On the left-hand side, we illustrate industrial vacancy rates and construction activity. And while the vacancy rate ticked up slightly in 1Q23, it has well below pre-pandemic levels for a few quarters now. Despite the historical low vacancy rate, activity as defined by buildings under construction and groundbreaking has decreased, which should provide some upside support to rent and prices in the short-term. However, in the longer-term, the impact on rents and prices should be neutral, as the slowdown in construction activity is primarily due to the outlook for weaker growth, which should coincide with weaker demand. On the right, we show the U.S. cities with the highest industrial net absorption rate as percentage of total completions. As you can see, none are a major coastal city, with most also among those that saw large populations and business influxes post-pandemic.