Capital Markets Florida Team

OUR TEAM... Capital Markets Florida - 2023 Recap WHY

WELCOME TO THE CENTER OF WHAT’S NEXT

Happy New Year! As we head into 2024, we are grateful to say we had a relatively productive year despite an extremely challenging capital markets environment that brought substantial volatility. The 10-Year Treasury finished the year at 3.88%, essentially at the same levels where it started, but the journey was an unpredictable one, with yields falling into the low 3’s in April before rapidly rising nearly 100 basis points in the August to October time frame, peaking in the 5% range, only to reverse as we headed to a close in 2023. This dramatic upward movement in yields created uncertainty and caused investors and lenders to reevaluate appropriate yields and valuations and discussions of “higher for longer” started to dictate investor sentiment. Most notably, the availability and cost

of debt was impactful to pricing and transaction activity. The recent drop in treasury yields through year-end has created conditions for more favorable investor outlook, but our team view is that a sustained period of lower volatility in interest rates is required for transaction activity to increase substantially during 2024. However, despite potential turbulence in the broader capital markets, we remain confident in the Florida growth story as we continue to benefit from massive in-migration of jobs and remains a market of choice for inbound investment capital due to its strong fundamentals and projected growth going forward. We are pleased to present our Florida Capital Markets 2023 Recap, which highlights many of our closings this year, the relevant metrics, current market fundamentals, and offers a snapshot of a few deals coming to market in early 2024. Thank you to all of our clients who helped C&W maintain its #1 statewide market share position during 2023.

UNRIVALED RESUME $ 268.3M+ Under Contact $ 107.0M+ ON THE MARKET

IN 2023 WE CLOSED APPROXIMATELY $ 1.0B In Sales and Financings

2 | FLORIDA OFFICE & INDUSTRIAL

CURRENTLY UNDER CONTRACT/AWARDED SNAPSHOT

OF ACTIVE DEALS

502,250 SF Commonwealth Logistics Center Jacksonville, FL

444,120 SF Powerline Business Park Pompano Beach, FL

247,371 SF The Preserve II & IV Tampa, FL

198,000 SF Boynton Beach Logistics Boynton Beach,, FL

CURRENTLY ON THE MARKET SNAPSHOT

OF ACTIVE DEALS

655,338 SF

CLASS A CBD LANDMARK 37 STORIES 86% OCCUPIED

Wells Fargo Center Jacksonville, FL

175,761 SF

VALUE-ADD LIGHT INDUSTRIAL 93% OCCUPIED 4.2 YEARS WALT

3600 & 3700 Commerce Blvd. Kissimmee, FL

MUTLI-TENANT SUBURBAN OFFICE 2012-2021 RENOVATED 3 STORY

72,751 SF

Bayview Office Building St. Petersburg, FL

4 | FLORIDA OFFICE & INDUSTRIAL

COMING SOON SNAPSHOT

OF ACTIVE DEALS

288,512 SF

200 E Las Olas Fort Lauderdale, FL

13.35 +/- acres

514,222 SF

Jax Southside Outdoor Storage Jacksonville, FL

Sawgrass Technology Park Sunrise, FL

175,830 SF

150,975 SF

Commercial Place I & II Fort Lauderdale, FL

Meridian Concourse Center Pinellas County, FL

TEAM SALES HIGHLIGHTS (OFFICE 2023)

$ 250M 411,613 SF

801 BRICKELL CLOSED OCTOBER 2023

Miami, FL

$607 PSF

6.74% Cap Rate

$ 123M 552,099 SF

URBAN CENTRE CLOSED MAY 2023

Tampa, FL

$223 PSF

7.60% Cap Rate

6 | FLORIDA OFFICE & INDUSTRIAL

$ 90M 552,099 SF

355 ALHAMBRA CLOSED SEPTEMBER 2023

Coral Gables, FL $398 PSF

6.45% Cap Rate

$ 40M 180,257 SF

BRIDGEPORT CENTER CLOSED FEBRUARY 2023

Tampa, FL

$222 PSF

7.43% Cap Rate

TEAM SALES HIGHLIGHTS (INDUSTRIAL 2023)

