Archives for June 2019

Commercial real estate professionals discuss planning for, getting through, and recovering from major adverse events.

The frequency of and costs related to natural disasters – including wildfires, hurricanes, tornados, and droughts – are increasing at an alarming rate in recent years.
Between 1980 and 2018, the average number of weather events topping $1 billion in damages (adjusted for inflation) is 6.2 per year, according to the NOAA National Centers for Environmental Information. But that figure has jumped to 12.6 events in the last five years.
While the true cost of these events cannot be tallied by deaths and damage figures, the commercial real estate community can alleviate issues for an area devastated by a natural disaster. Housing, retail and office space, warehouse facilities – all of these contribute to a coordinated response and rebuilding effort.

Come Out Fighting

But how do commercial real estate professionals – including lenders, brokers, developers, and managers – properly prepare to help the recovery effort and accompanying opportunities? In short, plan ahead and do your homework.
Quentin D. Dastugue, CCIM, founder and CEO of New Orleans-based Property One, Inc., has plenty of experience with destructive natural events – but none compared to Hurricane Katrina. When the storm made landfall in August 2005, Dastugue’s team was busy converting an apartment building into for-sale condo units in Mandeville, La., outside of New Orleans on Lake Pontchartrain.

“People remember when you step up and help them.  If you’re more concerned about their safety than how you’re going to get paid, they remember that.” – Quentin D. Dastugue, CCIM

“Not only did [that building] not get damaged, it was one of the only places in the metro area that had electricity and internet,” he says. “We moved the main functions of our office from downtown New Orleans to this townhouse model and put our people up in the empty units. We were up and running in a few days.”
It’s better to be lucky than good, the saying goes, but Dastugue points out nothing beats being prepared. “Living through so many of these storms, we’ve learned what needs to be done,” he says. “Have a disaster recovery plan. Write it down and circulate it among your business so everyone is aware. Know how to communicate with your employees, back up your information, know how to stabilize your properties.”
With New Orleans’ business community completely shutout of downtown, Dastugue’s firm leased 120,000 square feet of office space to various clients the day they resumed operations.
“From a commercial real estate standpoint, if you’re on your toes, you can situate clients on a temporary basis or for the long term. That can lead to relationships down the road,” Dastugue says. “People remember when you step up and help them. If you’re more concerned about their safety than how you’re going to get paid, they remember that.”
Like office space, retail properties, no matter the adverse event, face a population that is often in immediate need. Even if roads remain flooded or infrastructure is damaged, people will find a way to reach necessary goods and services.
“I spent 20 years in retail and believe me, nobody believes a natural disaster is a reason to stop selling product,” says David Marcotte, senior vice president at consulting firm Kantar Retail, referencing Hurricane Harvey, which battered Houston for four days in August 2017.
The city was underwater, but people required supplies as soon as the storm cleared. “It’s the immediacy of need,” he says. “Retail is not a gentle profession. It’s unforgiving, regardless of the cost. There’s a high-degree of motivation to get things back on line as soon as possible.”
The storm and its aftermath further exposed a problem that was a known secret in the area. Houston – like Texas as a whole – prides itself on being business friendly, which pushed zoning behind development in its priorities. “The city has an awareness of flooding and flood rescue, but it’s a mentality of build first, ask questions later,” Marcotte says. “If you’re building in a defined flood zone of every 20 years, you’re not going to rebuild. You will not get funding; you will have trouble with insurance companies.”

Before, During, and After

Extreme weather and climate patterns don’t concern themselves with zoning and risk estimates. If Houston is prone to flooding, water will find its way there. Similarly, California is largely built in high fire severity areas.
The state is no stranger to disasters, with earthquakes, flooding, and mudslides all wreaking havoc in recent years. But in the last two years, wildfires are responsible for the greatest damage, topping $57 billion.
The 2018 Camp Fire burned 153,000 acres in Northern California, resulting in 88 deaths and destroying more than 18,000 structures, according to the NOAA National Centers for Environmental Information. The fire, the deadliest and most destructive in the U.S. in 101 years, resulted from warm and dry conditions partially tied to climate change, according to the NOAA.
But climate-related causes aren’t solely responsible for the increasing devastation. Areas in the wildland-urban interface, where populations intersect with forests, are growing in size and increasing in density, “which has many implications for wildfire management and other natural resource management issues,” according to the USDA Forest Service.
Dan Dunmoyer, president and CEO of the California Building Industry Association, acknowledges city planning can affect fire susceptibility. “California is disaster-prone,” he says. “You have to be committed to minimizing risk. We tend to commit for, say, five years but then we let brush to grow back and defensible space to fall apart – then these fire-prone areas become real hazards.”
The Oakland hills fire of 1991 is a case study in what to avoid. “It was devastating,” Dunmoyer says. “Fire trucks couldn’t access the affected areas, and hydrant hook-ups were wrong when they could.
“Let’s revisit the situation. The road configuration is the same. Eucalyptus is all over the place when you couldn’t find a single plant five years after the fire. It’s a powder keg. Two-thirds of the people currently in the area lived there during the fire, but we aren’t vigilant. We are not, as a society, committed to defending our property.”

