Published By THE COUNSELORS OF REAL ESTATE
Published by THE COUNSELORS OF REAL ESTATE PERSPECTIVE COLUMNThe Coronavirus,the End of the Cycle,and U.S. CommercialProperty Markets:Early ThoughtsVolume 44, Number 3March 20, 2020By Andrew Nelson, CREPhoto: ImageFlow/Shutterstock.comThe coronavirus has seized the global economy. Withthe number of confirmed cases globally and in the U.S.growing by about one-third per day – that is, doublingevery three days – a broad range of economic activityis rapidly shutting down, either by fiat or collapsingconsumer demand, dramatically compounding thesupply chain disruption that began last month. A nearterm recession now seems to be a virtual certainty – bothglobally and in the U.S. – if we’re not in one already.This is all coming as the economy was slowing anyway,particularly in Europe.ABOUT THE AUTHORAndrew Nelson, CRE is anindependent real estate economistconsulting and blogging at NelsonEconomics. Previously he servedas Chief U.S. Economist forColliers International and Director,Research & Strategy at DeutscheAsset Management (RREEF). Andrew holds a BA inEconomics from Binghamton University and a Master’sin City and Regional Planning from the HarvardKennedy School.The questions that remain are the unknowns at theonset of any recession: how deep, how long, and howwidespread? The most recent signs are worrying indeedwith cascading events that suggest that the downturnmay well precipitate a full-blown financial crisis.obsolete almost as soon as they are written, the goal ofthis article is to provide some perspective on how theeconomic shutdown (shutdown!) may affect differentsegments of the commercial real estate sector, both nearterm and longer-term. Suffice it to say, with so muchthat is uncertain and even unknowable at this point, thebest course of action for most market participants is todefer major decisions until there is greater clarity as tomarket directions.But with the unprecedented pace of events and scale ofgovernmental responses to this pandemic, projectingeconomic conditions would be folly: forecasting modelsare simply not designed to capture this scenario. Muchwill depend on how widely and quickly COVID-19spreads; the success of governmental efforts to containand address the contagion; and the ability of centralbanks and governments to counteract the economicdevastation and bolster confidence.THE ECONOMIC CONTEXTThe U.S. economy almost certainly is entering arecession, with enormous job losses and reductionof economic output. Direct impacts include massiveRather than offering precise forecasts that are renderedcre.org/rei1Volume 44, Number 3
The Coronavirus, the End of the Cycle, and U.S. Commercial Property MarketsOpenTable Seated Diners – Selected Cities – March 2020Year-over-year Percent Change (Two-Day Moving Average)Sources: OpenTable, compiled by Nelson Economicshits to already weakened trade flows and even greaterand unprecedented cuts in demand for a vast array ofservices, including almost all forms of entertainment,travel, and leisure, which together account for over10% of GDP.1 Knock-on impacts in related sectorsthat support these industries or depend on their tradewill magnify the impacts by one to two times the directimpact.2as demand from transportation and factories plunges,precipitating a cut to production. Oil prices are nowdown almost 50% in just the last ten days to levelslast seen in 2002.5 While positive for consumers andmanufacturers, the collapse in prices will be devastatingto oil producers and oil-producing regions like Texas,North Dakota, and Oklahoma.As I write this in mid-March, events are movingso quickly, and impacts are multiplying with suchfrightening, unprecedented force, the data normallyobserved to track economic and market trends arejust not available yet. But here’s one dataset thatdemonstrates the utter collapse of demand in the foodservice sector: The number of diners at restaurantsserved by OpenTable was down 50% year-over-year– even before the local shutdowns – and the drop-offin key cities was even greater.3 With the restaurantindustry generating more than 850 billion in sales lastyear and employing 10% of the U.S. population,4 this isthe very picture of an economy in freefall.Second-order impacts will be potentially even larger,as an expected plunge in business and consumerconfidence will undercut the willingness of businessesand consumers to continue investing and spending.The coming surge in worker layoffs will only amplifythe collapse in spending, which accounts for more thantwo-thirds of GDP. Already, leading employers in theairline and hospitality industries are planning enormouslayoffs, while more than 50 major retailers – withnames like Apple, Nike, Footlocker, and Chico’s, aretemporarily closing stores globally.6 The earliest dataon jobless claims suggest unemployment could quicklysurge beyond the 10% peak reached in the GreatFinancial Crisis (“GFC”).7The petroleum sector will also see a huge revenuedecline from the fall in oil prices that helped triggerthe economic meltdown, with a further drop inevitableA related concern is the wealth effect associated withthe rapid drop in the value of almost all financial assets.A recent study shows that a dollar rise in equity wealthcre.org/rei2Volume 44, Number 3
