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Pipeline Assumptions… …remain consistent throughout all scenarios

• In 2019, 5.8 msf of office space came on-line in Manhattan.

Deliveries (MSF)

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• Regardless of scenario, over the next two years, new completions are expected to total 5.2 msf in 2020 and 0.9 msf in 2021, as these projects are already substantially underway.

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• Delays for 425 Park and One Vanderbilt are built into this analysis.

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• A Long U scenario could suppress future completions in 2023 and 2024.

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2019

2020

2021

2022

Midtown Midtown South Downtown

Source: Cushman & Wakefield Research