Due Diligence – And Then Some

Hurricane Maria, which hit Puerto Rico in September 2017, highlights how CRE professionals need to respond after disaster hits. Multiple layers of due diligence are vital for every deal, considering the complex issues structures face after such a storm.
Following the storm, nearly all of the island has been designated an opportunity zone to spur investment in the rebuilding efforts. Andrew Maguire, a real estate partner at McCausland Keen + Buckman in the greater Philadelphia area, points out the silver lining in such disastrous circumstances.
“The storm is a tragedy,” he says, “but it will create opportunities for commercial real estate developers and investors.” Those open doors, however, can come with more complicated due diligence and risk assessment.
“If natural disasters or major storms are prevalent in an area, the process of acquisition and development will be made more difficult,” Maguire says. “No matter how appealing an asset may be – it’s going to make it harder for you to borrow money; you’re going to have to buy more insurance; it’s going to take more effort to get your lender comfortable along with your partners or shareholders.”
Environmental problems can be immediate – such as exposure of previously contained asbestos – or latent, with mold being a significant risk for water-logged buildings in the weeks and months after a storm.
“Mold could be under the floors or in the walls,” Maguire says. “Buyers need to have the environmental condition of the property investigated in due diligence, so that they can determine the risks that they are assuming.”

Trends and Forecasts

Like any good student of the stock market will say, past performance is not indicative of future results. Natural disasters have trended upward, especially in recent years, but uncertainty and variance are baked into such events.
So how can CRE professional plan 10, 20, or 100 years down the road? “What constitutes an allowable definition of risk is changing,” Marcotte says. “Not matter your political leanings, people are starting to think 100 years is not an acceptable risk anymore.”
Wildfires weren’t supposed to erase entire towns in suburban California. Hurricane Sandy wasn’t supposed to put parts of Manhattan under water. Most recently, this spring’s flooding ravaging the Midwest wasn’t supposed to happen.
“The flooding in Nebraska could be a game-changer,” Marcotte says. “It is going to change how people approach risk mitigation.”
The calculus of risk assessment in real estate prone to natural disasters or in areas already affected by one will always fluctuate. But such events can have unintended consequences – some of which can be positive for an affected community. Take for example, New Orleans 14 years after the waters breached the levees.
“What happened here – so many people took the opportunity to start from scratch,” Dastugue says. “A lot of people who came down to help rebuild the city stayed. We have a real entrepreneurial spirit that’s playing a big role in employment in the city.” The total workforce in the New Orleans-Metairie area has steadily rebounded from a low of 435,500 in September 2005 to 581,500 in February 2019, according the U.S. Bureau of Labor Statistics, while the unemployment rate is currently at 4.9 percent, one point above the national average.
Disaster recovery, like the CRE projects that play a vital role in the process, is about meeting immediate needs en route to accomplishing long-term goals.
“Nothing happens in big leaps,” Dastugue says. “You just put one foot in front of the other. You learn to walk and, all of a sudden, you’re running again.”
By: Nicholas Leider (CCIM Institute)
Click here to view source article.

With e-commerce revolutionizing supply chains, logistics infrastructure offers opportunities in industrial real estate.

