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 the mismatch in supply and demand for office building in terms of age and features. We show this relationship on the right, where we illustrate the net effective rent premium paid for new construction office buildings in Manhattan, as demand for older buildings drops off.