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Summary of Economic Scenarios + Coworking Stress Manhattan Overall Market

Short U

2019 2020 2021 2.8 -16.3 -8.3 11.1% 16.2% 18.4% $73.41 $66.20 $60.86 1.6% -9.8% -8.1% 2019 2020 2021 2.8 -17.6 -20.3 11.1% 16.5% 21.7% $73.41 $65.69 $54.86 1.6% -10.5% -16.5%

Sharp V

2019 2020 2021 2.8 -22.2 13.3 11.1% 17.7% 14.6% $73.41 $63.38 $66.97 1.6% -13.7% 5.7%

Net Absorption

Net Absorption

Vacancy

Vacancy

Asking Rent Rent Growth

Asking Rent Rent Growth

Long U

Net Absorption

Vacancy

Asking Rent Rent Growth

Source: Cushman & Wakefield Research Absorption in MSF. 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.