Bob Sulentic: Well, there is – clearly, there is movement into cash and cash return – you can get returns on that, that you couldn’t get previously, so secured debt, etcetera. There is no doubt that, that dynamic is at play in what’s going on with the non-traded REITs, etcetera and core assets. But people are ready to get back into real estate when things sort out. There is just no doubt about it. The amount of capital that’s on the sidelines that wants to get into commercial real estate is enormous. And what’s going to have to happen as we said, is interest rates are going to have to stabilize and the belief that valuations have come down is going to have to be there. There is an increasing interest, and I just walked through what we are doing on the development side and opportunistic investment side.
There is an increased interest in people getting into those areas that have a longer horizon for returns on their capital and have a higher risk appetite. And there is always, of course a big chunk of capital with that orientation. So, that’s what’s going on.
Patrick O’Shaughnessy: Got it. Helpful. Thank you. And then circling back to your earlier comments on leasing, so if I am understanding it correctly, your view is that even if there is an economic slowdown in 2024, there is really little incremental downside risk to leasing revenues going forward?
Emma Giamartino: There is potentially some, but we are not expecting the decline next year to be greater than what we saw this year. And I think what’s important to note, we provided some high-level remarks around what we are expecting over the next couple of years. And that’s not to provide any sort of guidance around what we will expect because we all know that it’s very difficult to anticipate how the broader external factors will impact the company. But to put context around it, we are very confident that our GWS business will continue to deliver double-digit growth. And if it delivers double-digit SOP growth over the next couple of years, and the remainder of our segments remained flat in 2024 and get back to – don’t even need to get back to 2019 levels of earnings, we will get back to our record levels of EPS.
So, in terms of leasing, I just want to emphasize that even if there is a slight decline next year, we still have a path to growth over the next 2 years.
Patrick O’Shaughnessy: Understood. Thank you.
Operator: Thank you. Our next question comes from the line of Alex Kramm with UBS. Please proceed with your question.
Alex Kramm: Yes. Hey. Good morning everyone. Maybe starting with a little bit of a housekeeping question. But am I – I think this quarter, you didn’t give any specific outlook anymore for – by segment. So, given how important the fourth quarter is maybe you can give us a little bit more color in terms of the various business lines of what we should be expecting? I know it’s kind of implied, but more color would be appreciated.
Emma Giamartino: Okay. So, for the full year, we are expecting within GWS that our SOP growth will be in line with that low-double digit that we have been talking about throughout the year. Advisory overall will be down about in the 30% range. And then REI, as you know is down a little over 50% for the full year. In terms of what’s guided our reduced outlook from what we said in Q2 to what we are seeing now from that 20% to 25% EPS decline down to a mid-30s decline. About a third of that is related to capital markets and about a third is related to development and the remainder is men across the rest of the business.
