After eight consecutive quarters of decreasing vacancy from Q3 of 2020 to Q3 of 2022, the industrial market has experienced the third-straight quarter of stable vacancy. The vacancy rate hit a low 3.5 percent in Q3 2022, which has held steady for the last three quarters. There are currently a number of spec buildings under construction in different stages of their life-cycles of construction, from breaking ground to near completion. In the upcoming 12-16 months, we will monitor and report on the absorption of these buildings. With the unparalleled levels of growth and absorption in the Greater Edmonton Market due to e-commerce, transportation, and the uplift from the oil and gas market; developers, landlords, and investors have been purchasing development land and making the decision to build spec buildings in all quadrants of the city. As a result of these decisions, 3.9 million square feet of construction is underway, with only 560,000 square feet pre-leased. This leaves 3.3 million square feet of new industrial space coming to the market in 12-16 months with many of the developments nearing completion in the next quarter.