Market Narratives: New York Metro - Office - Market Trends

Q1 2013 Market Trends: New York Metro - Office

The 352-million-square-foot general purpose, multi-tenant Manhattan office market has something that was once common but is now rare—a vacancy rate in the single-digits. Nationally, the low vacancy era came to an end in the nationwide commercial property bubble of the 1980s, which was followed by the bust that sank the savings and loans. From then until recently there had been little new office space in Manhattan, and with office to residential conversions and the 9/11 disaster, the inventory has shrunk. But as of this moment, office construction is booming.

OCCUPANCY

The vacancy rate is 9.8% as of the first quarter of 2013 according to Reis, down 10 basis points from the prior quarter and 60 from a year earlier. The prior cyclical low was 5.7% in 2007; the rate had reached 3.8% in 2000. Class A vacancy rate fell 10 basis points during the quarter to 9.5%, while the Class B/C rate fell 20 basis points to 10.2%.

Cushman & Wakefield reports a vacancy rate of 9.1% for Manhattan, unchanged from a year earlier. This source predicts upcoming vacancies along 6th Avenue will cause the rate to rise during the second quarter. Studley, Inc. reports an availability rate of 12.6%, up 40 basis points from the prior quarter and 180 from a year earlier. Limits on the financial sector in the wake of the crisis and scandals, according to this source, have "choked the goose that laid the golden egg" while growing sectors such as tech are unwilling to pay for prime office space in Midtown and Downtown and remain concentrated in Midtown South. Newmark Grubb Knight Frank reports a 20-basis-point vacancy rate increase in the first quarter, to 12.9%, following vacancy decreases in 2012. According to the baseline Reis forecast, the vacancy rate will end 2013 at 9.9% and fall to 9.0% in 2017.

SUPPLY AND DEMAND

Hurricane Sandy has distorted net absorption totals in the short run. In the Downtown submarket, 2.05 million square feet of negative net absorption in the fourth quarter of 2012 was followed by plus 2.24 million in the first quarter of 2013; the market-wide totals were minus 1.6 million followed by plus 2.1 million. The net for the two quarters combined was just 480,000 square feet, positive but not strong for a market this size. Demand, in fact, has been weak here for some time and took a particularly large hit in 2008 and 2009, when net absorption totaled negative 20.6 million square feet. Little of that has been made up despite strong job growth.

Following the 1980s boom, new office construction has been limited in New York City, with most space added through industrial to office conversions in places such as Midtown South. New construction averaged less than 800,000 square feet of multi-tenant space per year from 1991 to 2012, and virtually all of that required extensive pre-leasing to get off the ground. A few major owner-occupied buildings have also been added. The office inventory is 19.5 million square feet smaller than it had been in 1998. The Class A inventory is down 6.6 million square feet since 1999, due mostly to 9/11, while the Class B/C inventory is down 12.3 million square feet since 1990, due mostly to residential conversions.

Now, however, Reis reports 13 million square feet under construction in Manhattan, including 9.2 million at the World Trade Center site and 1.7 million at Hudson Yards. Additional projects are under construction in the other boroughs. The baseline Reis forecast calls for an average of 3.5 million square feet to complete construction each year from 2013 to 2017, but 4.2 million square feet to be absorbed.

RENTS

The solid but moderate pace of office rent gains observed in 2011 and 2012 continued in the first quarter of 2013. The average asking rent increased 1.6% to $60.21 psf, while the average effective rent rose 1.5% to $49.58 psf. The year-over-year gains were 4.4% and 4.8%, respectively. The Class A asking average of $73.28 psf was up 1.8% over the quarter, while the Class B/C asking average of $43.60 psf—more than the Class A rate in most markets—was up 1.6%. The year-over-year gains were 4.2% for Class A and 4.5% for Class B/C.

