The Portland industrial market continues to have supply constrained by high demand and limited existing and new properties. Although vacancy has increased and net absorption has decreased, this is primarily due to new deliveries and large tenants moving out. Most of these large blocks of space are expected to be leased up by Q2 2021. Overall market rents are down but this is largely temporary due to some lingering Covid effects. We expect rents to gradually increase as economic conditions improve overall, especially with materials prices at high levels, but not anything of significance. Contrary to the Portland office and retail markets, industrial landlords continue to hold negotiating leverage due to the aforementioned conditions. Demand is being pushed largely by distribution and warehouse uses, e-commerce and last mile delivery being main players in this industry. We expect in the coming quarters that high rents and low vacancies will most likely continue, if not further constrained, as additional stimulus, municipal spending, reshoring, mass vaccinations, and other factors take hold in the coming months.