The Coronavirus, the End of the Cycle, and U.S. Commercial Property Marketsis associated with a 3.2 cent increase in spending.8 Lesswell understood is how much spending drops whenwealth declines rapidly, but we can expect a significantreduction given the 30% plunge in equity values inthe last month.the economy snaps back after the shutdown – whetherthe recovery is “V” shaped or “U” shaped (quick orprotracted) – also will depend on the extent of financialdistress caused by the shutdown. While many largecorporations may be able to quickly re-hire furloughedor laid-off workers, many small businesses may notsurvive the shutdown, dampening and delaying anypotential bounce back.Finally, supply chain impacts will cripple industrialoutput as critical inputs cannot be obtained from eitherdomestic or especially offshore sources. In sum, virtuallyevery segment of the economy looks to be hurt, manybadly. Given all these cascading challenges, forecasterskeep revising even their downside scenarios ever lower.At this point, even this week’s forecast by GoldmanSachs of a 5% drop in second-quarter GDP mightprove to be optimistic.9 Expect one of the sharpesteconomic contractions on record.IMPACTS ON THE COMMERCIALREAL ESTATE SECTORAfter a historically long if subdued property cycle,commercial real estate is set for a major hit. At leastduring the shutdown period, we can expect both leasingand sales transactions to fall sharply and prices andrent levels could follow, depending on the length of thedownturn. Occupiers and investors alike will want todefer decisions for as long as possible.Ultimately the depth and length of the recession – andwhether it turns into a depression – will depend onwhether the downturn precipitates a financial crisis inwhich liquidity is strained and financial institutions,businesses, and households cannot satisfy financialobligations. Liquidity is already being tested, as extremedrawdowns on corporate lines of credit last week,needed to offset revenue shortfalls, diverted funds inthe banking sector available to finance other parts ofthe economy. Fortunately, the Federal Reserve has theexperience it gained in the GFC and has been able tostep in with unprecedented speed to lower rates (- 150bps) and restart Quantitative Easing in order to ensureliquidity and otherwise reassure markets.Property Markets: Near-TermThe near-term impacts on property fundamentals willbe greatest on the commercial real estate sectors thathouse the businesses most subject to the shutdown. Atthe top of the list are travel-related uses and those mostdependent on social gatherings. Hotels, restaurantsand bars, theaters and performing arts centers wereall already seeing a devastating fall in patronage, evenbefore the closures were mandated.Then, as in any recession, impacts will be felt by theland uses with the shortest guaranteed tenancy periodssuch as hotels (again) and parking lots, which must release their space daily. Both can expect a severe plungein revenue and surge in vacancies. Apartments aretypically the next major land use to experience fallingdemand. With most tenants renting either month-tomonth or annually, vacancies can rise quickly as tenantsstart to lose their jobs or otherwise lose income.That likelihood of another financial crisis cannot bedetermined until the magnitude of the pandemic andeffectiveness of the government response are betterunderstood. The severity of the recession should betempered by the low interest rates and the regulatoryguardrails adopted after the GFC. Moreover, the speedand scale of the Fed and federal government’s (belated)response are encouraging. However, record levels ofcorporate debt have replaced the high household debtlevels preceding the GFC, setting the stage for a surgein bankruptcies if the downturn/shutdown continuesfor long.Retail, office, and industrial (in that order) alltypically have longer-term leases that blunt immediateimpacts, though vacancies will still rise as expiringleases are not renewed. Vacancies will then mount whenbankruptcies start to swell. In this regard, the alreadyreeling retail sector can expect yet another wave ofLikewise, the question of how quickly and robustlycre.org/rei3Volume 44, Number 3