$ 162.0 M 670,675 SF CLOSED JULY PSF $240 Cap Rate 3.59%

Quiet Waters Deerfield Beach, FL

$ 59.6 M 224,560 SF CLOSED JUNE PSF $266 Cap Rate 4.71%

Bang Energy Building Broward County, FL

$ 55.6 M 297,254 SF CLOSED DECEMBER PSF $187 Cap Rate 5.39%

Tampa Airport Logistics Center Tampa, FL

8 | FLORIDA OFFICE & INDUSTRIAL

$ 46.0 M 390,711 SF CLOSED OCTOBER PSF $118 Cap Rate 5.97%

301 Logistics Center Tampa, FL

$ 26.0 M 154,300 SF CLOSED MARCH PSF $169 Cap Rate 7.8%

Liberty Park Portfolio Orlando, FL

$ 24.6 M 142,415 SF CLOSED DECEMBER PSF $173 Cap Rate 5.95%

Opa Locka Industrial Portfolio Opa Locka, FL

$ 22.9 M 214,806 SF CLOSED APRIL PSF $107 Cap Rate 9.5%

4908 Tampa West Blvd Tampa, FL

OTHER CLOSED INDUSTRIAL DEALS OVER $20M: 126thAveN...................$21.0M

#1 FASTEST GROWING STATE WORLD'S FOCUS IS ON FLORIDA'S SUCCESS STORY 2023

NET MIGRATION (2022)

FLORIDA

HAS 4 OUT

OF 5

TOP CITIES PEOPLE MOVE TO

New York

Illinois

California

Arizona

Texas

Florida

10 BPS NATIONAL LABOR FORCE 20 BPS FLORIDA’S LABOR FORCE FLORIDA CONTINUES TO OUTPACE THE NATION IN LABOR FORCE FOR THE 29TH CONSECUTIVE MONTH

STATE 1 10.9M WORKFORCE BRINGS FLORIDA TO #3 WHEN COMPARED WITH THE NATIONAL AVERAGE IN ALL METRICS

28 FLORIDA COLLEGES 1.1 M STUDENTS (reported in net figures)

D U

C

E

A TI

R

H E

O N

H I G

(OCT 2023)

10 | FLORIDA OFFICE & INDUSTRIAL

14TH LARGEST ECONOMY IN THE WORLD BASED ON GDP

2.8 % UNEMPLOYMENT RATE (OCT 2023)

TOP STATE WITH THE GREATEST NET GAIN OF CORPORATE HEADQUARTERS IN THE PAST YEAR AT +86%

NO STATE INCOME TAX

$ 1.4T ECONOMY (2022)

# 4 BEST STATE TAX CLIMATE BEHIND ONLY WYOMING, SOUTH DAKOTA AND ALASKA

TOTAL 2023 GDP - FL CONTINUES ITS RAPID GROWTH

Italy Brazil

Canada Florida Russia Mexico South Korea Australia Florida Spain Indonesia Turkey

2030 GDP PROJECTION

TEAM OVERVIEW MEET OUR DYNAMIC STATEWIDE TEAM WITH A DOMINANT PRESENCE

FLORIDA INSTITUTIONAL CAPITAL MARKETS TEAM

MIKE DAVIS Executive Vice Chair

RICK BRUGGE Vice Chair

DOMINIC MONTAZEMI Executive Managing Director

RICK COLON Senior Director

$ 16.4B +

IN CLOSINGS SINCE 2015*

UNRIVALED MARKET KNOWLEDGE AND DEPTH WITH MARKET LEADING EXPERTS

SCOTT O'DONNELL Executive Managing Director

MIGUEL ALCIVAR Managing Director

KARL JOHNSTON Senior Director

GREG MILLER Director

MIKE CIADELLA Director

*Excludes large, multi-market portfolio sales

12 | FLORIDA OFFICE & INDUSTRIAL

C&W FLORIDA MARKET DOMINANCE

EQUITY, DEBT & STRUCTURED FINANCE TEAM

JASON HOCHMAN Executive Director

RON GRANITE Director

UNDERWRITING, PRODUCTION & MARKETING TEAM

CHLOE STRADA Associate

RYAN JENKINS Associate

CASSANDRA HERNANDEZ Senior Analyst

SEAN CAMPBELL Senior Analyst

OFFICE & INDUSTRIAL

JLL 17%

CBRE 16%

TOTAL $ VOLUME MARKET SHARE 2023

OTHER 12%

ALEX SULTE Analyst

JORDAN SPITZBERG Analyst

KAYLA HANKINS Senior Brokerage Specialist

EASTDILL 12%

COLLIERS 10%

DAVID FRENCH

NETALIA SHAPSE Senior Graphic Designer

BELLA GIORDANO JOINER Brokerage Coordinator

NIKI MICHOPOULOS Brokerage Coordinator

Creative Director

INDUSTRIAL FAST FACTS

Q3 2023

The Latest Trends in Florida’s Industrial Markets – Pushing Back Against Rising Interest Rates

MIAMI

SCARCE AVAILABILITY

DEVELOPERS STILL BULLISH

Despite a 40-bps YOY increase in vacancy, the market remains tight with overall vacancy below 2.0%. Of the 1.6 MSF of new industrial inventory added in 2023, only 13.8% was available for lease.

Builders maintained a confident outlook as construction activity surged to an all time high, with approximately 6.7 MSF of new inventory in progress with nearly 1.0 MSF already preleased. Construction activity may surpass the 8.0 MSF underway mark by the close of the year.