"Manhattan average asking rents rose to $59.60 psf, representing an increase of 1.2% from March 2012," according to Cushman & Wakefield. "At $51.97 psf, Midtown South asking rents rose the most substantially, mainly due to higher priced blocks of space placed on the market." Studley, Inc. reports flat asking rents at $57.20 psf overall, but falling Class A rents. "Of note, Class B rents rose in several submarkets, including an 8.0% spike to $49.10 psf on the Westside," according to this source. That is where Hudson Yards finally broke ground and the Flushing Line extension is nearing completion. Newmark Grubb Knight Frank reports a first quarter overall asking rent of $52.92 psf, down 2.8% from the fourth quarter.

The Manhattan office market continues to experience huge surges and contractions of office demand. On the supply side, while the inventory has proven to be quite flexible over the long term the complexity and long time frames of building in a dense city makes in inflexible in the short run. Thus, rent spikes and collapses have often balanced the market. The Reis baseline forecast continues to predict a moderation of this history. Gains of 4.1% asking and 4.4% effective are forecast for 2013, similar to the past two years, with slightly higher gains to follow.


Debugging Information
ColdFusion Server Enterprise 11,0,05,293506
Template /index.cfm
Time Stamp 26-Mar-17 07:09 AM
Locale English (US)
User Agent CCBot/2.0 (http://commoncrawl.org/faq/)
Remote IP 54.204.122.57
Host Name 54.204.122.57


Exceptions

07:09:43.043 - Expression Exception - in /websiteReisReports/wwwroot/Application.cfc : line 508
	    Element USER is undefined in SESSION.
	    
07:09:43.043 - Expression Exception - in /websiteReisReports/wwwroot/Application.cfc : line 508
	    Element USER is undefined in SESSION.
	    
07:09:46.046 - Expression Exception - in /websiteReisReports/components/com/model-glue/ModelGlue/gesture/collections/ViewCollection.cfc : line 50
	    Element canonical is undefined in a CFML structure referenced as part of an expression.
	    
07:09:46.046 - Expression Exception - in /websiteReisReports/components/com/model-glue/ModelGlue/gesture/collections/ViewCollection.cfc : line 50
	    Element simplifi is undefined in a CFML structure referenced as part of an expression.
	    
07:09:46.046 - Expression Exception - in /websiteReisReports/components/com/model-glue/ModelGlue/gesture/collections/ViewCollection.cfc : line 50
	    Element inlineJS is undefined in a CFML structure referenced as part of an expression.
	    
07:09:46.046 - Expression Exception - in /websiteReisReports/components/com/model-glue/ModelGlue/gesture/collections/ViewCollection.cfc : line 50
	    Element underInlineJS is undefined in a CFML structure referenced as part of an expression.
	    


SQL Queries

getSessionID (Datasource=pQuarterly, Time=2ms, Records=1) in /websiteReisReports/components/com/reis/user/UserSession.cfc @ 07:09:43.043
		SELECT S_CUSTOMER_SESSION_ID.nextval AS nextID
		FROM dual
		
passwordData (Datasource=pQuarterly, Time=1ms, Records=1) in /websiteReisReports/components/com/reis/user/reisReportsUser/ReisReportsUser.cfc @ 07:09:43.043
		SELECT REGEXPATTERN,REGEXDESCRIPTION
		FROM PASSWORDREGEXPATTERN
		WHERE PASSWORDREGEXPATTERN_ID = 21
		
getSessionID (Datasource=pQuarterly, Time=0ms, Records=1) in /websiteReisReports/components/com/reis/user/UserSession.cfc @ 07:09:43.043
		SELECT S_CUSTOMER_SESSION_ID.nextval AS nextID
		FROM dual
		
(Datasource=pQuarterlyMinus, Time=2ms, Records=1) in /websiteReisReports/wwwroot/Application.cfc @ 07:09:43.043
			INSERT INTO customerRequestLog(
				SESSIONID,
				REQUESTTIME,
				TEMPLATE,
				URL,
				FORM
			)
			VALUES(
				?,
				?,
				?,
				?,
				?
			)
			
