Socal Multiunit Real Estate

SOCAL MULTIUNIT REAL ESTATE SNAPSHOT – SEPTEMBER 2010

By Jodi Summers

This month, we’ll look at the big picture for multiunit properties – SMILE *< : ) - it’s all good. Apartment properties should continue to be a bright spot in your real estate investment portfolio for years to come. President George Bush’s tax cuts are set to expire on December 31, 2010. New Year’s Day, capital gains taxes will revert to 20% from their 70-year low of 15%. (To add insult to injury, the tax rate on dividends for top earners will jump from 15.0% to 39.6%, barring a slight of pen from Secretary of the Treasury Tim Geithner.) If history repeats itself, and a déjà vu of 1986 - when significant tax code revisions took effect and the capital gains rate increased from 20% to 28% - investor liquidations are likely to double the total realized capital gains from the previous year.

The current state of the apartment market offers more good news. Demand for apartments has moved well beyond employment gains with the absorption of nearly 46,000 units nationally during the second quarter -> the strongest gain since 4Q 2000. This aggressive lease-up of apartments resulted in a vacancy drop to 7.8%, a trend that should continue through year-end. Unless there is “a systemic shock that halts job creation,” the California Employment Development Department predicts that an additional 65,000 units will be absorbed through the second half of the year, dropping vacancies to 7.4% nationwide by year-end.

Multiunit investments are going to start looking really good. Since 2002 - the year before the capital gains tax rate was reduced to a 70-plus-year low - the number of 1031 exchanges has fallen by nearly half. As capital gains taxes rise, the volume of 1031 exchanges is expected to increase substantially, as sellers will be note be motivated to take profits from the investment real estate sector.

The future is bright. Expect the multiunit market to heat up. Regardless of the decline in investment values, many investors will adopt a liquidation strategy, locking in their profits rather than waiting for investments to appreciate sufficiently to offset the 5% tax hike.

Experts say perceived tax-related risks may encourage them to continue selling assets in 2011.

We’re here to help you with industrial properties. Please contact Jodi Summers - jodi@jodisummers.com or 310.392.1211, and let us move forward together.

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http://www.edd.ca.gov/About_EDD/pdf/urate201010.pdf

http://www.labormarketinfo.edd.ca.gov/?pageid=1003

http://www.santamonicapropertyblog.com/wp-content/uploads/2009/12/solar-multiunits.jpg

http://www.mredllc.com/photos/property/424/07588424.jpg

http://blog.marcusmillichap.com/

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http://cdn.dornob.com/wp-content/uploads/2010/05/huge-multi-unit-condo-exterior.jpg

COMMERCIAL REAL ESTATE LENDING SNAPSHOT

edited by Jodi Summers

Allow us to present a really interesting synopsis of current commercial loan trends from a variety of banks, from an article on CoStar.com. The information is from first quarter, but it gives an idea of the ebb and flow of the commercial loan marketplace. Banks are presented in alphabetical order…

* Citigroup — In March, new commercial real estate loan commitments increased more than tenfold to $1.4 billion, compared with $132.4 million in the previous month. Loan renewals increased to $112.1 million, from $25.8 million in February. Average total CRE loan and lease balances rose to $23.8 billion, up from $23.3 billion in February.

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* Comerica Inc. — Commercial real estate renewals increased in March from February 2010. The increase was concentrated in the Western states and Texas markets, partially offset by a decrease in the Florida market. Commercial real estate new commitments decreased.

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* Fifth Third Bancorp — Average CRE balances decreased by approximately 0.7% in March 2010 compared to February 2010. New CRE commitments originated in March 2010 were $288 million, compared to $102 million in February 2010. Renewal levels for existing accounts increased in March 2010 to $964 million versus February 2010 at $392 million. Payments and dispositions of troubled CRE outpaced the volume of renewals and new originations in March causing the overall balances to continue to decline. As commercial vacancy rates continue to increase, Fifth Third continues to monitor the CRE portfolios and continues to suspend lending on new non-owner occupied properties and on new homebuilder and developer projects in order to manage existing portfolio positions.

