This slide illustrates the changing dynamics in the U.S. office real estate landscape. On the left hand side, we show select results from a BLS survey on private businesses’ response to the pandemic. As you can see, businesses expect remote working to remain stickier even as we exit the pandemic, with a majority not expecting to increase office square footage either. On the top right, we show net office real estate absorption rates by city, with Austin having the highest 10 year rate. However, this must be taken with a grain of salt, because as we show on the bottom right, while Austin has the highest absorption rate, tech office real estate is still very much concentrated in the Bay Area, NY and Seattle.