Those looking for immediate insights into real estate-related risk
exposure tied to the Y2K bug can find extensive coverage of the topic at
www.y2krealestate.com, a Web site operated by Millennium Strategies Group,
LLC, a Denver, Colo.-based consultancy. The site lists building operating systems at risk
and provides links to numerous articles detailing the various technical and strategic issues
associated with the so-called millennium bug.
One page on the site lists nearly two dozen real estate drivers, or business issues,
outside the technical arena with which managers should by now be familiar. These
include employee/client safety, corporate productivity, business interruption insurance,
contract and agreements, contingency planning, and operating expenses, among others.
The site also references a 1998 Cap Gemini study and research from the Gartner
Group and other sources that reveal some alarming statistics concerning corporations?
Y2K preparedness at the time of the research. Among the findings are these: A
third of the companies surveyed had not begun their Y2K fix; 90 percent had not
addressed the direct costs on their corporation; more than half said equipment would not
be renovated by 2000; and 44 percent of respondents had experienced Y2K problems in
1998.
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