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* KeyCorp — There was no change in loan demand trends in the CRE segment during March. The CRE market outlook continues to be weak. KeyCorp continued to extend and modify existing credits given the lack of liquidity and refinancing options available in the CRE market. Renewal volume doubled from the February level to $560 million and is comparable to levels experienced in April and May 2009. Three-fourths of the renewal volume, totaling $420 million, was related to performing development projects for which refinancing options remain constrained. For CRE development projects, KeyCorp created a fixed-rate 3-5 year loan program to modify and extend qualifying loans for existing customers.

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* Marshall & Ilsley Corp. — Construction and development concentrations continued to decline in-line with its goal of reducing credit exposure in this sector. Average CRE balances are expected to continue contracting due to portfolio amortization.

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* Regions Financial Corp. — The focus in commercial real estate lending continued to be on renewing and restructuring real estate loans with existing clients versus active pursuit of new real estate loans. Renewal activity includes loan restructuring, remargining and repricing, based on the current credit quality of the sponsor, the performance of the project and the current market.

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* SunTrust Banks Inc. — Average Commercial Real Estate loans decreased $192 million, or 0.9%, compared to the February average. Total CRE renewals and originations in March increased $252 million, or 77.5%, compared to seasonally low February activity. The majority of originations were associated with large commercial or corporate businesses.

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Thank you, http://www.costar.com/News/Article.aspx?id=359D8A406145159176A40807B924DC84

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http://static.move.com/trends/US_Economy-large.jpg

http://www.kingcommercialcapital.com/images/tacoma_commercial_real_estate_lending_picture_8.gif

WILL THE NEXT TREND BE FOR MULTIUNIT OWNERS TO MOVE TO NNNs?

Edited by Jodi Summers

Savvy investors know that now is the time to move on multiunits. Virtually all real estate reports are showing that the US apartment market seems to have reached its bottom and is poised for a rebound. Vacancy rates have flattened, and those nasty rent concessions of the past year and a half seem to be disappearing.

James Brennan Esq., LL.M. is Managing Director and Corporate Counsel of Exchange Solutions Group, a specialist in 1031 exchanges. He was interviewed by Net Lease Insider on the strength of the U.S. multiunit marketplace. Here are the highlights.

Q: The U.S. apartment building market is coming back to life. What is the next wave in this cycle?

James Brennan Esq.: The Baby Boom generation flocked to real estate as an investment class, particularly multifamily. Many of those B and C investors are looking to get out of active management. After living through this cycle, they want out more now than ever.

Q: What makes apartment owners keen to move from an active to passive asset?

JB Esq: Passive triple net leases are net insurance, net utilities, and net taxes to the tenant. Apartment owners that have built a net worth over $5 million are looking to create annuity-like income for their heirs who often are not in the real estate business. Triple net leases provide credit-rated tenants with predictable cash flow.

Q: What type of investor is moving out of multiunits to NNN properties?

JB Esq: Apartment developers are often drivers or family stewards. These decision-makers have built wealth from the ground up often not in a traditional white-collar methodology. These hard-driving decision-makers have provided for their family, and also probably have setup life insurance trusts to allow for estate planning liquidity. Triple net leases go well with this concept of transitioning wealth to the next generation without many opportunities for losing value by the heirs. The family stewards have built wealth and are now simply trying to preserve it.

Q: How does this type of diversification work in estate planning?

JB Esq: In an effort to defer capital gains while family stewards are still living, the patriarch or matriarch often engages in a like-kind exchange to transition between apartment assets and net lease assets. In a like-kind exchange you can trade into multiple replacement properties. Therefore, if you have three children and you sold your apartment complex for $15 million, you can buy three $5 million dollar net lease assets that produce income that can be divided up amongst the heirs. This avoids management by the one heir that may be more real estate savvy.

Read it all @ http://netleaseinsider.blogspot.com/2010/04/us-apartment-uptick-net-lease-impact.html

LOS ANGELES MULTIUNIT REAL ESTATE SNAPSHOT – APRIL 2010

By Jodi Summers

Experts say the multiunit market is leading the commercial real estate recovery. After a dismal year of increased vacancies in the high end areas (There were 141 properties available for lease in Santa Monica on April 1^st, and 133 in Beverly Hills, according to the MLS.), which forced landlords to cut rents and make leasing concessions, investors have a renewed sense of optimism. Essentially, there’s no place to go but up. Nationally, average vacancy rate sits at a historic high, hitting 8% at year-end 2009. This positive outlook is confirmed by a PricewaterhouseCoopers Korpacz Real Estate Investor Survey for the first quarter of 2010, titled, “Investor Sentiment Improves, But Challenges Persist in 2010″ notes the multifamily market, will “bump along the bottom” this year, but continued price drops are not in the forecast.

