PowerPoint Presentation

NYC Office Fundamentals Short U Scenario

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12%

Key Points

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• Overall Manhattan asking rents peaked in 2019 at $73.41 and Class A rents at $84.73 • In 2020, the Short U impact pushes down overall asking rents to $67.26 and Class A to $78.00 • In 2021, overall asking rents fall to $62.69 and Class A to $72.55 • Mid-2021 is the trough for asking rents

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Year-over-year Rent Growth

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4%

$75

$70

0%

$65

-4%

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Year-end Overall Asking Rent

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-12%

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2015

2016

2017

2018

2019

2020

2021

2022

Overall Asking Rent

Class A Rent

Overall Rent Growth

Class A Rent Growth

Source: Cushman & Wakefield Research Asking rents are gross, all classes, per square foot. Vacancy and rent growth are annual average % (changes) versus year-end. Class A figures are for direct space only.