The disruptive shift to an e-commerce-fueled economy has created seemingly endless opportunity in industrial real estate. Companies across the board have a voracious appetite for warehouse, distribution, and fulfillment space, even as supply chain alterations and logistics infrastructures play larger roles in site selection.
E-commerce-related industrial leasing has exploded in the past decade. Industrial leasing deals in the U.S. and Canada jumped from less than 5 percent of deals in 2010 to now consistently representing 20 to 30 percent, according to Cushman & Wakefield.
Experts are predicting an even bigger runway ahead for e-commerce as online purchasing continues to expand into other sectors such as grocery, pharmaceuticals, and automotive. “This is the beginning stages of a structural change in the market that has really been tech-enabled on the consumer side. Now brands and businesses have to deliver on that,” says Jason Tolliver, regional vice president of logistics and industrial research at Cushman & Wakefield.
Instead of going to the store, consumers are going online and having purchases delivered to their doorstep. Rather than simply moving goods from ports and manufacturers to stores, the supply chain is much more complex, notes K.C. Conway, MAI, CRE, CCIM Institute’s chief economist and director of research and corporate engagement at the Alabama Center for Real Estate (ACRE) at the University of Alabama. Even traditional retailers are tweaking their business models to reduce in-store inventory and rely more on warehousing and distribution centers.
“Logistics Infrastructure: Transformational Opportunities,” a new report by ACRE, examines where companies are locating and why to examine how logistics infrastructure is influencing decision-making. The report serves as a call to action for needed infrastructure improvements and upgrades.
The authors emphasize the value of investing in a “build it and they will come” strategy. ACRE’s analysis of state-level gross domestic product in the U.S. reveals that states investing in logistics infrastructure are experiencing GDP growth exceeding the 3.5 percent national average. Markets benefiting from strong logistics infrastructure include Charleston, S.C.; Savannah, Ga.; Atlanta; Birmingham, Ala.; Mobile, Ala.; Kansas City, Kan.; Columbus, Ohio; and Trenton, N.J.
Location infrastructure is about more than concrete and asphalt, notes Conway, co-author of the report with ACRE colleague Stuart Norton. “You have to look beyond roads and bridges to all the elements of logistics infrastructure to attract the new industries you want,” he says. Logistics infrastructure critical to supporting modern supply chains include labor and training, utilities, Wi-Fi bandwidth, roadways, intermodal transfer stations, rail, and ports.

Revamping Supply Chains

E-commerce has created a high tide that is raising all boats in the industrial real estate market, pushing industrial vacancies below 5 percent nationally, according to Cushman & Wakefield. “It is the lowest vacancy that we have ever seen, and there is broad-based growth everywhere in primary, secondary, and tertiary markets,” says Tolliver. Markets near ports continue to do well, including Riverside-San Bernardino-Ontario, Calif., due to its proximity to the L.A. area ports, and Northern New Jersey, near the New York and New Jersey ports.
Growing demands on the country’s aging logistics infrastructure, however, highlight a need for investment. An estimated 4.1 million miles of public roads require work. To maintain the railroads alone, budgets need to increase by 17 times current levels, according to the ACRE report. Given that backdrop, logistics infrastructure is driving “why” and “where” decisions for development across the country.
Often, a cohesive plan is not in place for an entire infrastructure network in a region. “The areas that have a more comprehensive view and don’t stop at their particular portion of the supply chain are going to be those that have a network that is superior to others, and that is going to help draw occupiers that want to be there and take advantage of that,” Tolliver says.