Similar to other property sectors, sales activity has diminished for apartments; conversely demand is high for well-located, high-quality assets. Los Angeles is reaping those benefits. In Los Angeles County, comparing March 2008 to March 2010 the number of properties under contract is up 188%…

While the average number of sold properties is up 88%.

Another positive sign, the average days on market is down 16%. Nationally, the average asset sold within 8.06 months this quarter, a 9.03% drop from the prior quarter.

The market surge may be attributed to the fact that nationally, cap rates for apartments fell over the final three months of last year, ranging from 5% to 11%, with an average of 7.85%, down from 8.03% in the third quarter of 2009. For the first quarter of 2010, cap rates have risen back up to 8.01%. Cap rates for properties that are selling tend to be in the 5%-7.5% range in L.A. County, again depending upon the neighborhood.

Investors are always happy to pick up what they perceive as a value in California. But, on a regional level, in less sexy areas, the performance of the apartment market has hinged on the performance of the individual markets’ employment scene. Take the very solid Washington, DC, market, for example. Jobs are on the rise, and vacancy rates have remained stable over the past six months. This success can be applied throughout the Mid-Atlantic region as well. Face it, real estate tends to be stronger on the coasts.

Another happy point, investors feel that multifamily market rents should grow by a national average of 2.41% over the next eight years…or the standard 4% a year in Los Angeles.

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http://www.globest.com/news/1624_1624/insider/184102-1.html

https://www.terradatum.com/agentmetricsonline/agentmetrics_online.td?__m_sid=121

http://pro.themls.com

http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?LID=16322406&SRID=826306030&StepID=101

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GLOBAL EDGE TOP 10 BUSINESS DESTINATIONS

GLOBAL EDGE TOP 10 BUSINESS DESTINATIONS

edited by Jodi Summers

Global Property Guide has put together a list of the most attractive

property investment destinations across the world. Their research team

has ranked 77 of the world’s largest cities according to the average

gross rental yields.

The top 10 destinations are dominated by Asian cities, with Jakarta,

Kuala Lumpur and Manila all making the list.

http://www.globaledge.co.uk/news/top-10-best-investment-destinations-35909

10 GREEN BUILDING STUDIES OF INTEREST TO YOU

10 GREEN BUILDING STUDIES OF INTEREST TO YOU

by Jodi Summers

We are always bringing you statics and reports – now we thought we’d bring you a succinct collection. Recently The Green Economy Post highlighted 10 noteworthy green building studies. We’d like to share highlights with you as well as the appropriate links so you can dig deeper. Enjoy and be green…

Global Green Building Trends: Market Growth and Perspectives from Around the World.

http://construction.com/SmartMarket/globalgreen/default.asp

Research conducted by McGraw-Hill Construction Analytics regarding the global green building industry details the market trends and activities driving green building growth worldwide. The new research presented in the report indicates that green building has become a global phenomenon, with 53% of respondents expecting to be dedicated to green on over 60% of their projects in the next five years.

Reshaping Municipal and County Laws to Foster Green Building, Energy Efficiency, and Renewable Energy

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1107529

credited to Edna Sussman - Hoguet Newman Regal & Kenney LLP

The efficient use of energy in the built environment has been recognized by the Intergovernmental Panel on Climate Change (IPCC) and many other experts to offer a potential greater than any other sector to reduce CO2 emissions using mature cost effective technologies. Many governmental units and professional organizations have committed to a goal of carbon neutrality in buildings by 2030. The paper offers an outline of how local governments can have a critical positive impact on global warming and on meeting these goals by creating a receptive legal environment and enacting mandates that foster green buildings, energy efficiency, and renewable energy both in government operations and by the general population.

Using Mandates and Incentives to Promote Sustainable Construction and

Green Building

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1066982

Presented by the Social Science Research Network, this report emphasizes that timely, meaningful movement toward sustainability in the U.S. building industry requires state-level legislation that promotes, and sometimes even mandates, green building standards at the regional and local levels.