The Coronavirus, the End of the Cycle, and U.S. Commercial Property Marketsvacancies, particularly in weaker centers in secondarymarkets. Most critically, retail will be hurt as services –restaurants and other food service, health clubs, massage– have been among the lone sources of strength inrecent years but will be especially hit by the shutdown.After the surge in panic buying of essentials, we canalso expect a sharp decline in retail sales, particularlyfor discretionary goods, as workers lose their jobs andconsumers save more and hunker down.alternatives to hospitals and large medical facilities.Property Markets: Longer-TermOnce the recovery begins – in a few weeks or months ornext year – the property sector is hardly likely to revertto pre-recession conditions. Profound shifts in how weconsume goods and space are being intensified by ourresponse to COVID-19. Most obviously, the shift fromin-store shopping to e-commerce will get another bigboost as social distancing forces even more goods tobe purchased online. Even the fledgling food-deliverysegment, which seemed on the verge of failure, willget a new lease on life as restaurants shift from onsitedining to home delivery. No doubt much of this newshift will prove temporary, especially in the food-servicesegment, but we can expect at least some of the shiftto become permanent, as more consumers becomemore comfortable with online ordering and homedelivery, hastening the demise of weaker retailers andcompounding the sector’s woeful oversupply.Though warehouses and logistics facilities arevulnerable to the supply-chain and trade disruptions,the sector is relatively protected by the longest averagelease terms, as well as secular changes shifting spacedemand from the retail to the industrial sector.More vulnerable is the flex-office space segment, wheremost occupiers have only monthly commitments. Asthis niche product was growing in recent years, analystsdebated whether demand would be sustained in arecession: While corporations may increase their use offlex-space to house workers or new divisions withouttaking on longer-term commitments, start-ups andsole proprietors may go back to their garages or secondbedrooms. This debate did not envision the socialdistancing mandate brought on by COVID-19, whichshould dramatically reduce flex-space demand duringthe shutdown. However, outside of flex office space, theoffice sector will be initially shielded by its relativelylong lease terms and the restrained construction in mostmarkets during this cycle.These shifts will continue to benefit the industrialproperty sector, particularly logistics and last-milefacilities, as retailers and manufacturers deliver goodsdirectly to consumers at home. After a short drop-offin leasing during the shutdown, expect a rapid bounceback. Not all facilities will benefit equally, however. Thepandemic has laid bare the risks to producers associatedwith global supply chains. Expect the nascent trendto “near-shoring” to gather strength in favor of morelocalized suppliers. Thus, we may see some shift fromport-focused warehousing to those closer to domesticmanufacturing centers.Also vulnerable in the very near term are twodemographically-favored niches that have been thedarling of investors: student housing and seniorhousing. Student housing especially is likely to seefinancial strains as college campuses are closed andstudents are sent home. And senior housing maysee a short-term drop in demand as vulnerable olderAmericans shelter-in-place to reduce the likelihood ofcontracting the virus. However, both should see a rapidsnap back in demand as the crisis eases.Finally, we might also anticipate a sharp andpermanent shift to telecommuting, to the long-termdetriment of traditional office leasing. The joke abouttelecommuting is that it has a great future – and alwayswill. Projections of shifts to working at home havelong exceeded reality, even as technology has enableddistance working and outsourcing has reduced officespace provided by employers. However, with firmssuddenly forced to work remotely due to COVID-19,millions of workers – especially, but not exclusively, inoffice-based industries – are getting their first real tasteOn the other hand, healthcare could actually see arise in leasing, potentially filling vacated retail spaces,as healthcare providers seek smaller, more localizedcre.org/rei4Volume 44, Number 3
