Workers, shoppers and families are the engines of commerce. Learning to identify which points on the national map these population groups are headed can be a kind of shorthand leading indicator of commercial expansion. So if you’re wondering what US counties saw the greatest increases in population recently, you can check out a compilation of this month’s IRS data published on that very topic. The interactive page is after the jump.
US Population Not That Mobile
To learn about migration patterns across 2013-2014, the IRS used an interesting method that looks at federal tax returns and counts the total number of exemptions. According to Governing Magazine, the only about 15 million Americans moved from one county to another during that time — only 4.7% of the population as a whole.
Texas A Prize Destination
Snagging the top spot as well as five of the top ten counties that grew in population is the Lone Star State of Texas:
The top ten counties in new population are:
- Travis County, Texas
- Jefferson County, Colorado
- Maricopa County, Arizona
- Fort Bend County, Texas
- Clark County, Nevada
- Collin County, Texas
- Denton County, Texas
- Montgomery County, Texas
- Palm Beach County, Florida
- Lee County, Florida
How’d Your County Do?
The interactive display at Governing.Com has a drop-down that includes all US counties (maybe not all – there are over 3,000 and the list doesn’t appear that long to me). You can pick any county and get a data-rich snapshot concerning migration into, inside and out of the county in question.
A whole different kind of treehouse, Chinese mall boom might be hot air, Denver’s latest business success needs more space, and matzo-making building may crumble under a new plan. It’s all here in the Commercial Real Estate News Roundup for November 2, 2015.
- Milwaukee Post Office Sells To Chicago Developers – Journal-Sentinel, Nov. 1, 2015 – 1.1 million sq. ft. facility beautifully located on Amtrak, river, and thoroughfare.
- Tesla Batteries To Power California Office Buildings – Fortune, Nov. 1, 2015 – Irvine RE developer and disruptive technology provider get together on a new power project.
- P&G Former Office Gets Second Look At Hotel Deal – Bizjournals, Nov 1, 2015 – Prime downtown Cincinnati location gets one more shot at adaptive reuse.
- New life for former Motorola Office Park in Palm Beach County – SunSentinel, Nov 1, 2015 – Former beeper and phone giant leases a third of 850K SF office complex giving a home to a new retail mission.
- If China’s Consuming, Why Are Its Malls Closing? Reuters, Oct. 30, 2015 – Bad management, online competition and distorted sales figures are adding up to some grim mall outcomes in China.
- WTC Retail Space Fully Leased – DNAInfo, Oct. 30, 2015 – 125 shops and 365K sq. ft. of retail due to open in 2016 – 90K more coming.
- Denver’s Cannabis Industry Needs More Warehouse Product – Denver Post, Nov 1, 2015 – Two years into legalization, commercialization is going strong.
- Matzoh Factory Braces For Rehab – DNAInfo.com, Nov 1, 2015 – For 90 years, Streit’s Matzoh building made unleavened bread, but new owners see retail future.
- Chicago developer has shot at Emmy award – Crains, Oct. 27, 2015 – Chicago developer of upcoming south side lakefront project finds himself featured in potentially award-winning documentary.
- Tech Company Rents New Digs in Manhattan – New York Times, Nov 1, 2015 – $56 SF six year ease puts data services company on whole seventh floor.
- Twin Towers Sport Vertical Forest – Dezeen, Nov. 1. 2015 – Italian high-density residential project sports 900 trees, marries forest and furniture.
- Apartment Developer Closes On Land East of Houston – Houston Business Journal, Oct. 30, 2015 – 300 units planned in a garden-style project.
Announcing a special event at the 2015 REALTORSⓇ Expo in San Diego: Deal Making In The Commercial Marketplace. Hosted by Peter West, CCIM, ABR, CRS, this event brings together deal making professionals from around the country to pitch, showcase and review properties. Register for the event here.
Peter has put together a list of Ten Ways To Benefit From Attending A Live Dealmaking Event!
1) Dispose of Property
This forum allows you to present your listing to brokers from all over the country gaining maximum exposure for your sellers.
2) Acquire Property/Project
Attending this meeting will expose you to a variety of properties that you might not have seen on the marketplace, thus gaining more opportunities to present to your buyers.
3) Solve a problem
Ever have a tough listing? At this event you will hear how others are handling the same type of tough listings. Maybe you can exchange out of it into something else.
