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Summary of Economic Scenarios + Coworking Stress Manhattan Class A Market

Short U

2019 2020 2021

Sharp V

2019 2020 2021 9.2 -13.1 9.6 8.2% 15.0% 11.8% $84.73 $73.65 $78.04 3.3% -13.1% 6.0%

Net Absorption

9.2

-9.1 -5.0

Net Absorption

Vacancy

8.2% 13.6% 15.7% $84.73 $77.75 $72.15 3.3% -8.2% -7.2% 2019 2020 2021 9.2 -10.0 -13.1 8.2% 13.9% 19.0% $84.73 $76.90 $64.36 3.3% -9.2% -16.3%

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.