Planes, Trains, and Ports

Real estate typically ranks as the second or third highest cost for most businesses. In terms of logistics, transportation and labor are the two largest costs. Transportation can account for nearly half of supply chain costs, while real estate typically represents less than 10 percent, notes Tolliver. Companies must have a solid transportation network – and the labor to support it – to allow for the efficient movement of goods.
Because of congested roadways, trucking inefficiencies, and driver shortages, the new supply chain is going to rely on shorter distance trucking while emphasizing rail for long distances, notes Conway. Locating near rail and intermodal transportation is going to be a necessity along with other key criteria, such as workforce and utilities. According to the ACRE report, some industrial markets that benefit from strong logistics infrastructure include Memphis, Tenn.; Columbus, Ohio; Greenville-Spartanburg, S.C., and  Kansas City, Kan.
Those major hubs where e-commerce and logistics companies are concentrated all have some key infrastructure in common, including Class 1 rail and intermodal facilities, notes Conway. Intermodal centers are a vital part of logistics infrastructure, acting as a transfer point from one mode of transportation to another, such as moving shipping containers  from ship to rail or rail to truck. Draw a line from New York to Texas, he says, and 85 percent of those intermodal facilities are located south and east of that diagonal line with very few to the west.
It doesn’t matter whether product is coming from the East, West, or Gulf Coast, companies need to be able to get products off ships and where they need to be as quickly as possible. Often, truck is the best way to achieve this result, but as the trucking market continues to face challenges, companies are looking to shift goods to rail, especially for goods that are not time sensitive. “ There is also a good demand profile for refrigerated storage to follow right along with it for chilled or frozen cargo,” says Tolliver.
Air cargo is another important piece, one that’s critical  for smaller items such as electronic devices, lightweight manufacturing parts, pharmaceuticals, and other consumer perishables that must get somewhere overnight. However, big airports like those in Atlanta, Dallas, and New York are all trying to reduce air cargo, because it is not as profitable as air passenger traffic, notes Conway.
Columbus, Ohio, is one market that benefits from that shift in air cargo. Amazon is moving more of its air cargo to Columbus’ Rickenbacker International Airport due to challenges getting air freight out of New York’s airports. The e-commerce giant already has three major distribution and fulfillment centers in the Columbus market. The metro area also has an educated workforce with Ohio University nearby, and its economy is changing from relying on manufacturing to more tech-based. “Columbus is an example of a city that has figured out the air cargo logistics piece and how to combine it,” says Conway.

Supply Creating Demand

The report argues that “build it and they will come” can be a game-changer for logistics. Kansas City, for example, was long considered a tertiary market for most industrial space users and investors, primarily because of its size and distance from major population centers.
However, Kansas City has emerged as a growing logistics hub in recent years. “This is my 24th year doing industrial real estate in Kansas City, and, in my career, I have never seen a market as active as the one we’ve been in for the last five years,” says Nathan Anderson, CCIM, SIOR, a partner at NAI Heartland in Kansas City. The growth in e-commerce and a need to get product to customers in a day or two have spurred significant demand for industrial real estate in Kansas City. The addition of a new BNSF intermodal facility in Edgerton, Kan., in 2010 is another catalyst.
Local developer NorthPoint Development secured rights to develop industrial buildings around that BNSF intermodal facility. “That was a game-changer, and their timing couldn’t have been better,” says Anderson. NorthPoint has since developed about a dozen buildings spanning some 7 million square feet in Edgerton, and it has additional developments in Kansas City and Riverside, Mo. Numerous companies have since moved operations to Kansas City, to create a regional hub. For example, Amazon now has six locations in the metro area, and FedEx and UPS also have expanded operations in Kansas City. Likewise, the activity has sparked interest from other national developers and investors, he adds.
Another important part of the supply chain for e-commerce and fulfillment companies is the relationship to the infrastructure for UPS, FedEx, and the U.S. Postal Service, adds Knowles. For example, FedEx recently located a 1 million-plus sf facility in the Lehigh Valley, just north of the Allentown International Airport. UPS also just added a similarly sized facility in neighboring Palmer Township, Pa. “Delivery is very important, which is why these companies have invested deeply in the Lehigh Valley,” says Brian Knowles, CCIM, SIOR, a principal at Lee & Associates of Eastern Pennsylvania.
The Northeast is a strong industrial hub that continues to benefit from its infrastructure, access to labor, and proximity to key urban markets. For example, central and northern New Jersey is a highly concentrated industrial market with about 1 billion sf of space. “Space is extremely tight right now with very few land opportunities, and values and rents that have escalated,” says Knowles. Just to the east in the triangle created by South New Jersey; Harrisburg, Pa.; and Scranton, Ohio, another 1 billion sf of industrial space spreads out across the Lehigh Valley.
“We are now seeing players and occupiers reaching into Eastern Pennsylvania for other alternatives versus along the New Jersey Turnpike,” says Knowles. Lehigh Valley has been the biggest beneficiary of that shifting supply chain due to its population density and availability of labor. The Lehigh Valley is seeing record high construction with about 30 million sf of industrial projects under construction, Knowles adds.
Real estate investors are keeping a close eye on the transforming logistics landscape. “Those who connect the dots on logistics infrastructure beyond roads and bridges will be the ones that figure out where the warehouses need to be,” says Conway. Some of the best indicators for the changing logistics infrastructure landscape can be found in looking at where major players such Amazon, Walmart, and Target are locating their fulfillment centers. Manufacturers also are looking for locations where they can connect to a port, rail, or intermodal facilities, which is why manufacturers such as Airbus, Volvo, and Toyota have opened new facilities in cities such as Mobile, Ala.; Huntsville, Ala.; and Charleston, S.C., notes Conway. “They are picking those locations where all of those location infrastructure elements are coming together or being improved,” he says.
By: Sarah Hoban (CCIM Institute)
Click here to view source article.