4) Obtain Funding
Many times participants have contacts with lines of cash. Attending this forum may provide you with additional resources to close deals.
You will leave this event with a directory of all the participants and contact information. This will allow you to meet and network with other commercial practitioners from around the country.
6) Provide Funding
Do you have a client that has cash and isn’t making a great return at the bank? Do you have a client that would like to improve their return on their IRA? You can present your “cash” and find a suitable opportunity.
7) Obtain Expertise
There will be other practitioners at this event with the same situations that you have as well as practitioners that have a special expertise. Come meet with them and build your network!
8) Provide Expertise
Do you have a unique specialty? Offer up your specialty to other brokers that may need yourservices in the future.
9) Provide Services
Do you provide niche services? This is an ideal forum to let other commercial practitioners what you do.
You will always come away with a new idea or approach to handling a certain listing or how to help a buyer through a situation.
Peter West has been a Realtor since 1984. He is licensed in MA, NY, VT, and FL. Peter has been awarded the prestigious SEC designation from the Society of Exchange Counselors. He also has the CCIM, ABR, and CRS designations.
Peter is a former National Sales Trainer for Century 21 Real Estate Corp. Currently Peter trains real estate agents throughout all of North America. He is a frequent presenter of the National Association of Realtors buyer agency programs.
A extra-large refi at a nice low rate, a warehouse developer doubles down, how to pick the best spot for the next store, and the world’s oldest toy shop is on the block. It’s all here in the Commercial Real Estate News Roundup for October 26, 2015
- Sweet Repurposing – Candy Company HQ Into Luxury Hotel – NREI, October 22, 2015 – LaCrosse, WI iconic office building gets new roof, new purpose and lease on life.
- New CORFAC President Talks European Risk, Reward – GlobeSt. October 22, John Homsher, CCIM, talks finding value-add office projects in Paris.
- Jones Lang SVP: Orange County Office Demand Expected To Stay High – GlobeSt. October 22, 2015 – SoCal absorption high, vacancy low, demand not tapering off, says JLL exec
- Multifamily Development Future In Modular Form – GlobeSt. Oct. 23, 2015 – In primary markets, construction cost savings from new building techniques are in high demand.
- Apartment Boom Nears Its End – GlobeSt. Oct. 23, 2015 – UCLA Zinman Center publication sees a peak in national demand for high-end apartment product.
- Multifamily Borrower Snags Low Rate, High LTV – GlobeSt Oct 22, 2015 – A big refi comes in at 3.5% and 80% LTV. Learn how at GlobeSt. exclusive.
- Grandbridge RE Closes $3M Industrial Building Refi – REJournals, Oct. 23, 2015 -Suburban Minneapolis 112K SF property gets new financing through insurance giant
- Butterfield Corporate Plaza – GlobeSt. Oct 22, 2015 – Investor picks up 130K SF flex portfolio near Tucson’s airport.
- Baltimore Warehouse Project Planned By Indianapolis Developer – Baltimore Bus. Journal, Oct. 22, 2015 – Across the street from its recent 1M SF warehouse developed for Amazon, Duke Realty is doubling down.
- World’s Oldest Toy Shop For Sale – Retail Customer Experience, Oct. 23, 2015 – 255-year-old Hamley’s in London in talks with China-based footwear retailer.
- Calling The Next QSR Location’s Shot – Retail Customer Experience, October 22, 2015 – Conference brings execs together to talk about location, location, location.
- Coldwell Commercial Affiliates Survey On Digital Shopping – Commercial Property Executive, Oct 20, 2015 – Survey touched on same-day delivery pilot programs and in-store pricing effects.
Celebrity investor likes Cincinnati mall, be bubble-wary but not bubble-paranoid, troubled Helmut Jahn atrium in Chicago heads to the block, and the recuperative power of Bass Pro Shops. It’s all here in the Commercial Real Estate News Roundup for October 19, 2015
- Is technology hurting CRE’s human connection?, GlobeSt., October 14, 2015 – Newly minted SVP at NAI Capital stresses the human connection in this industry.
- Commercial real estate: percolating, not about to blow, Institutional Investor, October 14, 2015 – Bubble? Maybe, but not just yet, says REIS analyst.