The Coronavirus, the End of the Cycle, and U.S. Commercial Property Marketsof working from home, while their employers are crashtesting full-scale virtual workplaces.Property sales volumes tend to be more volatile thanleasing or the underlying economy, plunging duringrecessions and surging during recovery. As recently aslast month – which seems like a century ago – brokersand analysts were still reporting strong demand for U.S.property for its compelling risk-adjusted returns, and asafe-haven for offshore investors.As with the food-delivery model, much of this shiftwill be transitory. There are myriad reasons we bringtogether workers under one roof. But some of the shiftwill prove permanent as firms learn to work remotelyand are making material investments in telecommutinginfrastructure to ensure their business can succeed withat least some of their employees working remotely.Thus, expect firms to continue the long-term trend ofreducing the amount of office space leased per worker.One beneficiary should be flex-office space, as workersneeding quiet space outside of the home seek affordableworkplaces near-by.Very early anecdotal evidence suggests a chill is hittingcommercial real estate.11 Price declines seem inevitable.The most that one can say now is that markets willwant more clarity before proceeding with any majordecisions, so the already record stockpile of dry powerwill remain on the sidelines for a while longer. In themeantime, investors will be revisiting their strategies.But when the dust clears, the status of the U.S. as a safehaven should be retained or even enhanced, ensuringrenewed investor demand for commercial real estateassets.Capital MarketsU.S. property capital markets were surprisinglystrong on the eve of the coronavirus pandemic. Salesvolumes in 2019 did fall 2%, according to Real CapitalAnalytics, but only because entity sales plunged 87%.10Sales of individual property assets ( 6%) and propertyportfolios ( 28%) collectively rose 11% to 561 billion,the greatest volume since RCA began tracking sales in2001 – and fully 10% greater than the prior high-watermark set in 2015.Lending will face some of the same documentationchallenges facing sales transactions, though recordlow interest rates and expiring loans should keepdemand high. The Mortgage Bankers Associationalready was predicting a banner year for lending amongtraditional lender categories.12 With mortgage ratesfalling sharply since the beginning of the year, demandfor refinancing should keep lending volumes strongonce some of the market uncertainty eases, even ifproperty acquisitions take longer to recover. However,with unemployment surging and corporate balancesheets strained, many borrowers may not have thecreditworthiness to take advantage of the low rates.But that was then. It’s way too early to know exactlyhow much COVID-19 will impact investor demand forU.S. property, but there’s no doubt that sales volumeswill drop this year, if only due to the practicalities ofgetting deals done. Purchases by offshore investorswere the first to slump, as buyers could not travelinternationally to conduct property inspections orcomplete due diligence.Of course, there will be variation among the differenttypes of lenders, with the greatest uncertainty amongthe so-called alternative lenders, whose activity hasbeen relatively opaque. Much of this lending fundsconstruction and other investments that are harder tofinance. Importantly, leverage in this segment tendsto be greater, with higher loan-to-value ratios, makingthem riskier during sharp downturns like we arestarting to experience. But even more so than withother segments of commercial real estate, it is muchtoo soon to know how activity in this segmentwill adjust in response to rapidly changing marketNow the hurdles have spread to title agents andrecording offices, whose workers are being sent home,leaving pending deals up in the air. While somefunctions can be completed remotely, others requirein-person signatures, all but ensuring that manytransactions will not close for some time.Beyond these purely physical challenges of deal making,the larger issue concerns the sustainability of investordemand for U.S. property, both domestic and offshore.cre.org/rei5Volume 44, Number 3
The Coronavirus, the End of the Cycle, and U.S. Commercial Property Marketsconditions. This segment merits close watching for signsof distress.limiting both the spread of the disease and its impact onthe economy.Perhaps the best news on the financing front is thatleverage rates overall tend to be much lower nowthan was the case at the onset of the GFC. Moreover,construction in most markets has been more moderatein this cycle than is typical, yielding strong propertyfundamentals with record low vacancy rates, despiterelatively modest space take-up. Thus, depending onthe severity of the downturn, defaults and bankruptciesmay be less likely this time around as most financedproperties have more fiscal room to absorb revenuedeclines.CLOSING THOUGHTSGovernments also must act quickly and decisivelyto protect vulnerable households and businesses tominimize knock-on impacts and ensure the recessiondoes not metastasize into a full-blown financial crisis.After a belated response, the federal