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Summary of Economic Scenarios Midtown Class A Market

Short U

2019 2020 2021

Sharp V

2019 2020 2021

Net Absorption

6.7

-5.9 -2.8

Net Absorption

6.7

-8.7 7.4

Vacancy

8.4% 13.4% 15.2% $88.77 $80.03 $75.05 2.6% -9.8% -6.2%

Vacancy

8.4% 14.9% 11.3% $88.77 $76.06 $81.08 2.6% -14.3% 6.6%

Asking Rent Rent Growth

Asking Rent Rent Growth

Long U

2019 2020 2021

Net Absorption

6.7

-6.5 -8.5

Vacancy

8.4% 13.7% 18.5% $88.77 $79.19 $67.38 2.6% -10.8% -14.9%

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.

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