- Iconic London landmarks transformed into high-end hotels, Classic Driver, England, October 15, 2015 – Luxury hotels are where history checks in, at least in London.
- London skyscrapers’ rental price growth outpaces the rest of the world, Evening Standard, England, October 15, 2015 – With adorable tower nicknames like “The Cheesegrater” leading the way, getting a perch above the London fog is pricier than ever.
- Luxury stores suffer in HK, but Chinese brands tap market, CCTV, October 15, 2015 – Hong Kong and its luxury retailers grapple with the Chinese economic slowdown in this video.
- Luxury apartment which boasts Edinburgh Castle as it’s neighbor comes on market, Deadline, October 14, 2015 – More history feeding luxury in the UK, this time in Scotland.
- New Meatpacking tower signs first office lease with real estate firm, Real Estate Weekly, October 15, 2015 – Health and tech corporate HQ now calls NYC’s Meatpacking District home.
- High vacancy rates along Valley freeways keep 20 percent of Phoenix offices empty, Phoenix Business Journal, October 14, 2015 – Midtown and North Phoenix freeways are keeping office tenants away at least for the time being.
- Plaza of the Americas set to trade hands during hot real estate market, Dallas Business Journal, October 13, 2015 – Three-quarter leased office complex in Dallas art district completes the art of the deal.
- Thompson Center to go up for sale, Chicago Sun-Times, October 13, 2015 – Illinois Governor proposes a private end for problem-plagued atrium office design.
- Los Angeles firm buys large Hawaiian warehouse property for $8.7M, Pacific Business News, October 15, 2015 – A fee-simple warehouse plus offices in Oahu’s master-planned city Kapolei changes hands.
- Rexford Industrial acquires industrial property for $8.1 Million, MarketWatch, October 15, 2015 – Industrial REIT grabs a 100% leased single-tenant complex for about $126/sq. ft.
- Phoenix industrial asset changes hands, Commercial Property Executive, October 14, 2015 – Multi-tenant industrial space convenient to Sky Harbor and sporting 23% vacancy finds a buyer.
- Sale of retail center as a sign of strength for Tri-County as Liberty Center growth threatens market, WCPO, October 15, 2015 – California celebrity cash takes Cincinnati mall .
- Chapel Hill Square shopping center gets a new owner prior to auction, Ohio.com, October 14, 2015 – The auctioneer’s schedule rearranged by a juicy offer from a Pittsburgh investor.
- Renaissance at Anchorage’s Glenn Square mall a boost for Mountain View, Alaska Dispatch News, October 13, 2015 – Meanwhile in Alaska, their successful idea of an Anchorage ghost mall renaissance begins with a new Bass Pro Shops store.
- Denver developer building apartments in Kansas City arts district, Denver Business Journal, October 15, 2015 – Yes, Kansas City has a (vibrant) arts district. No, it does not rely on KCs delicious barbecue, nor its red-hot Royals, both state of the art.
- Developers mine suburbs for multifamily projects,GlobeSt., October 13, 2015 – Two-story townhomes ranging in the $250s-$350s are set to break ground 1Q ’16 outside of Plano
- Multifamily prices could stall with interest rate hike, -National Real Estate Investor, October 15, 2015 – Cheap money from low Fed rates needs to flow to keep apartment building prices comfortable.
Because infrastructure quality and property value growth so often go hand in hand, it stands to reason that improved infrastructure including energy, water, transportation and communications technology, is an economic challenge the commercial property industry has a great interest in. But rolling out new technologies without testing can cause chaos of all kinds. How can new ideas in infrastructure be tested without putting life, limb and property value at risk?
Across the globe, the tricky problem of testing new infrastructure outside of computer simulations has been attacked from a few different angles, producing three giant projects that will amaze anyone familiar with the real estate development process. Catch up with the state of the “smart city”:
CITE City, Lea County, NM
To facilitate end-to-end testing of technologies such as smart cars, you can always put hundreds of millions into building a testing laboratory the size of a small city. That’s exactly what an investment group is planning in the desert outside of Hobbs, New Mexico. Conceived as a laboratory modeled somewhat on Rock Hill, SC (the state’s fifth largest city), CITE City is a smart city project that leaves out the population on purpose. The design can hold 35,000 people, but by design, never will.
