some cities are outpacing their neighbors. what … · mipim is the international real estate show...

THE LATESTSpeed Networking: New at REALTORS®

Conference & Expo. 2

TERRORISM RISKINSURANCE ACT What Congress can do toencourage greater privatesector participation. Capitol Report. 4

SOCIALLY NETWORK What’s most effective andhow you can most wisely useyour time. Tech Savvy. 8

TOP TENIssues that will affect the real estate industry over the next 10-30 years. By the Numbers. 10

MIDDLEMARKETMAGIC

SOME CITIES ARE OUTPACING THEIRNEIGHBORS. WHAT SECRETS DO THESE

MID-SIZED CITIES SHARE?

PAGE 6

COMMERCIALCONNECTIONS

www.realtor.org/commercial

THE NATIONAL ASSOCIATION OF REALTORS® COMMERCIAL REAL ESTATE NEWSLETTER VOLUME 13 ISSUE 3 THIRD QUARTER 2012

25971_CommConn Oct2012 03_Layout 1 10/24/12 3:37 PM

NAR PRESIDENTMaurice “Moe” Veissi,

South Miami, FL

NAR COMMERCIAL LIAISONH. Blaine Walker, CRB, GRI

Sandy, UT

COMMERCIAL COMMITTEE CHAIRRandy Scheidt, CCIM, GREEN

Indianapolis, IN

SENIOR VICE PRESIDENTBob Goldberg

Sales & Marketing | Business Development & Strategic Investments | Commercial Services

Professional Development | Conventions

COMMERCIAL DIVISION

VICE PRESIDENTJan Hope, RCE

MANAGING DIRECTORCheré LaRose Senne, RCE

DEVELOPMENT MANAGERJean Maday

MARKETING MANAGERJorge Rivera

ASSISTANTTracy Porterfield

MEMBERSHIP COORDINATORMelanie Sligh

Reach any of us at:[email protected]

430 N. Michigan AvenueChicago, Illinois 60611-4087

800.874.6500

DESIGNERDave Hunterwww.dhdd.net

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An Inc. 500 and NAPL Hall of Fame Companywww.omegaprinting.com

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VISIT MIPIM – THE WORLD’S PROPERTY MARKETREALTORS® REGISTRATION DISCOUNTMIPIM IS THE INTERNATIONAL REAL ESTATE SHOW for professionalsin Cannes, France March 12-15, 2013. MIPIM, the world’s propertymarket, brings together the most influential players from allinternational property sectors and offers unrivaled access to a greatnumber of development projects and sources of capital worldwide.MIPIM is offering a reduced registration fee of €990 + 19.6%refundable VAT (value-added tax) for the first REALTOR® registrantand €790 + 19.6% refundable VAT for each additional REALTOR®

registrant from the same firm/company. This is a 25% discount for thefirst registrant and 30% for subsequent members of your team! ContactCheré at [email protected] for more information and to register forthe conference (there will be no online registration for this discount.)

NEW AT REALTORS® CONFERENCE & EXPO –SPEED NETWORKING, SATURDAY, NOVEMBER 10, 2012IN ADDITION TO EDUCATION, NETWORKING and the CommercialBlock at the EXPO, NAR Commercial is featuring SpeedNetworking for commercial attendees at the Conference.Strategically scheduled the afternoon before the NAR CommercialRed Carpet Reception, attendees will increase the number of newcontacts exponentially by increasing the number of faces and namesyou will recognize at the reception! It is not too late to join over2,000 of your commercial colleagues at the REALTORS® Conference& EXPO, November 9 – 13, 2012.

ALL ABOUT THE OFFICE – NAR BLOGS OFFERINSIGHT ON VITAL MARKET NICHEIF YOU ARE LOOKING TO KEEP ABREAST OF THE LATEST TRENDS

and numbers related to market niches like office, retail, multi-family, industrial and land then add the Source blog(blog.commercialsource.com) and the Economists’ Outlook blog(economistsoutlook.blogs.realtor.org) to your daily feed.Economists’ Outlook recently reported on office vacancy decliningto 16.1 percent and the Source blog posted about office buildingclassification and the differences between Class A, Class B, andClass C varying widely by market area.