Online retail has disrupted how and where people shop, but brick-and-mortar storefronts can thrive in the new digitized market.

Retail is no longer just about what people buy – today the focus is also on how they buy. While e-commerce has proven to be a formidable challenger to traditional retailing, brick-and-mortar is rising to the challenge. The key to success for real estate professionals will be understanding changing elements tied to physical stores, from lease terms to sales metrics to build-out options. It will also require the ability to understand technology and, most importantly, the changing preferences of American shoppers.

Prepare for three new FASB standards for revenues, leases, and loan impairments.

For many public companies, 2018 to 2020 may be the three most disruptive years in history for financial statements, while private companies have a one-year reprieve. Three new accounting standards with wide-ranging consequences are taking effect: revenue from contracts with customers, lease accounting, and current expected credit losses.
These three new standards issued by the Financial Accounting Standards Board may require substantial implementation efforts from corporate accounting and finance departments. Companies also shouldn’t underestimate the new standards’ impact on their broader business.

Revenue Recognition

The first standard that went into effect is ASC 606, Revenue from Contracts with Customers, which was effective for most public companies in 2018 and took effect this year for private companies. The new revenue standard provides a comprehensive framework for most types of revenue accounting, with certain exceptions including leasing income; interest income from loans and other financial instruments; and insurance premiums – all of which are governed by other accounting rules.
For most companies, adoption of the new revenue standard includes a significant effort to assess its provisions and how they apply to the company’s contracts. In many cases, however, the new guidance does not significantly change the timing and pattern of recognition. The new standard aims to provide a one-size-fits-all framework that can be applied by any company.
But one size rarely fits all, and many companies have struggled with applying the new concepts. For example, land and real estate developers historically have accounted for their projects using the percentage of completion method, which allows them to recognize revenues in proportion to their costs during a project. While the new revenue standard retains the PoC method (now called overtime recognition), it introduces new required criteria. Some developers are finding that their contracts don’t meet those standards. As a result, they must defer revenue recognition until the project is completed and delivered to the customer.
For many companies, the new standard’s biggest impact is the addition of lengthy new disclosures. Specifically, the standard requires new footnote disclosures that describe in detail the nature and timing of revenue streams, including whether revenues are generated under long- or short-term contracts; whether the revenues are earned 1) over time as services or goods are provided or manufactured or 2) at the point in time when services or goods are delivered; and how the timing of recognition of revenue differs from the timing of cash receipts.