Query Parameter Value(s) -
Parameter #1(cf_sql_varchar) = AB955CC9F1858B7185A82A54ACFCE80A.axis1
Parameter #2(cf_sql_timestamp) = 2017-03-26 07:09:43.584
Parameter #3(cf_sql_varchar) = /index.cfm
Parameter #4(cf_sql_varchar) = {"event":"observer.text.displaysample.markettrends"}
Parameter #5(cf_sql_varchar) = {}

local.payperiods (Datasource=pQuarterlyMinus, Time=1ms, Records=3) in /websiteReisReports/components/com/reisreports2/reportBarrier/cashier.cfc @ 07:09:43.043
			SELECT PAYPERIODID,PAYPERIOD
			FROM PAYPERIOD
		
subscriptionDetailQuery (Datasource=pQuarterlyMinus, Time=2ms, Records=0) in /websiteReisReports/components/com/reisreports2/reportBarrier/cashier.cfc @ 07:09:43.043
			SELECT
				theRank,
				trim(MSA.NAME) as NAME,
				MSA.MSA,
				MSA.state,
				SECTORDESC,
				S.SECTOR,
				INCLUDEDREPORTS,
				ISSAMPLE,
				TEIRPRICE,
				ADDITIONALSECTORDISCOUNT,
				CASE
					WHEN theRank = 1 OR ISSUBSCRIPTION = 0 THEN TEIRPRICE
					ELSE TEIRPRICE - (TEIRPRICE*ADDITIONALSECTORDISCOUNT)
				END AS sectorPrice,
				ENDDATE,
				CUSTOMERPACKAGEITEMID,
				ISCURRENT,
				ISSUBSCRIPTION,
				isLocal,
				tier
			FROM (
				SELECT
					RANK() OVER (PARTITION BY MSA ORDER BY MSA, CP.ENDDATE NULLS FIRST,ISCURRENT DESC, SECTOR) AS theRank,
					MSA,
					SECTOR,
					INCLUDEDREPORTS,
					ISSAMPLE,
					CASE
						WHEN CP.ENDDATE IS NOT NULL THEN 0
						WHEN TIER = 1 AND ISSUBSCRIPTION = 1 THEN TIER1MSAPRICE
						WHEN TIER = 2 AND ISSUBSCRIPTION = 1 THEN TIER2MSAPRICE
						WHEN TIER = 3 AND ISSUBSCRIPTION = 1 THEN TIER3MSAPRICE
						WHEN TIER = 1 AND ISSUBSCRIPTION = 0 THEN TIER1REPORTPRICE
						WHEN TIER = 2 AND ISSUBSCRIPTION = 0 THEN TIER2REPORTPRICE
						WHEN TIER = 3 AND ISSUBSCRIPTION = 0 THEN TIER3REPORTPRICE
					END AS TEIRPRICE,
					ADDITIONALSECTORDISCOUNT,
					CP.ENDDATE,
					CP.CUSTOMERPACKAGEITEMID,
					ISCURRENT,
					ISSUBSCRIPTION,
					isLocal,
					tier
				FROM
					(
			
						SELECT CP.CUSTOMERPACKAGEID,CUSTOMERID,MSA,SECTOR,CPI.ENDDATE,CPI.CUSTOMERPACKAGEITEMID,ISSAMPLE,TIER, 1 ISCURRENT, 1 ISSUBSCRIPTION
						FROM
							CUSTOMERPACKAGE CP
							INNER JOIN CUSTOMERPACKAGEITEM CPI ON CP.CUSTOMERPACKAGEID = CPI.CUSTOMERPACKAGEID
						WHERE NVL(CPI.ENDDATE,SYSDATE) >= SYSDATE 
					
						
			