These blog posts can be found at the following short links: http://tinyurl.com/economistsblogofficehttp://tinyurl.com/sourceblogoffice

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View the commercial schedule of events and register at: www.realtor.org/convention.nsf

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To learn more about MIPIM go to the official website at: www.MIPIM.com

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THE LATEST

2 COMMERCIALCONNECTIONS | Q3 2012


COMMERCIALCONNECTIONS | Q3 2012 3

CCIM INSTITUTEAnnual Meetings & ConferenceOctober 12 – 16, 2012Las Vegas, NVhttp://live2012.ccim.com

COUNSELORS OF REAL ESTATE (CRE)2012 Annual ConventionOctober 14 – 17, 2012Miami, FLwww.cre.org

INSTITUTE OF REAL ESTATEMANAGEMENT (IREM)Fall Leadership ConferenceOctober 16 – 20, 2012New Orleans, LAwww.irem.org/iflc/

URBAN LAND INSTITUTE (ULI) Visit the NAR Commercial Booth!ULI Fall MeetingOctober 16 – 20, 2012Denver, COwww.ulifall.org

SOCIETY OF INDUSTRIAL AND OFFICEREALTORS® (SIOR)Fall World ConferenceOctober 25 – 27, 2012Los Angeles, CAwww.sior.com/events

REALTORS® LAND INSTITUTE (RLI)RLI Day @ REALTORS Conference & ExpoNovember 8, 2012Orlando, FLwww.rliland.com/nar-annual-conference

REALTORS® CONFERENCE & EXPOVisit the Commercial Block at the Expo!November 9 – 12, 2012Orlando, FLwww.realtor.org/convention.nsf

MIPIM – THE WORLD’S PROPERTY MARKETContact NAR Commercial for special REALTOR® rates!March 12 – 15, 2013Cannes, Francewww.MIPIM.com

UPCOMING COMMERCIAL & AFFILIATE MEETINGS

Imagine what you can do.

Come unleash your real estate power at the 2012 REALTORS® Conference & Expo, where everything you need to succeed is right before your eyes.

® and guests in Orlando for the biggest real estate networking event in the U.S.

sessions and 400+ exhibitors all under one roof.

the city of fun and home to famous theme parks!

Abracadabra! Orlando is surprisingly affordable…

Hotels start at just $69 a night. NAR offers discounted airfare

And, four great registration options are available to fit your needs, schedule and budget: Full Conference, One-Day, Session Plus Expo or Expo-Only.

Sign up today at

www.REALTOR.org/Conference

Connect with us and thousands of REALTORS® who will be in Orlando at:

twitter.com/narannual facebook.com/narannual



N SEPTEMBER 11, 2012 the Subcommitteeon Insurance, Housing and CommunityOpportunity held a hearing entitled “TRIA at

Ten Years: The Future of the TerrorismInsurance Program”. By invitation only, NAR submittedtestimony and was represented by 2012 NARCommercial Committee Vice-Chair, Linda St. Peter,CCIM, CIPS (Prudential Connecticut Realty inWallingford, CT.) Linda testified on behalf of NAR andits commercial affiliates: CCIM Institute, Institute ofReal Estate Management, REALTORS® Land Institute,and Society of Industrial and Office REALTORS®. Thepurpose of the hearing was to provide an overview andbegin the conversation about how TRIA has worked,how TRIA has affected various stakeholders, what theprivate market’s current capacity is to provide terrorisminsurance, and what Congress can do to encouragegreater private sector participation.

ORIGINFollowing the terrorist attacks of September 11, 2001,insurers backed out of the terrorism insurance marketplace prompting Congress to create a federalreinsurance backstop program in the Terrorism RiskInsurance Act of 2002 which also mandated thatinsurers make terrorism coverage available along withits property and casualty lines. In December 2005,Congress passed the Terrorism Risk InsuranceExtension Act (TRIEA), which extended the federalterrorism insurance backstop program for an

additional two years. On December 26, 2007, just daysbefore the Act was once again set to expire, PresidentBush signed H.R. 2761 into law to extend the programfor an additional seven years through the end of 2014.

WHAT’S AT STAKEAmerican businesses continue to rely upon theavailability and affordability of terrorism riskinsurance. The federal backstop program is a criticalcomponent of the private/public partnership created toprotect the nation’s business sector by ensuring thatadequate insurance coverage is available to effectivelymanage economic risks. This is has been a particularconcern for those in commercial real estate who need tohave terrorism coverage in place in order to securefinancing. Commercial mortgage-backed security(CMBS) borrowers face the threat of default and bonddowngrades without adequate coverage. In the retailand multifamily sectors specifically, a jump in terrorisminsurance premiums can reduce the value ofcommercial properties. If terrorism insurance becomesunavailable again this throws the financing intotechnical default.

