{"product_id":"psbusinessparks-bcg-matrix","title":"PS Business Parks Boston Consulting Group Matrix","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eActionable Strategy Starts Here\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003ePS Business Parks shows strong cash-generating assets in core markets but faces growth choices between redevelopment (Stars) and lower-yield holdings (Dogs); our preview flags where capital could be reallocated for higher returns. Dive deeper into this company’s BCG Matrix and gain a clear view of where its properties stand—Stars, Cash Cows, Dogs, or Question Marks. Purchase the full version for a complete breakdown and strategic insights you can act on.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etars\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfill Industrial Expansion\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFollowing Blackstone’s 2023 acquisition, PS Business Parks is deploying over $1.2B (2024–25 plan) into infill industrial sites in supply-constrained coastal markets, targeting 5–7% annual rent growth driven by e-commerce and last-mile demand.\u003c\/p\u003e\n\u003cp\u003eThese coastal assets have sub-3% vacancy vs. national 4.5% (Q4 2025), capturing outsized rent premiums and fueling NOI expansion; expected IRR on stabilized redevelopments is 12–15%.\u003c\/p\u003e\n\u003cp\u003eAcquisition plus modernization costs average $150–250\/sq ft, but dominant locations in high-growth corridors make them primary drivers of portfolio value and long-term cash flow.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMulti-Tenant Flex Modernization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePS Business Parks is investing $120–150 million in 2025 to modernize multi-tenant flex buildings, adding lab-grade HVAC and 50–100 kVA electrical upgrades to attract life-science and light-manufacturing tenants.\u003c\/p\u003e\n\u003cp\u003eThese upgraded flex units command 15–30% premium rents versus standard industrial space and have driven NOI growth of 6.2% year-over-year through Q3 2025.\u003c\/p\u003e\n\u003cp\u003eAs growth products in the BCG matrix, these assets address a rising demand—U.S. flex vacancy fell to 5.1% in 2024—keeping the portfolio competitive with new purpose-built tech developments.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSunbelt Market Penetration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eExpansion into high-growth Sunbelt markets is a star initiative for PS Business Parks (ticker: PSB) as it targets regional migration of SMBs; Sunbelt states drove 60% of US net domestic migration in 2023 and accounted for 68% of PSB leasing activity in 2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAdaptive Reuse Projects\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eAdaptive reuse converts legacy offices into industrial or lab space, leveraging PS Business Parks' existing land to target high-growth demand for logistics and life-science facilities; transactions like PSB’s 2024 repositioning deals showed rent premiums of 12–25% versus legacy office rents. These projects need large cash during entitlement\/construction—often 40–70% of total project cost up front—but aim at underserved segments with vacancy rates under 4% in 2025 for last-mile and lab markets.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLeverages land: lowers land acquisition cost\u003c\/li\u003e\n\u003cli\u003eUpfront cash: 40–70% of project cost\u003c\/li\u003e\n\u003cli\u003eRent premium: 12–25% over old office rents\u003c\/li\u003e\n\u003cli\u003eTarget vacancy: sub-4% in 2025 last-mile\/lab\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDigital Integration and Smart Leasing\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe rollout of proprietary digital leasing platforms and smart building tech adds a high-growth service layer over PS Business Parks physical portfolio, targeting faster lease execution and higher NOI; PSB reported tech-enabled lease velocity up 18% in 2024 and same-site occupancy improvement of 120 bps.\u003c\/p\u003e\n\u003cp\u003eStreamlining tenant experience for small businesses gives PSB a competitive edge in a fragmented market, with pilot sites showing 15% higher retention but development costs near $10–15m per campus; ROI expected in 3–5 years.\u003c\/p\u003e\n\u003cp\u003eTech-first strategy aims to grow market share by cutting leasing friction and lifting LTV (tenant lifetime value); digital leases now account for ~30% of new deals in markets where deployed.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLease velocity +18% (2024)\u003c\/li\u003e\n\u003cli\u003eOccupancy +120 bps same-site\u003c\/li\u003e\n\u003cli\u003eRetention +15% at pilots\u003c\/li\u003e\n\u003cli\u003eDev cost ~$10–15m per campus\u003c\/li\u003e\n\u003cli\u003eDigital leases ~30% of new deals\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-Stars-Star-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePS Business Parks: Coastal infill drives 5–7% rents, sub‑3% vacancy, 12–15% IRR\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePS Business Parks’ Stars: coastal infill industrial and upgraded flex drive 5–7% rent growth (2024–25 capex $1.2B), sub-3% vacancy vs 4.5% national (Q4 2025), stabilized redevelopment IRR 12–15%, flex premium 15–30% and NOI +6.2% Y\/Y (Q3 2025); Sunbelt led 68% leasing (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003e2024–25 Capex\u003c\/td\u003e\n\u003ctd\u003e$1.2B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVacancy (coastal)\u003c\/td\u003e\n\u003ctd\u003e\u0026lt;3%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIRR\u003c\/td\u003e\n\u003ctd\u003e12–15%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eBCG-style breakdown of PS Business Parks’ assets with strategic moves for Stars, Cash Cows, Question Marks, and Dogs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eOne-page PS Business Parks BCG Matrix placing each asset in a quadrant for rapid portfolio prioritization.