Conditions are surprisingly stable for the office sector, with the national vacancy rate sitting at 17.1% for the second quarter. That’s up 10 basis points versus the first quarter, and up 30 basis points from end-2019. Asking rents are down 0.1% for the period, and effective rents are down 0.3% for the period. That said, historical experience has shown that it generally takes a couple of quarters after a recession officially begins before landlords begin lowering asking rents. The dynamic proceeds like this: concessions will begin to be offered as sublease activity spikes and businesses retrench, but asking rents will remain stable – until landlords accept that they have to lower face level asking rents given economic conditions. Today we are seeing asking rents decline, albeit slightly, within the very first quarter of economic deterioration – this isn’t a surprise, unfortunately, just given the relative speed and severity of this downturn.