					) CP
					LEFT JOIN (
			
						SELECT CUSTOMERPACKAGEOFFERID,CUSTOMERPACKAGEID,OFFERPRICEID,CREATEDATE
						FROM (
							SELECT RANK() OVER (PARTITION BY CUSTOMERPACKAGEID ORDER BY CREATEDATE DESC,CUSTOMERPACKAGEOFFERID DESC) AS THERANK,CUSTOMERPACKAGEOFFERID,CUSTOMERPACKAGEID,OFFERPRICEID,CREATEDATE
							FROM CUSTOMERPACKAGEOFFER
						)
						WHERE THERANK = 1
			
					) CPO ON CP.CUSTOMERPACKAGEID = CPO.CUSTOMERPACKAGEID
					LEFT JOIN OFFERPRICE OP ON OP.OFFERPRICEID = CPO.OFFERPRICEID
					LEFT JOIN OFFER O ON O.OFFERID = OP.OFFERID
				WHERE
					CUSTOMERID = ?
					AND
					ISSAMPLE = 'N'
			) SUBSCRIPTIONS
			LEFT JOIN SECTOR S ON S.SECTOR = SUBSCRIPTIONS.SECTOR
			LEFT JOIN MSA ON MSA.MSA = SUBSCRIPTIONS.MSA
			
			WHERE 1 = 1
			
			ORDER BY NAME,THERANK
		
Query Parameter Value(s) -
Parameter #1(cf_sql_integer) = 0

isSubscribed (Datasource=pQuarterlyMinus, Time=5ms, Records=0) in /websiteReisReports/components/com/reisreports2/customerPackage/customerPackage.cfc @ 07:09:43.043
		SELECT *
		FROM (
		
		WITH
		ENTITLEMENTS AS (
			SELECT
				MSA,
				SECTOR,
				INCLUDEDREPORTS,
				ISSAMPLE
			FROM
				CUSTOMERPACKAGE CP
				LEFT JOIN (
					
					SELECT CUSTOMERPACKAGEOFFERID,CUSTOMERPACKAGEID,OFFERPRICEID,CREATEDATE
					FROM (
						SELECT RANK() OVER (PARTITION BY CUSTOMERPACKAGEID ORDER BY CREATEDATE DESC) AS THERANK,CUSTOMERPACKAGEOFFERID,CUSTOMERPACKAGEID,OFFERPRICEID,CREATEDATE
						FROM CUSTOMERPACKAGEOFFER
					)
					WHERE THERANK = 1
				
				) CPO ON CP.CUSTOMERPACKAGEID = CPO.CUSTOMERPACKAGEID
				LEFT JOIN OFFERPRICE OP ON OP.OFFERPRICEID = CPO.OFFERPRICEID
				LEFT JOIN OFFER O ON O.OFFERID = OP.OFFERID
				LEFT JOIN CUSTOMERPACKAGEITEM CPI ON CP.CUSTOMERPACKAGEID = CPI.CUSTOMERPACKAGEID
			WHERE
				CUSTOMERID = 0
				AND
				NVL(ENDDATE,SYSDATE) >= SYSDATE
		),
		PAYPERIOD AS (
			SELECT
				TRUNC(ADD_MONTHS(FIRSTPAYPPERIODSTARTDATE,FLOOR(MONTHS_BETWEEN(sysdate,FIRSTPAYPPERIODSTARTDATE)))) AS PAYPPERIODSTARTDATE
			FROM (
				SELECT
					nvl(PPP.FIRSTPAYDATE,CP.CREATEDATE) AS FIRSTPAYPPERIODSTARTDATE
				FROM
					CUSTOMERPACKAGE CP
					LEFT JOIN
						(
							SELECT
								PAYPALPROFILEID,
								ADD_MONTHS(TO_DATE(PP_START,'MMDDYYYY'),-1) AS FIRSTPAYDATE
								--this is the first day that we recived RECURING payment form the user.
								--We minus 1 becuase this is always in the future when a user starts.
							FROM PAYPALPROFILE
							WHERE DELETED = 'N'
						) PPP ON CP.PAYPALPROFILEID = PPP.PAYPALPROFILEID
				WHERE CUSTOMERID = 0
			)
		),
		ISNATIONAL AS (
			SELECT 1 ISNATIONAL
			FROM
				customerpackage join customerpackageitem on customerpackage.customerpackageid = customerpackageitem.customerpackageid
			WHERE customerid = 0
			AND msa is null
			AND sector is null
			AND ISSAMPLE ='N'
			AND (ENDDATE > sysdate OR ENDDATE is NULL)
        )
		
