IWG is an AI beneficiary; workforce productivity gains will drive companies to reduce headcount and prefer short-term rentals over long-term leases, increasing the share of office space on short-term rental basis significantly over time.

Um I own IWG we've spoken about on the pod a few times now. Um I think that's being viewed as an AI loser, right? All office jobs are going away and if office jobs go away there's no need for office base. Um, I think there'll be an AI beneficiary. Not immediately, but over time as the workforce becomes more productive through the use of AI, companies might want to shrink or flatten out their headcount. And in a world where you're no longer growing your headcount over time and maybe even reducing it, it it's hard to sign a 10-year lease if you don't have visibility into what your footprint's going to look like in 10 years. And that's going to push, you know, today a low singledigit percentage of office space is is utilized on a short-term rental basis. I think it's going to move to a much higher percentage over time and IWG is not viewed as as an AI winner right now. I think it will be.