Michael Carroll: Yeah. Thanks. How does the 150 million square feet to 200 million square feet gap between supply and demand over the next three quarters compare to your expectation for all of 2023? Now, correct me if I am wrong, I believe that you highlighted that there’s going to be about 150 million square foot gap in 2023. I mean, is that still a fair assumption or has this delay in demand due to the market uncertainty has kind of widened that out a little bit?
Chris Caton: Hi. Thanks for the question. Again, it’s Chris. So, just to give you the total numbers, we are on pace to see 490 million square feet of deliveries in the United States this year against 195 million square feet of net absorption. So that gap is wider. And some of that relates simply not so much to the softness in demand that you are describing, but the timing of deliveries of the pipeline. If anything, our view of where the pipeline’s going has come down, not gone up over the last 90 days related to the trend in starts and so really it’s really timing as it relates to that gap.
Hamid Moghadam: Yeah. But I would say, our previous forecast did not anticipate the sudden jump in rates that has come in the last month and a half. We thought that treasuries were going to settle in the mid-3s, not mid-4s, maybe mid to high 3s and not mid-4s or approaching 5. So that I think has taken and shifted some of the demand out. But the thing that encourages me and we will have to see — wait to see this, is that companies are not shutting down their dialogue with us in terms of their long-term needs and are build-to-suit discussions are every bit as good as they have been across most cycles. But they are not pulling the trigger just yet, given that those things generally involve major capital expenditures and those are all being scrutinized by the C-suite pretty tightly these days.
Operator: And the next question comes from the line of Vikram Malhotra with Mizuho. Please proceed with your question.
Vikram Malhotra: Thanks. I just wanted to get a better sense of, you talked about deferring growth, I guess, across SoCal — in rent growth across SoCal, Mid-Atlantic, I think, you referenced Sunbelt. Can you just give us a better sense of the magnitude of this dispersion? And I guess, Chris, do you expect this dispersion to continue over the next, call it, six months to months?
Chris Caton: So the magnitude of the dispersion, so just to be clear, in terms of strengths versus weaknesses, because I want to be sure that wasn’t conflated, the strong markets include the Mid-Atlantic, Sunbelt, Northern California and really there are only a handful of soft markets. SoCal, we have talked about in these market that’s been flat all year. In terms of dispersion, there is a fair amount of sameness in the trend, whether you look at it on a quarterly or a calendar year basis. So rents are trending in the annualized rate from the third quarter that Tim discussed, with some markets moderately ahead, like the strong markets I described and then just really one or two markets that are notably weaker. So I guess I suppose there’s that dispersion.
Operator: And the next question comes from the line of Mike Mueller with JPMorgan. Please proceed with your question.
Mike Mueller: Yeah. Hi. I know you have used land in the past for higher and better uses, but do you think you would be looking at these development, the data center developments to the same degree that you would be looking at them if you weren’t seeing a normalizing of a traditional industrial demand?