Corporate Responsibility and Sustainability Dollars & Cents of Green Retrofits

http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_re_Dollars_Sense_Retrofits_190608_.pdf

This joint study by Deloitte and Charles Lockwood that shows there is substantial statistical evidence that green buildings are better for the environment than conventional buildings. Many forward-thinking companies are realizing that green buildings can be better for business, too. Green buildings offer their owners and tenants a number of bottom-line benefits, including reductions in water and energy use and costs; opportunities with respect to tax credits, permitting, and other regulatory incentives; and greater worker productivity and satisfaction, improved brand image, and better community relations.

Cascadia Value of Green Building Study

http://www.cascadiagbc.org/news/GBValueStudy.pdf

This report by the Cascadia Region Green Building Council, the Vancouver Valuation Accord and Cushman & Wakefield is a tool to help bridge the gap in understanding between the green building and financial communities. It is a study of office buildings in Seattle, Portland and Vancouver, BC and identifies how high-performance green features and systems can increase the value of commercial buildings. The report outlines how value was achieved and how sustainable attributes impact costs, savings, investment income, and capital value.

Energy Efficiency Retrofits for Commercial and Public Buildings

http://www.pikeresearch.com/archives/energy-efficiency-retrofits-for-commercial-and-public-building

Presented by Pike Research, this paper focuses on the energy efficiency retrofit market, which recently received a major boost from the American Recovery and Reinvestment Act of 2009 (ARRA). The paper observes that the largest potential for long term, sustained growth in commercial building retrofits lies in the private commercial space. Compared to conventional space, high-performance green building space is vacant less often and commands premium prices, leading commercial building owners to adopt green retrofits as a market differentiator.

The Green Building Revolution: Addressing and Managing Legal Risks and Liabilities

http://www.mgkflaw.com/Green%20Building%20Revolution.pdf

Harvard Law School Environmental Law and Policy Clinic - As green building expands from the exception to the rule, certain legal risks are inevitable. For building green to become a standard business practice, parties involved in project construction and management – owners, buyers, tenants, design professionals (architects, engineers, and consultants), contractors, and subcontractors – must become familiar with the legal risks and liabilities associated with green building, as well as strategies to minimize them. This white paper addresses the current movement toward green building, the increasing number of mandates requiring it, and the benefits and costs associated with building green; analyzes the legal risks and potential liabilities to those involved in green building; and concludes with practical recommendations for minimizing such risks and liabilities.

Green Building: Assessing the Risks–Feedback from the Construction

Industry

http://global.marsh.com/news/articles/greenbuildingsurvey/download.php

Marsh, the world’s leading insurance broker and risk advisor, reports lays out the concerns that building owners, contractors, and design firm executives are most concerned about with regards to green buildings. They include risks that may be associated with these projects, including potential financial exposures, uncertainty about evolving regulatory standards and legal issues, validating the qualifications of

consultants and subcontractors, and assessing the long-term performance of green building materials, among other potential issues in green design and construction.

The International Facility Management Association Green Practices Study

http://www.ifma.org/tools/research/surveys/GreenSurveyResults2008.pdf

This IFMA study involves the measurement of attitudes and behavior of facility managers in relation to implementing sustainability initiatives at their organizations.

Overcoming the Social and Psychological Barriers to Green Building

http://oae.sagepub.com/cgi/reprint/21/4/390

This University of Michigan article argues that environmental progress in the building design and construction industry will continue to stall if the significant social and psychological barriers that remain are not addressed. After surveying the three levels of barriers—individual, organizational, and institutional—the article concludes with seven strategies for overcoming them.

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http://greeneconomypost.com/green-building-studies-3879.htm

LOS ANGELES 2010 - MULTIUNIT REAL ESTATE PREDICTIONS

Edited by Jodi Summers

The sun is shining again in Los Angeles. After two years of job cuts, payrolls are predicted to expand payrolls minimally in Los Angeles County in 2010, according to the 2010 National Apartment Index Report by Marcus & Millichap.

Los Angeles moves up two places this year to No. 13, thanks to perceived strengths in our marketplace. The hot spot is our sister city, San Diego, which rose four spots to No. 2 on the index due to expectations for resumed employment and household growth. (Washington, D.C., retained the top spot in the NAI for the second consecutive year, as ongoing government spending will fuel metrowide hiring and apartment demand.) New York City, which is the tightest apartment market in the country, finished in the No 3 spot.

