As the second quarter of 2023 is wrapping up, how did construction compare to the slow start we had in the first quarter? To visualize this, refer to the graph below which illustrates the square footage that started construction on an annual basis going back to 2016. There have been 17.4 million square feet of MOB projects that started in the past year. Recently we’ve been observing a downward trend, which has been reinforced by the current quarter. On a quarterly basis, 2Q23 only had around 2 million square feet start construction. Compared to recent years, this figure is quite low. Given the prevailing economic sentiment, a lull is not surprising, and we will continue to monitor its duration.