Alex Kramm: Okay. Great. And then secondly, maybe this is a quick one because I think you just addressed this when you asked Patrick’s question, but thinking about the multiyear outlook again. And maybe I am stating the obvious, but like – if I look at my numbers, to get to 2025 record year, basically, if you grow in GWS and you maybe get more aggressive on the buybacks? Like – and then potentially in the transactional businesses, if you just grab a little bit of market share, even if this environment stays like this, you could get to a record. I mean is that what you were just trying to say, I mean maybe just state me obviously again.
Emma Giamartino: Absolutely. That – and that is the point that we are trying to get across is that there is a reasonable path to getting back to record, and we are not anticipating a sharp recovery, especially not next year, and we don’t require a sharp recovery in 2025 to get to that record level. Again, our resilient and cycle favorite lines of business, which include GWS but also includes property management, the recurring elements of our investment management fees, valuations in loan servicing, not in aggregate is $1.6 billion of SOP. So, that growing at low-double digits over the next 2 years will create meaningful value. And then, again, our transactional lines of business, so development, the portion of investment management that is more transactional loan service – loan origination and sales origination. Those elements only need to get back to just shy of 2019 levels for us to get to record earnings.
Alex Kramm: Excellent. Thanks for clarifying. And then just maybe one quick one. On the GWS business, you called out these first-time outsourcers, I guess. Can you just talk about how the sales cycle differs there because I think it’s a meaningful part of the pipeline now? And then overall, can you just remind us when you think about the white space here, how big the first time outsource opportunity is in the context of the size of your business? I mean is there still a very meaningful TAM of companies that really have never outsourced before.
Emma Giamartino: Yes. So, in your first question, our pipeline across GWS and that includes both facilities management and project management is it continues to be at record levels. We have a large and growing pipeline. It’s split between about 50% new clients and 50% existing clients. And of those new clients, about half of those are first-generation clients. So, about a third of our overall pipeline is first-generation outsourcers. But the important part is that our overall pipeline is building. And yes, those first-generation outsourcers take longer, the sales cycle is longer to convert them over to outsourcing, but it’s a huge opportunity and it’s a growing opportunity and it is building our pipeline. To your second question around what the opportunity is, it’s hard to accurately estimate it, but we believe that only 30% of the overall market is outsourced today. So, there is 70% of white space.
Alex Kramm: Fantastic. Thanks very much.
Operator: Thank you. Our next question comes from the line of Michael Griffin with Citi. Please proceed with your question.
Michael Griffin: Great. Thanks. Wondering if you can comment on CBRE’s view of the macro and kind of how that might have shifted and in turn, kind of shifted your outlook kind of heading into 2024, if at all possible?
Bob Sulentic: Well, we – the biggest thing, Michael, that’s shifted in our view is that it’s going to take longer for interest rates to come down. It’s going to take longer for debt, in particular, to become available for real estate – commercial real estate transactions. And as a result, transactions are not going to return until the back half of next year, where we thought they were going to return late this year, early next year. Secondly, we have introduced this notion that we are seeing, particularly with industrial tenants that the uncertainty is just causing them to pause, and we think that’s going to go through the first half of next year. But we really don’t think that’s going to be a big deal because they are burning through inventories of space that they took down for defensive purposes, I guess for lack of a better term.
