Europe Obsolescence Equals Opportunity

OFFICE STOCK BY AGE, YEAR-END 2022

0-9.9 yrs 10-19.9 yrs 20-29.9 yrs

30 yrs +

20% 30% 40% 50% 60% 70% 80% 90% 100%

0% 10%

Paris

Milan

Berlin

Madrid

Prague

Munich

Europe

London

Warsaw

Brussels

Frankfurt

Budapest

Barcelona

Stockholm

Amsterdam

Source: Cushman & Wakefield Research, MSCI, Co-Star

The Next Evolution of Office and How Repositioning and Repurposing Will Shape the Future of European Real Estate | 9