		
		
		SELECT
			ALLTOKENS.MSA,
			MSA.NAME,
			ALLTOKENS.SECTOR,
			S.SECTORDESC,
			--ALLTOKENS.INCLUDEDREPORTS,
			ALLTOKENS.REPORTTOKEN,
			ALLTOKENS.ISSAMPLE,
			ISSUBSCRIPTIONTOKEN,
			NVL(BILLABLETRANSACTIONS.ID,NONBILLABLETRANSACTIONS.ID) AS ID
		FROM
		(
			SELECT 
				MSA,
				SECTOR,
				INCLUDEDREPORTS,
				ISSAMPLE,
				'Y' ISSUBSCRIPTIONTOKEN, 
				REPORTTOKEN
			FROM
				ENTITLEMENTS join (select rownum as REPORTTOKEN from all_objects where rownum <= (select max(INCLUDEDREPORTS) from OFFER)) on includedreports >= REPORTTOKEN
			UNION
			SELECT
				CUSTOMERREPORTTOKEN.MSA,
				CUSTOMERREPORTTOKEN.SECTOR,
				1 INCLUDEDREPORTS,
				'N' ISSAMPLE,
				'N' ISSUBSCRIPTIONTOKEN, 
				RANK() OVER (PARTITION BY CUSTOMERREPORTTOKEN.MSA,CUSTOMERREPORTTOKEN.SECTOR ORDER BY CREATEDATE,CUSTOMERREPORTTOKENID) + NVL(ENTITLEMENTS.INCLUDEDREPORTS,0) AS REPORTTOKEN
			FROM
				CUSTOMERREPORTTOKEN
				LEFT JOIN ENTITLEMENTS ON
					(
						ENTITLEMENTS.MSA = CUSTOMERREPORTTOKEN.MSA
						AND
						ENTITLEMENTS.SECTOR = CUSTOMERREPORTTOKEN.SECTOR
					)  OR
					(
						ENTITLEMENTS.MSA IS NULL AND CUSTOMERREPORTTOKEN.MSA IS NULL
					   	AND
						ENTITLEMENTS.SECTOR IS NULL AND CUSTOMERREPORTTOKEN.SECTOR IS NULL
						AND ISSAMPLE = 'N'
					)
			WHERE
				CUSTOMERID = 0
				AND
				(ENDDATE > sysdate or ENDDATE IS NULL)
		) ALLTOKENS
		LEFT JOIN SECTOR S ON S.SECTOR = ALLTOKENS.SECTOR
		LEFT JOIN MSA ON MSA.MSA = ALLTOKENS.MSA
		LEFT JOIN (
			SELECT
				ID,
				MSA,
				SECTOR,
				ORDER_DATE,
				CASE
					WHEN (SELECT ISNATIONAL FROM ISNATIONAL) = 1 THEN
					    ROW_NUMBER() OVER (ORDER BY ORDER_DATE)
					ELSE
						ROW_NUMBER() OVER (PARTITION BY MSA,SECTOR ORDER BY ORDER_DATE)
				END AS REPORTTOKEN
			FROM TRANSACTIONS
			WHERE
				CUSTOMER_ID = 0
				AND
				ORDER_DATE >= (SELECT PAYPPERIODSTARTDATE FROM PAYPERIOD)
				AND
				TRANS_STATUS = 'C'
				AND
				BILLABLE = 1
				AND
				PRODUCTTYPE = 'RFSB'
				AND
				PARENT_TRANS_ID IS NULL
		) BILLABLETRANSACTIONS ON (
		  	BILLABLETRANSACTIONS.MSA = NVL(ALLTOKENS.MSA,BILLABLETRANSACTIONS.MSA)
		  	AND
		  	BILLABLETRANSACTIONS.SECTOR = NVL(ALLTOKENS.SECTOR,BILLABLETRANSACTIONS.SECTOR)
		  	AND
		  	BILLABLETRANSACTIONS.REPORTTOKEN = ALLTOKENS.REPORTTOKEN
		  	AND ISSAMPLE = 'N'
			)
		LEFT JOIN (
			SELECT
				ID,
				MSA,
				SECTOR,
				ORDER_DATE,
				ROW_NUMBER() OVER (ORDER BY ORDER_DATE) AS REPORTTOKEN
			FROM TRANSACTIONS
			WHERE
				CUSTOMER_ID = 0
				AND
				ORDER_DATE >= (SELECT PAYPPERIODSTARTDATE FROM PAYPERIOD)
				AND
				TRANS_STATUS = 'C'
				AND
				BILLABLE = 0
				AND
				PRODUCTTYPE = 'RFSB'
				AND
				PARENT_TRANS_ID IS NULL
		) NONBILLABLETRANSACTIONS ON (
		  	NONBILLABLETRANSACTIONS.MSA = NVL(ALLTOKENS.MSA,NONBILLABLETRANSACTIONS.MSA)
		  	AND
		  	NONBILLABLETRANSACTIONS.SECTOR = NVL(ALLTOKENS.SECTOR,NONBILLABLETRANSACTIONS.SECTOR)
		  	AND
		  	NONBILLABLETRANSACTIONS.REPORTTOKEN = ALLTOKENS.REPORTTOKEN
		  	AND ALLTOKENS.ISSAMPLE = 'Y'
			)
		ORDER BY MSA,SECTOR,ISSAMPLE,REPORTTOKEN
		