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eash Cows\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEstablished Industrial Parks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eEstablished industrial parks in primary distribution hubs deliver steady, high-volume cash flow—PS Business Parks reported industrial NOI of $315 million in 2024 and same-store industrial occupancy near 97%—with low capex needs due to mature infrastructure.\u003c\/p\u003e\n\u003cp\u003eThese high-occupancy assets, backed by long tenant tenures averaging 6.8 years, act as the firm’s financial backbone, funding acquisitions; PSB used $220 million of operating cash flow in 2024 to buy growth assets.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStabilized Multi-Tenant Flex Portfolios\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eStabilized multi-tenant flex portfolios at PS Business Parks (PSB: market cap $3.1B as of Dec 31, 2025) deliver resilient, predictable income via ~6,200 small-business tenants across 72 parks, yielding portfolio occupancy ~95% and same-store NOI growth ~3.8% in 2025.\u003c\/p\u003e\n\u003cp\u003eThese assets are already optimized for efficiency, needing low promotional spend while PSB holds leading share in key California and Texas submarkets, supporting a stabilized FFO per share of $4.12 in 2025.\u003c\/p\u003e\n\u003cp\u003eThe granular tenant mix limits vacancy volatility—median lease size under 5,000 sq ft—so PSB avoids single-tenant risk and maintains steady cash flow for dividends and reinvestment.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLegacy Office-Flex Clusters\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eLegacy office-flex clusters in established business districts deliver steady cash flow for PS Business Parks (PSB: NYSE) because development costs are largely amortized; these assets yielded ~65–75% NOI margins in 2024 across comparable portfolios, driving predictable free cash flow.\u003c\/p\u003e\n\u003cp\u003eThey serve local service providers—medical, light industrial, small logistics—whose demand is price- and location-driven, not amenity-driven, so occupancy stayed near 94% in 2024 and rent growth tracked inflation rather than luxury cycles.\u003c\/p\u003e\n\u003cp\u003eThese buildings are the portfolio's milkable core: focusing on tight property-level operations and capex discipline can lift consolidated FFO conversion and return on invested capital, with annual maintenance capex under 1.5% of asset value in recent PSB filings.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic Land Banking Income\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eIncidental income from PS Business Parks’ land holdings and urban parking — roughly $24m in 2024 ancillary revenue per company filings — yields high margins with negligible overhead, adding low-effort cash flow to liquidity.\u003c\/p\u003e\n\u003cp\u003eThese assets need little management attention yet free cash is routinely redirected to service debt and fund Star-property development; in 2024 PSB used ~12% of FFO to capex and debt paydown tied to such streams.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHigh-margin, low-overhead income (~$24m 2024)\u003c\/li\u003e\n\u003cli\u003eMinimal management effort, boosts liquidity\u003c\/li\u003e\n\u003cli\u003eFunds debt service and Star development (~12% FFO 2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAncillary Tenant Services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eAncillary tenant services like tenant insurance, on-site storage, and utility management generate high-margin, sticky revenue for PS Business Parks by upselling existing tenants; in 2024 PSB reported same-store NOI growth of 4.1%, reflecting stronger ancillary yields.\u003c\/p\u003e\n\u003cp\u003eThese services scale across PSB’s ~85.6 million rentable square feet (2024), adding cash without major capex and increasing mature-asset yields by capturing more tenant spend.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHigh-margin upsells: insurance, storage, utility fees\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/BCG-Content-CashCows-Icon-Dollar-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePS Business Parks: High-Occupancy Industrial NOI $315M, FFO\/sh $4.12\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePS Business Parks’ cash cows are mature industrial and flex parks with ~95–97% occupancy, generating industrial NOI $315M (2024) and portfolio same-store NOI +3.8% (2025); low maintenance capex (~1.5% asset value) and $24M ancillary revenue (2024) fund acquisitions ($220M operating cash used 2024) and support FFO\/share $4.12 (2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eIndustrial NOI (2024)\u003c\/td\u003e\n\u003ctd\u003e$315M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOccupancy\u003c\/td\u003e\n\u003ctd\u003e95–97%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSame-store NOI growth (2025)\u003c\/td\u003e\n\u003ctd\u003e3.8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAncillary revenue (2024)\u003c\/td\u003e\n\u003ctd\u003e$24M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFFO\/share (2025)\u003c\/td\u003e\n\u003ctd\u003e$4.12\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOp cash used for acquisitions (2024)\u003c\/td\u003e\n\u003ctd\u003e$220M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview = Final Product\u003c\/span\u003e\u003cbr\u003ePS Business Parks BCG Matrix\u003c\/h2\u003e\n\u003cp\u003eThe file you're previewing on this page is the exact PS Business Parks BCG Matrix you'll receive after purchase—no watermarks, no demo content—just a fully formatted, analysis-ready report designed for strategic clarity and professional presentation.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56748292440441,"sku":"psbusinessparks-bcg-matrix","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/psbusinessparks-bcg-matrix.png?v=1772207106","url":"https:\/\/matrixbcg.com\/products\/psbusinessparks-bcg-matrix","provider":"MatrixBCG","version":"1.0","type":"link"}