WHAT NAR IS DOINGBecause of the importance of terrorism insurancecoverage to commercial real estate, NAR supports thecontinued availability and affordability of coverage.NAR will continue to monitor and join in theconversation in Washington as to the policy decisionsregarding terrorism insurance.

HOW TO GET INVOLVEDREALTORS® can get involved today by stayinginformed on TRIA and NAR’s policy supportingterrorism insurance coverage:

To view Linda St.Peter’s testimony on NAR’s behalf,go to the video at: http://bit.ly/TCcw8t.

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To read NAR’s Issue Summary on Terrorism Insuranceand all other Advocacy Issues Summaries, go to:www.realtor.org/political-advocacy/all-advocacy-issues.

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CAPITOL REPORT

TERRORISM RISK INSURANCE ACT

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6 COMMERCIALCONNECTIONS | Q3 2012 2011

BY MARIWYN EVANS REALTOR® MAGAZINE COMMERCIAL EDITOR,

VERY COMMERCIAL REAL ESTATE BROKERknows the equation: if you want to increasedemand, you need more jobs. Simple, right?Not really, especially not in this economy. Yetsome cities are outpacing their neighbors —

adding the good jobs that fuel demand for office, retail,and multifamily. What secrets do these mid-sized cities(1.5 to 2.5 million in population) share?

GET THE ECONOMY IN FOCUSIf there is one thing that sets top job-growth cities apart,it’s that their public and private leadership focusesintentionally on their economies, says Bruce Katz, vicepresident of the Brookings Institution and foundingdirector of the Brookings Metropolitan Policy Program.The key, says Katz, is recognizing the trade sectors thatalready exist within a city’s economy and then buildingon those strengths.

Trade sectors, first defined by Harvard’s Michael E.Porter 15 years ago, are groups of related industries thatsell most of their products outside a city’s geographicarea. Trade sectors, or clusters, can be anything fromtraditional manufacturing to software development tomusic, but they are the key drivers of economic growthand prosperity.

While a smart city doesn’t limit itself to one economicsector (see Detroit), focusing on a few can help build acity’s economic brand and create a synergy that willattract more companies in the same field, says Katz.“Each city has to ask, ‘What is our special role?’,” he says.

Case in point: Austin. Once a hub of semi-conductormanufacturing, the city lost 25,000 manufacturing jobsbetween 2000 and 2003 thanks to globalization and thedot.com bust. Today, the more than 100,000 tech jobs inAustin focus on design of games, semi-conductors, andmobile apps — all trade jobs. “Technology companies liketo be around other technology companies. Plus it’s easierto recruit a new hire if there are other companies withsimilar needs nearby,” says Dave Porter, senior vicepresident of the Austin Chamber of Commerce.

GET AND KEEP THE BEST AND BRIGHTESTOnce you have your focus, you need “a reliable supply ofskilled workers that match the needs of your targeteconomic clusters, says Katz. The presence of majoruniversities plays a critical role, both in attracting youngeducated workers and in research to support keyeconomic clusters. Case in point: Pittsburgh, with 36colleges and universities in the region, synergies betweenuniversities and researchers at the National EnergyTechnology Lab, the world headquarters ofWestinghouse’s nuclear division, and PP&G’s advancedresearch into materials for solar and energy conservationcomplement regional resources in coal and natural gas.The combination gives Pittsburgh a competitive edge inattracting energy-related businesses, explains DewittPeart, president of the Pittsburgh Regional Alliance.Demand for space is so strong that Pittsburgh’s Class Aspace in the CBD is almost fully occupied, and officerents rose 7 percent annually between 2010 and 2012,reports Jeremy Kronman, CCIM, SIOR, executive vicepresident of CBRE in Pittsburgh.

Universities are “a key anchor,” says Katz, but just asessential for continued job growth are good K-12 andtechnical schools that supply workers at all levels. Case inpoint: Nashville. Although it saw a 42.4 percent increasein college-educated residents between 2000 and 2010 (to19.5 percent of the population), the city’s mayor, Karl

COVER STORY

“MOST OTHER FAST-GROWING CITIES LAG BEHIND IN TRANSIT, BUTTHEY KNOW THEY HAVE TO CATCH UP OR LOSE OUT.”