PlanIT Valley, Portugal
Technology CEO Steve Lewis has taken a page from legendary Chicago developer Daniel Burnham’s book. “Make no small plans,” intoned Burnham, and Lewis has obliged. Moving a step beyond CITE City’s laboratory-at-scale, zero population approach, Lewis envisions PlanIT Valley as a bona fide city. The venture included major technology vendors including internetworking giant Cisco, Microsoft and Phillips. Located outside of Porto in northern Portugal, the built-from-scratch smart city project is aimed at housing a population between 150,000 and 225,000 people.
Masdar City, United Arab Emirates
The eldest and most-built of the three projects, Masdar City is named for its developer, a sustainable energy company based in Abu Dhabi. Sporting a population in the thousands, Masdar City’s expansion plan has as its cornerstone attraction of business, promising immediately available office space and “nonexistent import tariffs and taxes”. Striking architecture that finds harmony with the harsh desert conditions rises above a fully modern smart transportation grid and vibrant, if modest in size, urban fabric.
These megaprojects are here to be studied as economic, technologic and social laboratories. It’s up to the commercial real estate industry to update its best practices by including what these projects can teach.
When making the leap from residential to commercial real estate, one thing that becomes clear is that assigning a price to commercial property uses a very different process than is used in residential. While reading up on appraisal techniques, I had the thought that the difference between commercial and residential appraisal can be well described as similar to the difference between a snapshot and a movie.
Putting a dollar value onto a residential property generally places a lot of emphasis on comparitive valuation. Appraisals or pricing talks referencing “comps” are very common in residential because location, size and amenities can be somewhat easy to compare.
Commercial is more complex in part because it deals in cash flows. One of the reasons you can compare residential properties more easily is because the sale of that property is like a single, well-understood cash flow from the buyer to the seller. And that single flow – the purchase – can be likened to a snapshot of that property’s history.
But in the commercial property world, the flow of cash into and out of a building is usually a monthly event at least. Rent is one such example, but maintenance and other flows exist in a series of payments or debits.
This string of events can be thought of as frames in a movie, telling the story of value of the property with more detail, more variables, and less capacity for easy comparison among properties. Another way of imagining the difference is to see residential property as stationary pricing target and commercial property as a moving target. It’s harder to hit a moving target.
Formal Approaches To Commercial Appraisal Include Business Valuation
When the broker opportunity touches a small business, business valuation techniques can loom large in commercial property appraisals. The techniques vary as much as the spectrum of different enterprises does. To access an excellent library of titles on the topic of business valuation, REALTORS® can access the NAR Field Guide To Business Value, after the link. It’s packed with books, audio books, videos, reports and research that will deliver perspectives on commercial appraisal.
(Note that the inclusion of links on an NAR field guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this field guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.)
Most rents rise, growth turns inland, retailers rush for location, and senior housing is just like every other kind of investment: contains risk. It’s all here in the Commercial Real Estate News Roundup for October 11, 2015.
- CRE Prices Are Now Officially Above Pre-Recession Peak, National Real Estate Investor, October 7, 2015 – Moody / RCA all-property index says gains have cancelled 07-08’s losses.
- Property Investors Favor Dallas, Charlotte over Pricey New York, Bloomberg Business, October 6, 2015 – Dallas’s diverse economy has avoided oil doldrums, attracted smart money.
- 12 Real Estate Tech Startups You Need to Pay Attention To, BISNOW, October 2, 2015 – Crowdfunding, video showing and matching apps dominate the list.
- October Hike ‘Ruled Out’ as Economists Say 2015 Hike Unlikely, Market Watch, October 3, 2015 – Inexpensive money at low prime rates should carry the season, say Fed watchers.
- Chinese Companies Eye Australia’s Vast Land Sale, Financial Times, October 7, 2015
- Japanese Real Estate Investors Returning to U.S. Shores, CoStar, October 7, 2015
- Tech Companies Flock to Berlin, The Wall Street Journal, October 6, 2015
- Bridging the Cultural Gap with Chinese Investors, GlobeSt.com, October 6, 2015
- Vanderbilt Family Refinances Madison Avenue Office Tower for $80 Million, October 8, 2015
- Is the Office Market Finally Ready for Recovery?, Commercial Property Executive, October 7, 2015
- Ranking the Best-Funded Tech Startups with NYC Digs, The Real Deal, October 6, 2015
- Landlords Amplify Services to Attract Tenants, GlobeSt.com, October 6, 2015
- This is a First for Atlanta Office Market, GlobeSt.com, October 5, 2015
- Economy Watch: Office Market Recovery Accelerating, Commercial Property Executive, October 5, 2015
- Industrial Deals Flowing Faster, GlobeSt.com, October 8, 2015 – CCIM market trends report: tertiary industrial markets are getting their share of the recovery.
