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Summary of Economic Scenarios Manhattan Class A Market

Short U

2019 2020 2021

Sharp V

2019 2020 2021 9.2 -11.2 10.6 8.2% 14.4% 10.7% $84.73 $73.89 $78.48 3.3% -12.8% 6.2%

Net Absorption

9.2

-7.2 -4.0

Net Absorption

Vacancy

8.2% 12.9% 14.6% $84.73 $78.00 $72.55 3.3% -8.0% -7.0%

Vacancy

Asking Rent Rent Growth

Asking Rent Rent Growth

Long U

2019 2020 2021

Net Absorption

9.2

-8.1 -12.2

Vacancy

8.2% 13.2% 18.0% $84.73 $77.15 $64.75 3.3% -9.0% -16.1%

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.