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Summary of Economic Scenarios Midtown South Class A Market

Short U

2019 2020 2021

Sharp V

2019 2020 2021

Net Absorption

0.7

-0.6 -0.4

Net Absorption

0.7

-0.9 1.0

Vacancy

5.1% 12.7% 15.0% 103.56 $94.40 $83.34 13.6% -8.9% -11.7%

Vacancy

5.1% 14.2% 10.8% 103.56 $89.47 $87.25 13.6% -13.6% 2.5%

Asking Rent Rent Growth

Asking Rent Rent Growth

Long U

2019 2020 2021

Net Absorption

0.7

-0.6 -1.1

Vacancy

5.1% 13.0% 18.4% 103.56 $93.60 $74.43 13.6% -9.6% -20.5%

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.