government isspringing into action with sorely-missed bipartisansupport, with a proposed 1 trillion aid packageproposed on top of more direct assistance to the reelinghealth care sector, which may backstop some of themost vulnerable parts of the economy. And fortunately,our economy is much stronger in most respects andless burdened now than it was at the onset of the GFC,which should limit the damage.This is uncharted territory, with the worst pandemicin over a century spreading at warp speed in a veryinterconnected world. Shockingly, some health expertsexpect between 40% and 70% of the world’s populationto contract the virus over the next year or so, of whomsome 20% will develop moderate to severe healthproblems (or worse).Likewise for the commercial property sector. Save forthe ailing retail sector, commercial real estate entersthis recession much stronger than a decade ago.Without the degree of overbuilding and overfinancingwe experienced in the last cycle, markets were able toimprove steadily over the past decade, and most nowenjoy record occupancy, rents, and values.In turn, the resulting economic downturn is spreadingat unprecedented speed and breadth, as both consumersand businesses sharply reduce almost all forms ofeconomic activity, compounded by governmentresponses to contain or at least slow the spread. Incomesare plunging and job losses are surging. So, we’reentering a recession.To be sure, commercial real estate owners and serviceproviders can expect some challenging times this year(and maybe into next) as the economic downturn worksits way through property markets. However, unlikewith the GFC, the property sector does not look likelyto contribute significantly to this downturn, and norshould it bear the brunt of the recession. But much isunknown at this early stage, and market participantswould be wise to be patient and defer significantdecisions until great clarity emerges on the extent of thepandemic and its impact on the economy.How long and how deep? Certainly, much of thespending being lost now will be gone forever: therestaurant meals foregone, the theatre tickets unsold,the vacations not taken. And there will be a permanentloss of income as layoffs mount and bankruptciesrise. This recession will be more than just a temporarydisruption.This is going to be ugly. And we won’t know for awhile just how ugly or for how long. Too much ishappening with unprecedented speed and breath thatit is impossible to gauge the extent of the escalatingdownturn, much less predict conditions three monthsout.Yet some spending should revive relatively quickly,once factories restart, stores reopen, and planes resumenormal schedules. But the policy response matters. First,governments must contain this virus. Singapore andSouth Korea both demonstrated that smart, decisiveaction can quickly “flatten the curve” of transmissions,cre.org/reiPerhaps the best that can be said at this very early stageis that the U.S. economy – and commercial real estatemarkets generally – enter this very challenging period in6Volume 44, Number 3
The Coronavirus, the End of the Cycle, and U.S. Commercial Property Marketsrelatively strong shape, and the federal government andFed are mobilizing quickly to forestall a financial crisisand limit the damage to the economy. We’ll know soonwhether their efforts prove successful. 7. New York Times, March 19, 2020: hot/coronavirus-jobless-claims-states.html8. National Bureau of Economic Research: https://www.nber.org/papers/w25959ENDNOTES1. Bureau of Economic Analysis: https://apps.bea.gov/iTable/index industry gdpIndy.cfm9. Bloomberg, March 15, 2020: l-a-recession2. Economic Policy Institute: -multipliers-forthe-u-s-economy/10. Real Capital Analytics, Capital Trends: US BigPicture – 2019.3. OpenTable: https://www.opentable.com/state-ofindustry11. Bisnow, March 18, 2020: d-bycoronavirus-uncertainty-1034804. National Restaurant Association: /2020-StateOf-The-Industry-Factbook.pdf12. MBA Commercial Real Estate Finance (CREF)Forecast, January 1, 2020: ch/crefforecasts5. Bloomberg News, March 17, 2020: recession6. Business Insider, March 17, 2020: 2020-3#chicos-8www.cre.orgThis article/submission represents the opinions of the authors/contributors and not necessarily those of The Counselors of Real Estate or its members. The Counselors assumes no responsibility for the opinions expressed/citations and facts used by the contributorsto this publication regardless of whether the articles/submissions are signed.Published by The Counselors of Real Estate, a not-for-profit organization, 430 N. Michigan Ave.,Chicago, IL, 60611. Copyright 2020 by The Counselors of Real Estate. All rights reserved. (Published online at cre.org/rei).Real Estate Issues is a registered trademark of The Counselors of Real Estate, a not-for-profit organization.The Counselors of Real Estate , established in 1953, is an international group of high-profile professionals including members of prominent realestate, financial, legal and accounting firms as well as leaders of government and academia who provide expert, objective advice on complex realproperty situations and land-related matters. Membership is selective, extended by invitation. The organization’s CRE (Counselor of Real Estate)credential is granted to all members in recognition of superior problem solving ability in various areas of real estate counseling.cre.org/rei7Volume 44, Number 3
