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Summary of Economic Scenarios + Coworking Stress Midtown Overall Market

Short U

2019 2020 2021 2.3 -10.4 -4.8 11.6% 17.1% 19.2% $76.80 $68.43 $63.45 2.4% -10.9% -7.3% 2019 2020 2021 2.3 -11.2 -12.0 11.6% 17.4% 22.4% $76.80 $67.94 $57.67 2.4% -11.5% -15.1%

Sharp V

2019 2020 2021 2.3 -13.9 8.2 11.6% 18.5% 15.5% $76.80 $65.75 $69.30 2.4% -14.4% 5.4%

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.