Lease Accounting

The second new standard to go into effect is ASC 842, Leases, which is effective for most public companies this year and in 2020 for private companies. Under prior guidance, all leases were classified by the lessee as either operating or capital. Operating leases enjoyed off-balance sheet treatment, meaning that no liability was recognized for future lease payments, while capital leases were treated as if the asset had been purchased with a loan, with recognition of an asset and a liability.
With the new lease standard, FASB requires lessees to recognize almost all leases on the balance sheet, profoundly impacting many lessees. Under the new rules, lessees recognize a right-of-use asset representing the benefit they receive from the ability to use the leased asset, plus a lease liability representing the present value of the future lease payments they are obligated to make. While the impact from applying the new guidance to shorter-term leases may be minor, the result of recognizing future lease payments related to longer-term commercial leases, even on a discounted basis, is likely to create large new assets and liabilities.
While the most impacted industries are those that rely heavily on leasing, such as restaurants and retailers, very few companies are immune. The new standard applies to all lease arrangements, not just those of commercial real estate. For example, leases of equipment are also in scope, as well as those of vehicles and most other physical assets. Even leased copy machines and corporate cars fall under the new standard.
In fact, an agreement doesn’t have to be called a lease to be in the scope of the new standard. The rules also apply to embedded leases, or arrangements to use equipment or other assets as part of a larger agreement, usually a service arrangement. For example, if your contract with a security service provider includes cameras and other monitoring equipment, it might be considered an embedded lease under the new standard that you must recognize on your balance sheet.
Adopting the new standard requires an orchestrated effort across the organization to identify and gather information about all contracts. This exercise can be difficult if contracts are not managed centrally, and it may require polling your operations teams to understand what agreements are in place.
Once a company has identified all its leases, the next challenge is calculating the amounts to be recognized on the balance sheet and then accounting for their impact on expenses and net income. While companies with a few relatively simple leases may manage this process on their own, many will require a lease accounting system to ensure accurate and complete financials. This is especially true of public companies required to comply with the internal control provisions of Section 404 of the Sarbanes-Oxley Act. A new system not only increases cost and complexity, it lengthens the implementation timeline.
The new standard also may have implications beyond the balance sheet. For example, many debt covenants treat lease liabilities as additional debt. Companies should revisit their loan agreements and be proactive in explaining the new standard’s impact to lenders to minimize disruption to treasury operations.
This is also the time for companies to review their leasing strategies. Shorter-term leases with multiple renewal options may be more attractive under the new standard, because the impact to the balance sheet may be reduced. On the flip side, for companies that have historically entered longer-term leases, the adoption of the new standard is an opportunity to lock in the use of the asset for even longer to achieve preferential expense treatment. Although all leases will go on a balance sheet under the new standard, it does retain the operating versus capital (now called financing) lease classifications to determine income statement and cash flow statement presentation. Operating lease payments will continue to be reported as operating expenses and cash flows from operations. Payments associated with a financing lease will be reported outside of earnings before interest, tax, depreciation, and amortization – known as EBITDA. Extending already longer-term leases to result in financing lease classification won’t significantly change the impact to the balance sheet, but it could reduce operating expenses and increase reported EBITDA.

The new standard aims to provide a one-size-fits-all framework that can be applied by any company.  But one size rarely fits all.

Lessors are impacted as well. In addition to changing priorities and strategies from lessees, lessors must consider relatively minor changes to their accounting model, which aims to align lessor accounting with revenue accounting under ASC 606. A more significant change for lessors is that they are now subject to sale-leaseback and build-to-suit guidance. In the past, lessees had to consider very detailed and punitive accounting rules on recognition of an asset on their books in a build-to-suit arrangement and when they could derecognize an asset sold in a sale-leaseback transaction, but lessors were exempt
from those rules. The new leasing standard eliminates much of the complexity of those rules, but they now apply to both lessee and lessor. Going forward, lessors could end up accounting for an asset acquired in a sale-leaseback as a receivable, as if they were a bank providing a mortgage to the seller-lessee.
New disclosures are required, too, including footnote disclosure of the nature and types of leasing arrangements, as well as the type, timing, and impact of lease payments. Additionally, specific information such as weighted-average discount rates and weighted-average remaining lease terms are required, as well as qualitative information about significant estimates and judgments. Lessees must also disclose information about leases that have been executed but have not yet become effective if material; lessors are required to disclose information about how they mitigate risk associated with the residual value of their leased assets.

Credit Impairments

The final new standard to be adopted is ASC 326, Measurement of Credit Losses on Financial Instruments, which is scheduled to take effect for most public companies in 2020 and in 2021 for private companies.
Lenders have been accounting for loan losses under an  incurred loss model – it must be probable that a loss has happened to be recognized. The shortcomings of this model were apparent in the 2008 financial crises, because reporting of losses lagged behind the business cycle. To address this perceived weakness, FASB introduced a new model for recognizing loan losses, called the current expected credit losses model. CECL requires a lender to estimate losses over the life of a loan, incorporating both historical loss trends and current conditions, as well as reasonable forecasts of future conditions. This approach allows those losses to be recognized earlier.
Although banks and other lenders will feel the largest impact of the new CECL model, the new standard is not limited to financial institutions or long-term loans. It technically applies to all customer receivables. While operating lease receivables recognized under ASC 842 are outside its scope, the net investment in a sales-type or direct financing lease is not. Lessors who enter into long-term leases, such as equipment leases or some single-tenant commercial leases, that result in sales-type lease treatment will have to apply this new guidance. Like the other two new standards, the new credit losses standard requires significant new disclosures.
The new regulations and their impacts can seem overwhelming; the key is not to delay. Each standard can be implemented with a focused and determined approach, but it takes time.
By: Angela Newell (CCIM Institute)
Click here to view source article.