- A New Model for Industrial Users, GlobeSt.com, October 7, 2015 – Utilities and port proximity open the way for a tasty, innovative deal in Asuza, CA
- Industry City Leases Millions of Square Feet in Just Two Years, Commercial Property Executive, October 7, 2015 – Industrial leasing agents in Brooklyn are popping (artisinal) champagne corks.
- Westcore Gets Bullish on Growing Class B Industrial Markets, Commercial Property Executive, October 5, 2015 – A leased-out portfolio in SoCal points to industrial riches in the more modest burghs of the Inland Empire.
- Retail Landlords Keep Pushing Rents Up, National Real Estate Investor Online, October 8, 2015 – What’s on the other side of attractive cap rates? Upside, upside, and more upside.
- Wave Buy Buy: With Rents Exploding, It’s a New Day for the Retail Condo Market, Commercial Observer, October 7, 2015 – Financial bravery and visions of equity are running wild in retail condos.
- New Ground-Up Retail Development Returns, GlobeSt.com, October 7, 2015 – ISCS conference in Chicago exposes a retailer’s rush for location in Chicago.
- Economy Watch: Retail Recovery Still Slow, Commercial Property Executive, October 6, 2015 – Stubborn vacancy rates for malls big and malls modest.
- Everything You Need to Know About the Wild Rise of Organic Grocers, BISNOW, October 5, 2015 – All the lifestyle features consumers want plus the anchor store characteristics investors need.
- Landlords Will Hike Rents by 8% this Year, Market Watch, October 7, 2015 – Concessions are left by the wayside as 13M Americans expected to spend more than half their income on rent in 2025
- A Space for Boomers, GlobeSt.com, October 7, 2015 – Still looming large demographically and seeking apartment communities: Boomers.
- How Hungry Are Multifamily Investors?, GlobeSt.com, October 6, 2015 – Demand is no longer pent up – but improved performance and returns expected for three to five more years
- 6 Takeaways from NIC’s National Conference on Investing in Seniors Housing and Care, National Real Estate Investor, October 6, 2015 – Silver tsunami notwithstanding, it’s still possible to lose big on senior housing.
In commercial real estate, as with most commercial financing, a borrower’s personal credit rating looms large in the eyes of “A” list lenders offering the most attractive interest rates.
A recent patent filed by Facebook has raised eyebrows, suggesting that the credit ratings of your Facebook friends could possibly affect decisions made by lenders about you — or by extension, about any entity doing any borrowing where your personal liability is a factor.
As reported in The Atlantic by Robinson Meyer, the online giant Facebook recently made a patent filing totaling many pages, saving the best for last. Nestled toward the tail of Facebook’s US Patent And Trademark Office filing, under a heading “Summary Of The Invention,” (a list containing technologies they seek to patent) Facebook included the following paragraph:
When an individual applies for a loan, the lender examines the credit ratings of members of the individual’s social network who are connected to the individual […]. If the average credit rating of these members is at least a minimum credit score, the lender continues to process the loan application. Otherwise, the loan application is rejected.
The suggestion is that Facebook seeks a patent on the ability to speak to your creditworthiness by allowing analysis of the creditworthiness of your Facebook friends. Conspicuously missing from the above wording: any mention of a fair analysis of your own hard-earned credit rating.
A Return Of Redlining?
Critics of the practice of amassing Big Data from every corner of the lives of consumers, tenants, or users of a social media platform like Facebook have warned for years about future unintended consequences. It doesn’t take much imagination to see Facebook’s proposal as one such problem. What’s more, the future isn’t the only place where data about borrower’s surroundings have been unethically treated as conclusions about a borrower’s creditworthiness. In the context of the real estate industry, the notion of making credit decisions based upon one’s “neighborhood” has a specific and sad social-legal history, called redlining.