TAMPA BAY

JACKSONVILLE

LABOR MARKET SHOWS STRENGTH HISTORIC QUARTERLY LEASING

ORLANDO RECORD NEW SUPPLY A surge of new product completed in Q3, as 3.4 MSF was added to the market, the most to ever deliver in a single quarter. This brought YTD deliveries to 5.2 MSF with another 4.3 MSF under construction at quarter close. SF of new warehouse and distribution (W/D) products, bringing the year-to date total to an impressive 2.7 MSF. This represents a substantial 55.2% increase compared to the same period in 2022. COMPLETIONS INCREASE Q3 recorded the delivery of nearly 594,000 The labor market in the Tampa Bay region showed durability, maintaining an unemployment rate of 2.8% at the close of the quarter. Although there was a slight 10-basis-point year-over-year increase, it remained notably lower than the national rate of 3.7%.

New leasing activity totaled 3.7 MSF for Q3, a record high for the Jacksonville industrial market. Activity was boosted by two 1.0 MSF leases signed by Sam’s Club and Total Distribution.

ELEVATED RENT GROWTH Overall asking rents ended Q3 at $8.11 PSF NNN, up 16.2% YOY, as premium rents from new construction hit the market. The leasing of existing big box space with lower asking rates allowed for additional average rental rate growth.

CONTINUED RENT GROWTH

Overall asking rates climbed 19.1% YOY to end Q3 at $11.07 PSF NNN. New product with premium asking rates hit the market, pushing rates up. Rents are expected to continue increasing at a steady, healthy pace.

14 | FLORIDA OFFICE & INDUSTRIAL

OFFICE FAST FACTS

Q3 2023

The Latest Trends in Florida’s Office Markets – Pushing Back Against Rising Interest Rates

MIAMI

LEASING ACTIVITY REMAINS LEVEL

JACKSONVILLE over the past four quarters. Although market fundamentals have slowed, landlords have yet to concede on asking rents, especially in Class A product and particularly in the Brickell Avenue submarket. DEMAND BALANCED BETWEEN ASSETS Neither flight-to-quality nor flight-to-value held a strong majority, with Class A and B having 47.2% and 52.8% of YTD leasing activity respectively. RENTAL RATES ON THE RISE The CBD’s overall average asking rate has increased 12.3% YOY with both classes of space, experiencing consecutive growth

TAMPA BAY Leasing activity in Q3 remained level from the previous quarter with 471,000 SF of new deals signed, bringing over 1.7 MSF of leases signed YTD. The flight to quality held with 64.8% of new deals signed in Class A product. LEASING ACTIVITY SURGES In Q3, leasing activity picked up with over 811,000 SF of new deals signed, with Class A assets comprising 67.8% of the activity. Through Q3 2023, Tampa Bay recorded 2.1 msf of new deals ranking #1 in the nation for leasing as a percentage of inventory.

SUBLEASE SPACE DIMINISHED

OVERALL RENTS FLATTENED

Tampa Bay’s labor market continued to exhibit growth throughout the third quarter with nonfarm employment increasing 3.1% YOY, representing an increase of 45,900 jobs and surpassing all other metropolitan areas in the state.

Overall asking rents for office space were the same from one year ago, at $22.76 PSF FSG as newly vacant class B rents held back average growth. Rents in Class A assets closed out the quarter at $24.70 PSF, up 1.2% YOY.

ORLANDO

ACTIVITY DOWN ANNUALLY

MODEST RENT GROWTH Asking rate averages rose 2.7% YOY to $26.61 PSF FSG. Rents in Class A assets closed out the quarter at $28.88 PSF FSG overall, up 1.6% YOY, as landlords held firm on rates to combat increased operating expenses despite economic headwinds.

Orlando recorded 427,000 SF of leasing activity in the third quarter, bringing the YTD total to 1.6 MSF. This was down 10.1% YOY, but higher than the volumes through the same periods in 2021 and 2020.

AT THE CENTER OF What’s Next

60 COUNTRIES

400 OFFICES

± 53,000 PEOPLE

$10.1B + 2022 REVENUE

WE ARE A FORCE FOR ACTION

4.0 + BILLION SF MANAGED

CUSHMAN & WAKEFIELD OF FLORIDA, LLC.

MIKE DAVIS Executive Vice Chair +1 813 340 9898 mike.davis@cushwake.com

RICK BRUGGE Vice Chair +1 813 204 5365 rick.brugge@cushwake.com RICK COLON Senior Director +1 407 541 4422 rick.colon@cushwake.com

DOMINIC MONTAZEMI Executive Managing Director +1 305 533 2850 dominic.montazemi@cushwake.com

©2022 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.