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TWST: Chris, what is standard today in new construction for offices and apartments? Do landlords have to make provisions for tenants’ communications and technology needs?

Mr. Haley: Companies are either going to make a full commitment or slowly enter into alliances to minimize financial obligations yet still be “in touch” with changes and opportunities. This relates to providing communications capacity and other types of technological capacities, not only inside the building but also to utilizing space on the top of the base building. In an apartment property, one can offer high speed Internet access, as well as top-of-building wireless capabilities and high-end lifestyle computer amenities. You’ll also see some companies simply providing the room, or the space, for that technology, and you will see others experiment in building out an apartment asset with numerous bells and whistles. Colonial Properties Trust (NYSE:CLP) attempted such a build-out in one of its new Orlando developments; they spent roughly 6% more on this specific project than they would otherwise have done. The investment return after the first year was notably lower than they had expected. The tenant acceptance rate of the high-end technologies was lower than they had underwritten — meaning tenants chose not to subscribe or pay for those technological services/products. This all relates to how some of the larger computer and software companies like Sun Microsystems and others are trying to integrate their products with new homebuilders to create the “smart home.” So this build-out was a little bit more expensive than what you’d traditionally expect. What CLP tried to do, after some market studies were completed, was to test a high-end product in some units. It didn’t work as well as they would’ve liked, yet the return they’re getting on it today is closer to the returns they are generating on other, more conventional developments.