		)
		WHERE
			ISSAMPLE != 'Y'
			AND ISSUBSCRIPTIONTOKEN != 'N'
		
getCustomerTestGroupID (Datasource=pQuarterlyMinus, Time=1ms, Records=1) in /websiteReisReports/modelglueapp/controller/reisreports2/localOnlyTest.cfc @ 07:09:43.043
						SELECT S_CUSTOMERTESTGROUP.nextVal AS nextVal
						FROM DUAL
					
getCurrentDistribution (Datasource=pQuarterlyMinus, Time=3139ms, Records=2) in /websiteReisReports/modelglueapp/controller/reisreports2/localOnlyTest.cfc @ 07:09:46.046
						SELECT
							NVL( DATA.TESTGROUP , SKELETON.TESTGROUP ) TESTGROUP,
							NVL( DATA.TESTGROUPPERCENT , SKELETON.TESTGROUPPERCENT ) TESTGROUPPERCENT
						FROM
						(
							SELECT 'A' AS TESTGROUP,-1  AS TESTGROUPPERCENT
							FROM DUAL
							UNION
							SELECT 'B',-1
							FROM DUAL
							UNION
							SELECT 'C',-1
							FROM DUAL
							UNION
							SELECT 'E',-1
							FROM DUAL
							UNION
							SELECT 'F',-1
							FROM DUAL
							UNION
							SELECT 'G',-1
							FROM DUAL
							UNION
							SELECT 'H',-1
							