Decades-Old Legal Framing
The recent shifting picture of technology innovation having its way with the credit scoring industry — itself worth its own post — runs up against the legal barriers set down in 1970 under the Fair Credit Reporting Act and, in the case of any loans issued on the basis of such reporting, the Equal Credit Opportunity Act of 1974. Any classification of Facebook as a credit reporting agency akin to TransUnion or Experian would be a application of laws written decades before social media information began to voluntarily flow from all of us, a troublesome and awkward legal situation to say the least.
While this patent application is preliminary and comes with no evidence Facebook is actually using or marketing credit data on its users, at least one overseas company is claiming to aggregate Facebook and other social media data to provide lending decision support. From the Atlantic piece:
Which isn’t to say that social-network-based credit is an irreparably bad idea. In countries that do not have America’s financial system, friend scores can help extend credit to those who need it. In Mexico, Columbia, and the Philippines, a company called Lenddo already analyzes someone’s Facebook, LinkedIn, and Twitter to gauge their creditworthiness.
Newest Warning From The East
As if on cue, we find a very recent announcement by China’s government, saying that it will be holding certain online actions of its citizens and their social media friends in bad light credit rating-wise. This news, taken seriously by the ACLU serves as yet another warning among many:
These days, it’s worth keeping in mind that online, we’re all a small part of Big Data.
When National Association of RealtorsⓇ President Chris Polychron recently testified before Congress on the topic of unmanned aerial systems (UAS), he called for a commitment to privacy and personal safety to go hand in hand with the responsible use of drones by the commercial property industry. But the legislative climate around the topic of drones shows anything but clear skies. Federal and state efforts to make rules have been uneven, leading to a bumpy legislative ride.
Take the case of California, whose governor recently came down on the side of drone use and FAA approved commercial users. It was days ago that Governor Jerry Brown vetoed legislation that would have stopped the flying of drones at altitudes lower than 350 feet, sending a somewhat garbled message to potential drone users, including the real estate industry seeking to legally use the aircraft for survey and inspection of commercial property.
As law blog JD Supra writes, the governor’s reasoning was to avoid exposing “the occasional hobbyist and the FAA-approved commercial user alike to burdensome litigation.”
The life and death of the California flight-level restriction legislation is an example of a legislative process being played out in several states across the nation. In light of the rapid expansion of the drone industry, lawmakers, at both state and Federal levels, are scrambling to enact legislation governing the use of drones. But as we just learned from Governor Brown’s veto, there is considerable controversy about what to do about flight-level restrictions. Why? Privacy considerations suggest that drones should be as far away as possible, for obvious reasons. Nobody wants to see a drone equipped with high-definition cameras hovering outside one’s window or lurking above what would otherwise be a secluded back yard or vacation spot. Privacy considerations are what motivated the authors of the California bill.
Business Applications vs. Privacy And Safety Concerns
Equally burdensome to real estate business plans that hinge on legal operation of drones is the question of jurisdiction. Does state or federal law apply first? The answer appears confusing even though the FAA seems pretty clear on who’s got the regulatory muscle. The FAA web page “Busting Myths About The FAA And Unmanned Aircraft” says airspace at any height is the domain of the FAA and that any aircraft looking to fly in US airspace needs some form of FAA approval. From the link:
Myth #1: The FAA doesn’t control airspace below 400 feet
Fact—The FAA is responsible for the safety of U.S. airspace from the ground up. This misperception may originate with the idea that manned aircraft generally must stay at least 500 feet above the ground
Section 333 Waivers
The FAA may be petitioned by aspiring drone operators for a waiver called Section 333, which grants authorization for certain unmanned aircraft to perform operations on a case-by-case basis. An FAA pilot’s license is a required piece of such an application. The FAA page for Section 333 exemption applications is here.
August 2014 is the latest self-imposed deadline the FAA has missed in developing comprehensive rules for small commercial UAS. While permission to operate lies in regulatory limbo, a set of industries, including real estate, that could use inexpensive and comprehensive surveys and inspections of property are biding their time while the bureaucratic wheels turn.
“We all agree that the project is taking too long,” Peggy Gilligan, a top FAA safety official, told a congressional House panel in 2014. Here’s hoping the balance between safety, privacy and commercial use is found soon.