Following are some of the most significant aspects of the Los Angeles Apartment Research Report:

* The local employment market is expected to stabilize in the second half. Following a loss of 115,000 jobs in 2009, payrolls are forecast to expand by 0.3 percent this year, with the addition of 13,000 positions.

* Rental completions will slow to 1,550 units in 2010, a 0.2 percent addition to inventory. Approximately 800 apartments are expected to come online in the San Fernando Valley due to continued job losses in the retail and construction sectors.

* Vacancy is forecast to tick up 20 basis points this year to 6 percent in response to ongoing stock additions.

* Lingering high unemployment will continue to pressure owners to lower rents. Asking rents are expected to fall to $1,335 per month in 2010, while effective rents will slip to $1,263 per month, respective declines of 2.8 percent and 3.6 percent annually.

Investors realize the current value of the Los Angeles, and there is a trend of cash-rich buyers shifting money out of the stock market and buying multiunit property with the intent of holding it for future generations.

“After watching the Los Angeles apartment market for years I have decided to move monies out of my stock portfolio and buy apartment buildings for my children,” noted one savvy investor.

A bolster for the multiunit market place is that Government-Sponsored Enterprise financing will remain available due to the GSE’s ongoing commitment to the asset class. (GSEs hold or pool approximately $5 trillion worth of mortgages.)

In conclusion, Marcus & Millichap expects, “Long-term rates to remain low this year, mortgage rates to stay relatively stable and lenders increasingly opting to work out extensions or modifications for loans rather than taking near-term losses. Seller financing, or assumable debt, will also become a big factor in transactions this year.”

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http://www.marcusmillichap.com/aboutus/News/Current/020510_los_mm.asp

http://www.globest.com/news/1580_1580/insider/183133-1.html

http://www.uli-la.org/node/382

http://en.wikipedia.org/wiki/Government-sponsored_enterprise#See_also

GLOBAL USE OF GREEN BUILDING PRODUCTS SKYROCKETING

GLOBAL USE OF GREEN BUILDING PRODUCTS SKYROCKETING

By Jodi Summers

Keep studying those lists of top rated green building products, because global purchasing of green building products will grow to $571 billion by 2013. This growth is more than tenfold from the $455.3 billion spent on green materials in 2008, notes the study by Allied Business Intelligence Research.

“Innovation, particularly in wood and insulation, is a key driver behind the growth of green building products,” observes Larry Fisher, research director of ABI Research’s next generation practice.

“The most significant driver of growth in the green building materials sector is concern for the environment. While environmental preservation has been a topic of discussion for decades, only recently has the level of concern for the environment driven governments, manufacturers and consumers to respond.”

The study notes that businessmen and builders will look toward products with greater energy efficiency produced in an environmentally-friendly manner. Preferred lumber and wood products will come from well-managed forests.

Now if we can only figure out an efficient way to make drinkable ocean water.

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http://www.purchasing.com/article/439362-Buying_of_green_building_products_to_increase.php

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LOS ANGELES MULTIUNIT PROPERTY SNAPSHOT – JANUARY 2010

LOS ANGELES MULTIUNIT PROPERTY SNAPSHOT – JANUARY 2010

By Jodi Summers

The residential real estate market bottomed out in 2009, and the pundits at the Urban Land Institute feel that 2010 is the year “commercial real estate is going to hit to bottom as well,” notes ULI researcher Charles DiRocco.

It has been reported that commercial real estate value declines will average more than 40 percent below previous highs of mid-2007. Savvy investors are realizing that the apartment building market has hit bottom. Locally, in Los Angeles county, from December 2007 – December 2009 the median price of for multiunit properties for sale properties is down 13% and the median price of sold properties is down 70%. On the upside, the number of sold properties is up 78%, which should keep multiunits away from the wave of property falling back into their possession.