EMIDDLE MARKETMAGIC



Dean, has made better education at all levels one of hisprincipal goals. One result: The Academies of Nashville,which pairs the local business community and highschools to create specialized career-oriented courses suchas the Academy of Digital Design and Communications,sponsored by the Country Music Television, and anetwork of alternative high schools funded by a grantfrom the National League of Cities. With office vacanciesat 9 percent and a new 1.5 million square foot conventioncenter with a green roof scheduled to open in 2013, “Weare running out of space downtown, and I can look out ofmy office and see six cranes,” says Terry Smith, CCIM,SIOR, executive vice president at Colliers International.

FORM A PRIVATE/PUBLIC PARTNERSHIPThe cooperation between private, public, andphilanthropic in Nashville’s education program highlightsanother key to sustained economic growth — a sharedvision and a cooperative outlook, says Chris Leinberger,president of LOCUS, professor at George WashingtonUniversity School of Business, and nonresident seniorfellow at Brookings. “The private sector has to take theleadership role,” he says. Case in point: OpportunityAustin, a private economic development initiativecoordinated by the Chamber of Commerce andcompletely funded by the private sector. “City councilscan be slow to act. Sometimes you just need to make adecision and get on a plane,” says Jerry Heare, SIOR,senior vice president at NAI REOC.

Also key: Getting buy-in from all communities in theregion. In Denver, each of the 70 mayors of cities in theseven-county region has veto power on proposals, and allsign a Code of Ethics, “which basically says you will sellthe region first and not sell against your neighbor,” saysTom Clark, executive vice president of the MetroDenverEconomic Development Corporation. The cooperation isa big reason the area has “a world class infrastructure,”says Clark.

Another must do: Be willing to pay for theimprovements you want. Denver citizens voted a sales taxincrease to fund FasTracks, an expansion that will add122 miles of commuter and light rail throughout themetro area. Nashville recently voted in a property tax thatwill add $100 million over seven years to the city’seducation budget. Another tip: Lower costs of capital andlabor during recessions make slow times ideal forinvesting in infrastructure projects, says PaulWashington, executive director of Denver’s Office ofEconomic Development.

BUY INTO 21ST CENTURY TRANSITDenver’s willingness to fund rapid transit has put it on thepath to be a 21st century city,” say Leinberger. The 2014completion of the Union Station transit hub will increaseconnections region-wide. The redevelopment of thehistoric structure, which will also have a new boutiquehotel and 76,000 square feet of retail and restaurants, hasalready helped increase leasing activity in the area, saysR.C. Myles, CCIM, SIOR, senior vice president, capitalmarkets with Cassidy Turley Fuller Real Estate.

Most other fast-growing cities lag behind in transit,but they know they have to catch up or lose out. Nashvillejust passed a bus rapid transit plan with support from theGreater Nashville Association of REALTORS®. In 2011,GNAR used a $10,000 Smart Growth Grant from NAR tocreate the Transit Citizen Leadership Academy with thegoal of educating key community leaders about the valueof transit, says Kendra Cooke, 2012 GNAR president.Attendees included mayors from all 10 counties in themetro and helped create the critical mass of support topass the $174 million project.

BOOST YOUR QUALITY OF LIFEWhile quality-of-life improvements without job growthmay just be window dressing, a great place to live willkeep top workers in town, says Leinberger. What makesa great place? Density and walkability, he says. City-spanning greenways like those in Nashville and transit-oriented developments in Denver encourage walkabilityand cut pollution. Sufficient density also lets a citysupport vibrant public spaces and cultural institutions.Case in point: In Pittsburgh, the city’s UrbanRedevelopment Authority spent $5 million to turn adecaying square full of drug deals and bus fumes intovibrant 24/7 piazza for the city’s workers and 8,000residents. URA offered low-interest loans that helpedmerchants renovate. Today, the Market Square area has30 restaurants, 500 fully occupied apartments, and, soon,a luxury hotel. The city has also launched a 10-year planto reconnect its riverfronts to neighborhoods. “Thatconnection creates added value and tax revenues beyondthe actual development into the community,” says RobertRubinstein, URA’s acting executive director.

No city has it all, and all have room for improvement.But with a vision and a will to implement that vision,many more cities have the potential to become economicleaders in the 21st century. CC

“Be willing to pay for the improvements you want.”