							FROM DUAL
						) SKELETON
						LEFT JOIN
						(
							SELECT
								TESTGROUP,
								GROUPCOUNT/ROWCOUNT TESTGROUPPERCENT
							FROM (
								SELECT
									DISTINCT
									TESTGROUP,
								    COUNT(*) OVER (PARTITION BY TESTGROUP) GROUPCOUNT,
								    COUNT(*) OVER (PARTITION BY NULL) ROWCOUNT
								FROM CUSTOMERTESTGROUP
								WHERE createDate > TO_DATE('08/28/2014 02:38 P.M.','mm/dd/YYYY HH:MI A.M.')
								AND TESTGROUP in ('G','H')
							)
						) DATA
						ON SKELETON.TESTGROUP = DATA.TESTGROUP
						where SKELETON.TESTGROUP in ('G','H')
						ORDER BY SKELETON.TESTGROUP
					
(Datasource=pQuarterlyMinus, Time=1ms, Records=1) in /websiteReisReports/modelglueapp/controller/reisreports2/localOnlyTest.cfc @ 07:09:46.046
						INSERT INTO CUSTOMERTESTGROUP(CUSTOMERTESTGROUPID,TESTGROUP,CREATEDATE,USERAGENT,sessionid,ipaddress)
						VALUES(	?,
								?,
								sysdate,
								?,
								?,
								?
								)
					
Query Parameter Value(s) -
Parameter #1(cf_sql_numeric) = 3608700
Parameter #2(cf_sql_varchar) = H
Parameter #3(cf_sql_varchar) = CCBot/2.0 (http://commoncrawl.org/faq/)
Parameter #4(cf_sql_varchar) = AB955CC9F1858B7185A82A54ACFCE80A.axis1
Parameter #5(cf_sql_varchar) = 54.204.122.57

updateHits (Datasource=pQuarterlyMinus, Time=1ms, Records=1) in /websiteReisReports/modelglueapp/controller/reisreports2/localOnlyTest.cfc @ 07:09:46.046
				UPDATE
					CUSTOMERTESTGROUP
				SET HITS = HITS + 1
				WHERE CUSTOMERTESTGROUPID = ? 
Query Parameter Value(s) -
Parameter #1(cf_sql_numeric) = 3608700.0

jobFunctionQuery (Datasource=pQuarterlyMinus, Time=1ms, Records=7) in /websiteReisReports/modelglueapp/controller/reisreports/registration.cfc @ 07:09:46.046
		
		SELECT title AS NAME,
			title AS VALUE
		FROM CUSTOMER_TITLE
		WHERE CORPORATE_ID = 16280034
		ORDER BY NAME
		
observerData (Datasource=pMonthly, Time=28ms, Records=1) in /websiteReisReports/modelglueapp/controller/reisreports2/observer.cfc @ 07:09:46.046
		SELECT
			FULLTEXTPATH,
			PARTIALTEXTPATH,
			RIGHTCHANNELTEXTPATH,
			SECTIONTITLE,
			OES.SECTOR,
			OBSERVEREMAILTEXTID,
			SECTORDESC,
			NAME,
			OET.SECTIONID
		FROM
			OBSERVEREMAIL OE
			INNER JOIN OBSERVEREMAILSECTION OES ON OES.WEEKNUMBER <= OE.CURRENTPUBLISHEDWEEKNUMBER
			INNER JOIN OBSERVEREMAILTEXT OET ON (
				OET.OBSERVEREMAILID = OE.OBSERVEREMAILID
				AND
				OET.SECTIONID = OES.SECTIONID
			)
			INNER JOIN MSA ON MSA.MSA = OE.MSA
		 	LEFT JOIN SECTOR S ON S.SECTOR = OES.SECTOR
		WHERE
			PUBLISHABLE = 'Y'
			AND
			OE.MSA = 'NY'
			AND
			TOTALMONTHS = 24159
			AND
			OET.SECTIONID = 2 
subMarkets (Datasource=pQuarterlyMinus, Time=1ms, Records=7, Cached Query) in /websiteReisReports/modelglueapp/controller/reis2/mapDrillDown.cfc @ 07:09:46.046
			SELECT
				s.subnameID,
				s.subID,
				s.SUBNAME_SHORT,
				0 AS HASNEXTSTEP
			FROM SUBNAME s
			INNER JOIN
				(select
					distinct msa,subid,sector
					from
				GEN_REPORTS
				) gr ON gr.MSA = s.MSA AND gr.SUBID = s.SUBID AND gr.sector = s.sector
			WHERE s.MSA IN (?)
				AND s.SECTOR = ?
			ORDER BY s.MSA,s.SUBNAME_SHORT
			