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http://saratogavoice.com/wordpress/2009/10/20/california-real-estate-forecast-for-2010/

http://nyrej.com/37067

http://www.realtor.org/research/economists_outlook/commentaries/forecast1209

http://pittsburgh.bizjournals.com/pittsburgh/stories/2009/12/07/daily30.html

Sustainable Industries’ Top 10 Green Building Products of 2009

Sustainable Industries’ Top 10 Green Building Products of 2009

Edited by Jodi Summers

Not to be outdone by other trends, Sustainable Industries magazine has made their choices
for the 2009 Top 10 Green Building Products. These industry-leading green building products
winners were selected by a panel of expert judges and the Sustainable Industries editorial team 
based on their environmental performance, scalability/market impact, innovation,design
aesthetic, value and compatibility with the U.S. Green Building Council’s Leadership in Energy
and Environmental Design (LEED) rating system. 

The 2009 Top 10 Green Building Product winners are:

Acadia Combined Heating and Cooling System

Made by Hallowell International

(www.gotohallowell.com)

The Acadia is not just another heating and cooling system. It maintains 200 percent efficiency even when outdoor temperatures drop well below zero..should global climate change ever affect us that severely. Acadia users can save up to 70 percent of their home heating energy costs.

ec-H20

Made by Tennant Co.

(www.tennantco.com)

Requiring no chemicals, ec-H2O uses tap water to clean most any surface of most any substance. Each machine reduces water usage by 70 to 80 percent, and the potential of 245 million gallons of water each year if it were installed in all new floor-cleaning machines.

InSpire Wall

Made by ATAS International

(www.atas.com)

This simple technology uses the power of the sun to heat outdoor air before sending it indoors, thereby slashing energy use while boosting indoor air quality. Depending on what kind of heating fuel is being replaced, this product can reduce heating costs by up to $5 for each square foot of InSpire Wall installed.

kama EEBS Structural Systems

Made by kama Energy Efficient Building Systems Inc.

(www.kama-eebs.com)

kama EEBS Structural Systems integrate light gauge metal stud framing system with expanded polystyrene insulation in a proprietary design that eliminates thermal bridging and helps to create a tight, energy-efficient building envelope.

PlybooPure Bamboo Plywood

Made by Smith & Fong Co.

(www.plyboo.com)

Because it’s technically a grass, bamboo had not previously been eligible for FSC certification. But in January 2008, after two years of lobbying, Smith & Fong achieved this first that propelled it to recognition on this year’s Top 10 list.

RainTube

Made by GLI Systems Inc.

(www.raintube.com)

This product received more Top 10 nominations than any other product this year. RainTube is a rain gutter filter made of 100 percent post-consumer high-density polyethylene – old milk jugs, in other words. This product is also Cradle to Cradle-certified, meaning that GLI Systems Inc had to develop a Post-Use Recovery Plan that goes out with every product.

Separett Villa

Made by Separett

(www.ecovita.net/villa)

This urine-diverting composting toilet – which is 100 percent PVC fee –uses no water and keeps solids separate from liquids, reducing odor and making it possible to reuse waste and urine for composting and fertilizing. The Separett Villa can be deployed where no plumbing exists, allowing for a greater reach of the technology.

Serious Windows

Made by Serious Materials

(www.seriouswindows.com)

Serious Windows are so efficient they have the potential to allow for the elimination of a building’s heating system, allowing waste heat from building appliances to serve as the main heat source in some applications. The windows have a full-frame R value of at least five and up to 11, which can cut a building’s energy bills by up to 50 percent per month.

Solatube Daylighting Systems

Made by Solatube International

(www.solatube.com)

This patented technology catches direct sunlight and redirects it down an adjustable-length tube, bringing daylight to parts of buildings that would not otherwise have access to natural light. The Vista, Calif.-based company recently launched a product specifically designed for commercial applications, making it ideal for large-roofed warehouses and manufacturing facilities, as well as retail stores and schools – allplaces that have been shown to benefit from increased daylight, as daylight is linked to higher worker productivity, decreased absenteeism and better retail sales.

Your Old Light Fixture

Made by Eleek

(www.eleekinc.com)

Eleek is the only business to make the Top 10 Green Building Products list all four years. Though not a product, Eleek’s lighting restoration service speaks to the important concept of the re-use of existing goods. When Eleek restores a light fixture, every piece of a fixture is taken apart, repaired and restored to its original splendor. Its wiring is updated to comply with modern codes and standards and a new lamp base is installed so it works with energy-efficient lamps such as CFLs and LEDs.

Original article @ http://www.sustainableindustries.com/greenbuilding/49012336.html