TECH SAVVY

n today’s continually evolving social media landscape,incorporating these tools in your business strategy isbecoming more crucial than ever. But what is mosteffective for commercial real estate and how can you

most wisely use your time?

ENGAGEMENT FACTORFirst of all, you need to understand that when you getdown to it, social media is really the engagement factor –participating in a two-way conversation with youraudience. The role of social media can be broken downinto three key areas – communications, marketing andbranding. Communicate a message, engage inconversation and perspective. Market your expertise bysharing meaningful and relevant content. Listen to whatyour potential clients are saying and what needs theyhave. Brand yourself as a relationship builder with marketand industry knowledge, not as a self-promoter. Everytime you “do” social media, it really is an opportunity toincrease your engagement factor.

30% RULEThe next step is to strategically think about balance intypes of conversations and content you post, just as youwould with a “traditional” marketing plan (social mediacan seem ‘off the cuff’ but it deserves forethought andplanning the same as your marketing plan and as part ofthat overall plan.) To get started, consider the 30% rule –30% promotion, 30% conversation, and 30%recommendation.

Promotional content would be anything that isoriginal to you and/or relevant to your own business suchas an event you are speaking at or even a deal you justclosed. With promotional content, generally YOU andyour business are the topic.

Conversational content focuses on talking to other

people in the space. Examples include replying to a tweetin your Twitter stream, posting a comment on a blog (likeNAR’s The Source commercial real estate blog) or on adiscussion board in LinkedIn. You will find that once youjoin the conversation it will build upon itself – just like inreal life.

Recommendations include re-tweeting a tweet, re-sharing a Facebook post and posting relevant (to you andyour followers/friends) articles, news stories, blog posts,video or podcasts from the web.

That makes up 90% of your content – what about theother 10%? Ten percent is about getting personal. Not ina blatant self-promotional way or in a I’m-going-to-tell-

I


BY: JEAN MADAY, NAR COMMERCIAL PROFESSIONAL DEVELOPMENT AND OUTREACH MANAGER

SOCIALLY NETWORK YOUR WAY TO BUILDING BUSINESS

“BEING PERSONAL BREAKS DOWN BARRIERS AND HELPS FINDCOMMON BONDS BETWEEN PEOPLE.”


you-what-I-am-doing-every-minute way. That, just like atacky marketing flyer or business card, will not help you inbranding yourself as a professional expert – especially inan industry like commercial real estate. Instead, share a bitof who you are as a person, what your day is like, what youare doing for dinner, etc. Just remember to keep it to onlyabout 10% of the content you share.

One of the most powerful aspects of social media isthe ability to reach out and connect with colleagues,clients, friends and family across the country in amatter of seconds. But the lack of face to faceinteraction can create a wall – which is why it is socritical to include your personal self as you engage insocial media. Being personal breaks down barriers andhelps find common bonds between people. One examplestarted by NAR Commercial is the CRE Java Club(#CREJAVACLUB). CRE Java Club is a group ofcommercial professionals from all over the country whomet via Twitter by sharing their love of coffee (if you’veever met the NAR Commercial team on the road youknow our love of all caffeinated beverages.) Not onlyhave some great personal friendships been made, but ithas generated business for participants built on trustand a shared experience.

FORMULA FOR SUCCESSEngage in social media because you want to be social, notjust because you need to check it off your list of things todo. Craft a strategy – your own personal strategy based onyour professional and business objectives.

In other words, use social media as a tool to meetpeople while listening to others and insert yourself intothe conversation with information that is useful andrelevant. Focus on this, and continually repeat yourefforts. Over a period of time, you will see results –connections that can lead to new clients and deals, whileincreasing the word of mouth of your reputation andcharacter. Now THAT has impact. CC

Engagement + Meaningful Content / Time =Business, Loyalty, and Financial Success

Here’s a simple formula to keep in mind:

“One of the most powerful aspects of socialmedia is the ability to reach out and connectwith colleagues, clients, friends and familyacross the country in a matter of seconds.”




he Counselors of Real Estate®, an invitation-onlyprofessional association of top leaders in morethan 50 specialties within the real estate industry(and which is an affiliate of the National

Association of REALTORS®) developed the following listof critical issues that will affect the real estate industryover the next 10 – 30 years. Members of CRE®s ExternalAffairs Committee regularly issue alerts about importanttopics. Many of the issues have strong interrelationshipsand are common across industries.

Through a series of objective white papers to bedeveloped over the next few years, the organizationseeks to engage leaders within the industry and theworld economy in meaningful dialogue to address theseurgent issues.

