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Summary of Economic Scenarios Midtown Overall Market

Short U

2019 2020 2021

Sharp V

2019 2020 2021 2.3 -11.6 9.4 11.6% 17.6% 14.1% $76.80 $66.58 $70.83 2.4% -13.3% 6.4%

Net Absorption

2.3

-8.0 -3.6

Net Absorption

Vacancy

11.6% 16.2% 17.8% $76.80 $69.27 $64.87 2.4% -9.8% -6.3%

Vacancy

Asking Rent Rent Growth

Asking Rent Rent Growth

Long U

2019 2020 2021

Net Absorption

2.3

-8.8 -10.9

Vacancy

11.6% 16.5% 21.0% $76.80 $68.78 $59.02 2.4% -10.4% -14.2%

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.