30 197,100 517,500 W 17 924 Third Avenue 3.5 21 A 1 Y FAR F 45 East 45th Street 13.8 30 598,248 1,494,299 W 39 ST W 39 ST W 39 ST E 39 ST E39SE 39 STT 801 Second Avenue 21.6 24.6
TWELFTH AVE TWELFTH 15 219 East 42nd Street 9.6 24.6 1,394,425 2,159,036 G 383 Madison Avenue 27.7 30 1,200,000 1,494,299 235 East 42nd Street 24.7 24.6 *Estimate is based on approximate 15% increase from GBA to RBA based on the office buildings listed that contains 300,000 square feet or more. W 38 ST W 38 ST W 38 ST E 38 ST EE38S 38 STT E 38 ST 30.0 FAR Vanderbilt Corridor NYC NewTrends East Midtown Rezoning 5
W 37 ST W 37 ST W 37 ST E 37 ST E 37 ST E 37 ST
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BATTERY Peter PARK Minuit Plaza Rezoning To Redefine Greater East Midtown Under the new proposal, the maximum allowable The Vanderbilt Corridor (from 42nd Street to FAR will see an 80% increase per site in the area 48th Street, between Vanderbilt and Madison immediately surrounding Grand Central. Along Park Avenues) serves as a pilot program of sorts, as its Avenue and around Grand Central, the maximum rezoning was approved in May 2015. New zoning FAR will increase to 25 and 27 respectively, allowing allows an FAR of up to 30 in the 5-block corridor, for buildings greater than 1,000,000 SF. In several of which One Vanderbilt takes advantage. SL pre-determined transit improvement zones, such Green provided significant contributions to transit as the area surrounding the 53rd Street-Lexington improvements, valued at $225 million, in exchange Avenue subway station, development can reach an for the extra floor area, and was able to maximize FAR of 23. The remaining areas of the subdistrict will the site’s development potential at 1.8M SF and over allow FARs of up to 21.6 and 18. 1,300 feet tall.
Buildings in any subarea may earn an additional 3.0 Another critical part of the rezoning effort addresses FAR in exchange for contributions towards the public the transfer of development rights. Under the realm, which require special permit approval. Sites in proposed regulations, landmarks can transfer to transit improvement zones can also earn an additional sites anywhere in the subdistrict for commercial 3.0 FAR for contributions towards station upgrades. development. The city has proposed that 20% of each sale or a minimum contribution of $78.60/SF Rezoning will also impact building height. The tallest – whichever is greater – be collected towards the projected building height after the rezoning is Public Realm Improvement Fund. The fund will be 846 feet, not far behind 601 Lexington Avenue, which used for transit improvement and the creation and stands at 915 feet tall. With future development redevelopment of public spaces. spurred by new regulations, the Midtown East skyline could change dramatically.
The New Scale of Development Existing Versus Proposed Building Heights/Density
Six buildings at 10 to 18 stories each totaling 774,545 SF could be replaced by a 1.56M SF building.
NYC NewTrends East Midtown Rezoning 6 RESEARCH What’s Ahead for 2017 In January 2017, the Department of City Planning began the formal procedure to certify the proposal. On March 2, 2017, the Manhattan Community Board met. From that date, they have 60 days to review and adopt advisory resolutions. From there, the Borough President has up to 30 days to review the actions. Next, the City Planning Commission has up to 60 days to approve, modify, or deny the proposal. Finally, if approved to this point, the City Council has 50 days to review and cast a final vote. The entire process of rezoning is scheduled to be completed by August 2017.
Milestones in East Midtown Rezoning
East Midtown East Midtown epartment of ity ity lanning anderbilt Steering Steering ommittee lanning begins ommission venue ommittee releases certification process reviews the expected to established recommendations and public review proposal be completed for re oning for reater East Midtown re oning
MA MA OC OC JAN MA AP J N J N A 2021 201 201 201 2016 2017 2017 2017 2017
ommunity oards and vote no ity ouncil on the proposal. reviews and casts ommunity oard final vote to anderbilt anderbilt abstains from voting. pass or reject orridor venue The Manhattan the reater re oning brea s orough oard East Midtown approved ground approves it. re oning
Challenges of Rezoning The high cost of land combined with added costs to achieve density bonuses challenge the economics of these sites, particularly those around Grand Central and off of Park Avenue. A project would need to earn rents in excess of $100/SF to justify development costs. However, Class A buildings around Grand Central and along Third Avenue currently average $76.50/SF, and only three deals in the last two years have exceeded $100/SF.
In addition, the majority of the development sites in the rezoning area require assemblage of multiple lots from several different owners, a time-consuming process that may be disrupted by hold-outs. With these market and timing factors at play, the transformation of East Midtown is likely to take shape along Park Avenue and surrounding Grand Central first, and for significantly underbuilt lots that do not require assemblage.
The current rezoning plan also excludes hotel and residential uses, which would be allowed only by special permit. Several sites within the area are unlikely to be rebuilt for office use, but could lend themselves well to hotel or residential conversion. Allowing these alternative uses would encourage improvement of additional sites, drawing more investment, and improving the overall quality of East Midtown.
NYC NewTrends East Midtown Rezoning 7 RESEARCH
MAY 2017 NYC NewTrends CONCLUSION
Despite the challenges that the rezoning effort still faces, the proposal promises to unlock long-term development potential that East Midtown needs to boost New York’s competitiveness with global markets. Without these changes, the submarket would continue to be hindered by decades old regulations and left impeded in its ability to compete with new product in the city.
A rezoned East Midtown would encourage state-of-the-art office development, creating more than 12M SF of net growth from what currently exists. It would also alter the skyline, and improve the public realm.
Sources: Newmark Grubb Knight Frank Research & Photo Credit: Front & back New York City Department of City Planning cover images, SL Green Realty Corp
JONATHAN MAZUR STEPHANIE JENNINGS MATTHEW LESNIK ALEX SCHWARTZ Managing Director, Tri-State Director, Research Analyst Research Analyst Research Research 212.372.2154 212.372.2099 ROBERT ZINDMAN EDWARD SON [email protected] [email protected] Research Analyst Senior Research Analyst
DUANE BURRESS JAMES RORTY RONNIE WAGNER Research Manager Senior GIS Analyst Director, Research
Newmark Grubb Knight Frank research reports are also available at www.ngkf.com/research
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