Response to these trends will separate the winnersfrom the losers in the real-estate market, said ScottMuldavin, CRE, a member of the group and president ofThe Muldavin Company, a consulting firm serving thereal-estate industry.

1. Aging PopulationThe aging of the population will broadly anddramatically affect the real estate markets fromhousing, retail sales, health care, and the myriad offactors that define success for different geographicareas. Aging will most directly affect the demandfor real estate, but will have scores of less directimpacts such as potential capital impacts as thepensioners by the scores of millions move frombeing net contributors to net users of capital.

2. Funding of Public Employee Retirement SystemsUnderfunding of state and local retirement systemsin the trillions of dollars provides extremechallenges to the provision of basic local and stateservices critical to real estate properties andmarkets. Can we tap existing government assets forcash in a way that makes economic sense and doesnot shortchange future generations? Real winnersand losers to emerge.

3. Student Debt BurdensStudent college debt averages more than $20,000 perstudent and its total exceeds consumer debt for thefirst time. How will such burdens change thepatterns of spending, household formation, andgrowth of this generation of graduates?

4. Infrastructure Funding and US CompetitivenessCreative public-private partnerships with state &local governments are being viewed as potentialsupplements or replacements for Federal funding ofthe next generation of needed infrastructureimprovements, and could cover the trillions ofdollars of deferred maintenance of existing assets.

5. Changing Office, Retail and Industrial DemandRadical reductions in office space use by largeroccupants due to technology change andacceptance of alternative work systems—andsimilar changes in retail as Internet buying changesthe role and purpose of physical retail —will definewinners and losers going forward. The PanamaCanal expansion and East Coast port expansion arechanging the dynamics of warehousing.

BY THE NUMBERS

TOP TEN ISSUES AFFECTING THE REAL ESTATE INDUSTRY

T



6. Real Estate Capital Markets LiquidityCapital limitations on banks as a result of DoddFrank legislation and existing over allocations to realestate, concerns about the scale of the return of theCMBS market, hundreds of billions of dollars of realestate loans that must be refinanced in the next 3-7years, as well as growing capital demands by othersectors of the economy will create continuinguncertainty over access to capital. Smallerproperties; properties in secondary or tertiarymarkets; and properties with weak borrowers,substantial vacancy, high rollover of tenants in earlyyears, or other risk factors are already experiencinga severe capital shortage.

7. Global Change and UncertaintyThe political gridlock and budget crisis in the US, theEuropean financial crisis, the pending (nowunderway) slowdown of China’s economy,uncertainty and slow growth in the Middle East, andcontinuing expansion of global interconnectionsmakes uncertainty about the future a certainty. Whatdoes it mean for real estate investment in the US andabroad?

8. Integration of SustainabilitySustainability has moved beyond a gimmick andbecome part of corporate governance, managementand reporting systems, supply chains, and the basicfunctioning of many companies—increasing thevalue of sustainable property investment. How mustreal estate businesses adapt to keep up?

9. Low Cap RatesCap rates for core properties are back to troubling2007 levels. What happens if interest rates increaseand cap rates decompress? Has the industry set itselfup for another disastrous value decline?

10. Civil Discord and Political GridlockMany of the key issues and challenges require broadconsensus to solve. Will there be greater cooperation,or will political gridlock continue? Answers to thisquestion will be critical to determining the future ofthe real estate industry and societies of the world.

For more information on the Counselors of Real Estate®, itsExternal Affairs Committee and the publication of the whitepapers associated with these top ten issues, visit:www.cre.org/external_affairs or contact [email protected]

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““RADICAL REDUCTIONS IN OFFICE SPACE USE BY LARGEROCCUPANTS DUE TO TECHNOLOGY CHANGE AND ACCEPTANCEOF ALTERNATIVE WORK SYSTEMS… WILL DEFINE WINNERS ANDLOSERS GOING FORWARD.””


COMMERCIAL REAL ESTATE DIVISION430 N. MICHIGAN AVENUECHICAGO, ILLINOIS 60611-4087

Commercial Connections is printed on Forest Stewardship Council (FSC) certified paper with vegetable-basedink products that significantly reduce volatile organic compounds and minimize ink loss from oxidation.

Date: Saturday, November 10, 2012Time: 11 a.m. – 12:30 p.m.Location: REALTORS® Conference & EXPO

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