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News and Information Article
MILFORD, Conn., June 8 // -- Thursday, May 25, 2006 marked
the conclusion of Environmental Data Resources client conference on the
evolving world of environmental due diligence. Held at the national
environmental risk information companys headquarters in Milford,
Connecticut, the invitation-only event drew more than 50 executives from
leading companies in the environmental consulting, legal, insurance and
banking industries. Attendees shared ideas and learned about trends in the
environmental due diligence and commercial real estate markets. They also
heard predictions from leading industry analysts -- who came from as far
away as England and Japan -- about where the domestic and international due
diligence industry is headed.
The kickoff of the four-day event was a keynote address by three key
industry players: Dianne Crocker, EDRs managing director of market
research; Senior Real Estate Economist Paul Briggs of Property & Portfolio
Research, a leading real estate research and portfolio strategy firm and
sister company to EDR, and George Stubbs, a 25-year industry veteran and
editor of Environmental Business Journal, the environmental industrys
leading business newsletter. Crocker presented research on the domestic
environmental site assessment market, including trends in activity,
pricing, market challenges and emerging areas of opportunity. Briggs
presented data and statistics on hot spots in the domestic commercial real
estate market, and Stubbs offered his predictions for where the
environmental consulting and engineering market is headed.
"After some volatility in the late 1990s, the Phase I industry has been
on a steady growth curve in the last four years, bolstered by the strength
of the economy, low interest rates, healthy returns from commercial real
estate and an abundance of investment capital," Crocker observed.
Briggs concurred. "We are in an economic sweet spot with high demand
for commercial real estate, particularly office and multifamily
properties," he said. Briggs also told attendees that income growth will
differ significantly by geography and property type.
Stubbs touched on the potential for an economic downturn, citing a
burst real estate bubble, inflation and a lack of available talent as
challenges the environmental industry could face. He did say, however, that
there are considerable opportunities in areas such as redevelopment,
brownfields and private sites, and international markets.
Conference highlights:
* Crocker told attendees that the Phase I environmental site assessment
industry is riding a wave of record high commercial real estate
activity, registering eight percent annual growth in 2005.
* Banks are competing aggressively for commercial real estate loans, at
times at the expense of environmental risk management, said George
Green, Director, Commercial/Multifamily, Mortgage Bankers Association,
and William Muzychko, president of the Environmental Bankers
Association. The pair shared insight into regulators concerns about
banks increasing exposure to liability in commercial real estate
lending, and the implications for banks environmental due diligence
practices. They also discussed new tools for improving lenders
liability associated with commercial properties.
* Attorney Barry Trilling from Wiggin and Dana, along with Pat Coyne,
EDRs vice president of sales, discussed the impact that EPAs new
property assessment rule, "All Appropriate Inquiries," is having on the
marketplace six months after its release -- and midway to its November
1, 2006 effective date.
* Greg Rogers, an expert on corporate environmental transparency with
environmental law firm Guida Slavich & Flores, discussed the latest
trends in corporate disclosure of environmental liabilities and risks
under Sarbanes-Oxley and FIN 47.
* Anthony Buonicore, PE, DEE, past president of the Air & Waste Management
Association and chairman of EDR, discussed standards-setting
organization ASTMs efforts to address the emerging risk of vapor
intrusion, the process by which contaminants migrate through soil and
negatively impact indoor air quality.
* International environmental experts Robert Soza with Jenkens &
Gilchrist; Miki Mitsunari of Mizuho Information & Research Institute
Inc., and Bill Roth with Jacques Whitford told attendees about existing
and emerging opportunities in international markets including Mexico,
Japan, and Canada.
* Geoff Offen, an expert in the development of environmental reports and
screening systems in Europe, who serves as European Business
Development Director for Landmark Information Group, EDRs sister
company in the UK, discussed the emerging Phase I environmental site
assessment market in the United Kingdom. Offen also shared his
experience elsewhere in Europe, where a lack of access to public data
is a major hurdle in the environmental due diligence process.
"EDRs client conference was time well spent," said Elizabeth Sherwood
Krol, P.G., Northeast Due Diligence Manager of Shaw Environmental &
Infastructure. "The speakers were terrific, and the information regarding
trends in the environmental due diligence market was insightful. I
especially enjoyed the time to network and gain valuable educational
information."
"EDRs conference brought together the biggest and most influential
leaders in the environmental due diligence industry," said Rob Barber,
chief executive officer of EDR. "Attendees were able to learn from other
industry experts and network with each other, all in a four-day event that
included golf and other activities that allowed them to share ideas in a
relaxed, informal setting. This client conference was a great success, and
we plan to make it an annual event."
About EDR
Environmental Data Resources Inc. (EDR) is the nations premier
provider of environmental risk information services and reports. The
company offers current, prior use and regulatory compliance information
services tailored to either a specific property address or company name.
EDR offers these services to all participants in a real estate transaction,
including the lender, environmental engineer, buyer, seller, attorney and
insurer. The companys Market Research Group provides strategic data and
analysis on environmental due diligence trends, including market surveys,
newsletters, and workshops. Established in 1991, EDRs headquarters are in
Milford, Connecticut; regional offices are located throughout the United
States. EDR is wholly owned by DMG Information Inc., the business
information division of Daily Mail and General Trust, plc (DMGT). For more
information, visit http://www.edrnet.com.
Contact: Ms. Amy Drescher
EDR Public Relations
(800) 352-0050
adrescher@edrnet.com
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