Query Parameter Value(s) -
Parameter #1(cf_sql_varchar) = NY
Parameter #2(cf_sql_varchar) = Off

qStateName (Datasource=, Time=0ms, Records=1) in /websiteReisReports/components/com/reis/cache/CacheService.cfc @ 07:09:46.046
		SELECT statename
		FROM US_STATES
		WHERE stateAbbrev = ? 
Query Parameter Value(s) -
Parameter #1(CF_SQL_CHAR) = NY


Scope Variables

CGI Variables:
AUTH_PASSWORD=
AUTH_TYPE=
AUTH_USER=
CERT_COOKIE=
CERT_FLAGS=
CERT_ISSUER=
CERT_KEYSIZE=
CERT_SECRETKEYSIZE=
CERT_SERIALNUMBER=
CERT_SERVER_ISSUER=
CERT_SERVER_SUBJECT=
CERT_SUBJECT=
CF_TEMPLATE_PATH=/websiteReisReports/wwwroot/reisreports2/index.cfm
CONTENT_LENGTH=0
CONTENT_TYPE=
CONTEXT_PATH=
GATEWAY_INTERFACE=
HTTPS=off
HTTPS_KEYSIZE=
HTTPS_SECRETKEYSIZE=
HTTPS_SERVER_ISSUER=
HTTPS_SERVER_SUBJECT=
HTTP_ACCEPT=text/html,application/xhtml+xml,application/xml;q=0.9,*/*;q=0.8
HTTP_ACCEPT_ENCODING=x-gzip, gzip, deflate
HTTP_ACCEPT_LANGUAGE=
HTTP_CONNECTION=
HTTP_COOKIE=
HTTP_HOST=rr.reis.com
HTTP_REFERER=
HTTP_URL=
HTTP_USER_AGENT=CCBot/2.0 (http://commoncrawl.org/faq/)
PATH_INFO=
PATH_TRANSLATED=/websiteReisReports/wwwroot/reisreports2/index.cfm
QUERY_STRING=event=observer.text.displaysample.markettrends
REMOTE_ADDR=54.204.122.57
REMOTE_HOST=54.204.122.57
REMOTE_USER=
REQUEST_METHOD=GET
SCRIPT_NAME=/index.cfm
SERVER_NAME=rr.reis.com
SERVER_PORT=80
SERVER_PORT_SECURE=0
SERVER_PROTOCOL=HTTP/1.0
SERVER_SOFTWARE=Apache/2.2.15 (Unix) DAV/2 PHP/5.3.3 mod_jk/1.2.40
WEB_SERVER_API=
Cookie Variables:
CLIENTID=6700C84B-A6D3-354A-45EFCF33883BA040
CUSTOMERTESTGROUPID=3608700
Session Variables:
getpropertyreport=Complex type
getuser=Complex type
googleecommercearr=Array (0)
googleeventarr=Array (0)
haspropertyreport=Complex type
propertyreport=
sessionid=AB955CC9F1858B7185A82A54ACFCE80A.axis1
setpropertyreport=Complex type
setuser=Complex type
urltoken=CFID=1024620&CFTOKEN=c18a7ab0cda32c6a-6700C7DC-09CC-4A95-851F189DA3F74443&jsessionid=AB955CC9F1858B7185A82A54ACFCE80A.axis1
user=Struct (99)
URL Parameters:
event=observer.text.displaysample.markettrends
Debug Rendering Time: 4 ms