The Portland Industrial Real Estate market place took a pause in the 1st Quarter of 2018. Industrial Net Absorption (space moved into minus space vacated) came in at about zero for the quarter. And this after 4th Quarter 2017 came in at only 200k sf of net absorption. Even with the weak finish in ’17, last year finished at around 3M sf of absorption, about the same as the previous 2 years. Interestingly, while we have been in a statistical lag, it doesn’t feel like we have been in a work load lag. We have as many Industrial Real Estate brokers at Capacity as any office in the City (probably including both Portland and Vancouver), and the general consensus is continued strong activity.