Published by THE COUNSELORS OF REAL ESTATE Since its launch in 1976, Real Estate Issues has been the premier forum in which the world’s foremost real estatethought leaders present innovative ideas, novel strategies, and intriguing commentary on all matters relating to real property.Visit www.cre.org/rei to view the digital archive of Real Estate Issues articles.Subscribe at www.cre.org/subscribe to receive digital or print editions of Real Estate Issues.2020 EDITORIAL BOARDPUBLISHERJohn J. Hentschel, CREHentschel Real Estate Services, LLCAbingdon, Md., U.S.CO-EDITORS-IN-CHIEFCassandra J. Francis, CREKARIATIDChicago, Ill., U.S.LIAISON VICE CHAIRCasey R. Kemper, CREK4 Real Estate GroupBrewster, Mass., U.S.Elaine M. Worzala, Ph.D., CRECollege of CharlestonCharleston, S.C., U.S.2020 CHAIR OF THE BOARDMichel Couillard, CREBusac Real EstateMontréal, Que., CanadaMANAGING EDITOR,DESIGN/PRODUCTIONAlyssa BrayThe Counselors of Real EstatePRESIDENT ANDCHIEF EXECUTIVE OFFICERMary Walker FleischmannThe Counselors of Real EstateTOPICAL EDITORS AND REVIEWERSMassimo Biasin, Ph.D., CREBiasin & PartnersBolzano, ItalyCharles A. Bissell, CREJLL Valuation and Advisory ServicesRichardson, Texas, U.S.Mary C. Bujold, CREMaxfield Research & ConsultingGolden Valley, Minn., U.S.Arthur J. Burrows, CRENAI HiffmanOakbrook Terrace, Ill., U.S.John A. Dalkowski, III, CRENational Real Estate Research, LLCNew York, N.Y., U.S.Anthony F. DellaPelle, Esq. CREMcKirdy, Riskin, Olson & DellaPelle, P.C.Morristown, N.J., U.S.Barry A. Diskin, Ph.D., CREDiskin Property ResearchTallahassee, Fla., U.S.John Albert Griffing, III, CRENAI HalfordPensacola, Fla., U.S.Hiroyuki Isobe, CREJapan Valuers Co., Ltd.Tokyo, JapanHugh F. Kelly, Ph.D., CREFordham UniversityNew York, N.Y., U.S.Constantine Korologos, CREBereley Research Group, LLCNew York, N.Y., U.S.Richard Marchitelli, CRECushman & Wakefield, Inc.Charlotte, N.C., U.S.Kieyasien “Teya” Moore, Esq., CREMoore & AssociatesBowie, Md., U.S.Joe W. Parker, CREAppraisal Research Company, Inc.Brandon, Miss., U.S.Franc J. Pigna, CREAegir Port Property AdvisersCoral Gables, Fla., U.S.Alex Ruggieri, CRESperry Van Ness/Ramshaw Real EstateChampaign, Ill., U.S.Roy J. Schneiderman, CREBard Consulting, LLCSan Francisco, Calif., U.S.Thomas Joseph Shircliff, CREIntelligent Buildings LLCCharlotte, N.C., U.S.Noah D. Shlaes, CRENewmark Knight FrankChicago, Ill., U.S.John Sokul, CREHinckley AllenManchester, N.H., U.S.Daniel L. Swango, CRESwango InternationalTucson, Ariz., U.S.Christian F. Torgrimson, Esq., CREPursley Friese Torgrimson, LLPAtlanta, Ga., U.S.George T. Vallone, CREThe Hoboken Brownstone CompanyJersey City, N.J., U.S.cre.org/rei8Volume 44, Number 3
names like Apple, Nike, Footlocker, and Chico’s, are temporarily closing stores globally.6 The earliest data on jobless claims suggest unemployment could quickly surge beyond the 10% peak reached in the Great Financial Crisis (“GFC”)
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
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On an exceptional basis, Member States may request UNESCO to provide thé candidates with access to thé platform so they can complète thé form by themselves. Thèse requests must be addressed to esd rize unesco. or by 15 A ril 2021 UNESCO will provide thé nomineewith accessto thé platform via their émail address.
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Dr. Sunita Bharatwal** Dr. Pawan Garga*** Abstract Customer satisfaction is derived from thè functionalities and values, a product or Service can provide. The current study aims to segregate thè dimensions of ordine Service quality and gather insights on its impact on web shopping. The trends of purchases have
Chính Văn.- Còn đức Thế tôn thì tuệ giác cực kỳ trong sạch 8: hiện hành bất nhị 9, đạt đến vô tướng 10, đứng vào chỗ đứng của các đức Thế tôn 11, thể hiện tính bình đẳng của các Ngài, đến chỗ không còn chướng ngại 12, giáo pháp không thể khuynh đảo, tâm thức không bị cản trở, cái được
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Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. Crawford M., Marsh D. The driving force : food in human evolution and the future.
