On the left-hand side, we illustrate U.S. office leasing activity on a quarterly basis. Office leasing activity remains below pre-pandemic levels, as hybrid working arrangements have become part of the new norm. Additionally, office leasing activity has remained depressed due to demand for newer building, with innovative attributes. We show this on the right-hand side of the pages, where we illustrate net absorption by year of delivery. As you can see, only office buildings delivered since 2015 have a positive net absorption rate.