Popular management speak of the day seems to center around one catch-phrase thought to be the path to riches: value-added services.

This column has joined in exhortations aimed at business, encouraging differentiation and profitability through bundled services that customers cannot obtain elsewhere.

At Toronto Eaton Centre, they have answered the call for such valuable service. The building has launched www.tectowers.com, a personalized, free Web-based e-concierge service for its three office towers.

Cadillac Fairview (NYSE: CDF), which manages the Centre and holds a 75 percent ownership stake, says it is the first commercial real estate company in North America to offer such a service. At Toronto Eaton Centre (TEC), which serves 8,000 office workers, this is a pilot program that Cadillac hopes to roll out across Canada to its other major office complexes next year.

The Web site is an extension of TEC's on-site corporate concierge program. Through the password-protected system, tenants can get reminders of birthdays and anniversaries, as well as gain electronic access to on-site concierge staff for information, restaurant and entertainment reservations.

Other features include on-line forms allowing tenants to report maintenance issues. Users also can look at the site to find out about other space available in the towers, or to get discounts on participating suppliers' products.

"The big benefit for our tenants - is an unparalleled service experience available 24 hours a day at the touch of a keyboard that also saves valuable time," said Steven Sorensen, manager of TEC's office tower. "A key feature of TEC Towers is JAMES, an electronic personal assistant, who, in addition to providing the more traditional concierge services on-line, can also identify and provide links to Web sites of interest to TEC office tenants, based on a personal profile provided by tenants."

Despite the fact that little economic evidence indicates immediate risk of inflation, the Federal Reserve insists that the current rate of GDP growth is too fast. Katie bar the door when things look good and the Fed has a meeting.

Of course, Mr. Greenspan would disagree heartily with my contention that 2 ½ percent economic growth is not a threat to peace and prosperity. With ever-increasing productivity gains through information technology, a safe rate of growth could range from ½ percent to 4 percent, or more.

The Fed obviously is not listening to me, or to any of you. But take heart, realtors and deal-makers. According to economic analysts quoted in the wake of the latest rate increase, the Fed should lay off until at least March. Don't count on them to do the right thing and lower rates - remember, it will be an election year. But money shouldn't get more expensive to borrow at least for a few months.