Norwegian Cruise Line_OM_C&W Miami FINAL RSF

Miami-Dade Office Overview STRONGEST NATIONAL MARKET FUNDAMENTALS

The South Florida Surge has culminated in record Low Vacancy and thus Rapid Rent Growth

Miami One of Few Markets Recording Positive Absorption Office Net Absorption since 19Q4

Due to a number of factors that include a favorable tax structure, a temperate climate and quality of life, and a strategic geographic location on an international level, Miami has attracted a significant number of businesses and investment from across the Globe. Though the region has experienced consistent nation-leading growth for decades, recent changes to the U.S. tax system have increased the rate of domestic investment. Paired with the region’s comparable lower cost of living and doing business versus domestic gateway alternatives, the region is seeing a boom in office demand.

5%

5

0.3msf

0%

0

Millions SF

-5%

-5

South Florida & Sun Belt Markets Lead The Way In Post Covid Leasing Activity

-10%

-10

Miami / South FL Atlanta Raleigh-Durham San Diego Houston New Jersey Nashville Dallas-Fort Worth Los Angeles Austin Silicon Valley SF Peninsula Minneapolis Denver Salt Lake City Phoenix Philadelphia Washington, D.C.

47.8%

-15%

-15

4.0%

-2.9%

-5.4%

-20%

-20

-7.6%

-13.3%

-13.9% -14.0%

-25%

-25

-15.0%

-30%

-30

-16.5% -16.5% -16.8%

-24.5%

-25.7%

-27.0%

-28.7%

-29.6%

-32.0%

Gateway Market

Net Absorption since 2019 Q4

Net Absorption as % of Inventory (RHS)

-35.7%

New York Charlotte Boston

-45.0%

Growth Markets

Miami-Dade #1 in Absorption

-46.7% -46.9%

Orange County San Francisco Chicago Seattle Oakland-East Bay Portland

Gateway Markets

-48.2% -48.4%

-54.8%

-55.4%

-67.3%

-75%

-50%

-25%

0%

25%

50%

2022 vs. 2017-2019 Average Leasing Activity (%)

Cushman & Wakefield | 40

39 | Norwegian Cruise Line Holdings