PowerPoint Presentation

Fundamentals by Submarket Short U Scenario

Midtown South

Downtown

Midtown

0 2 4 6 8 10

12% 16% 20%

0 2 4 6 8 10

0 2 4 6 8 10

12% 16% 20%

12% 16% 20%

MSF

MSF

MSF

-10 -8 -6 -4 -2

0% 4% 8%

-10 -8 -6 -4 -2

-10 -8 -6 -4 -2

0% 4% 8%

0% 4% 8%

2015 New Supply Net Abs Overall Vacancy Class A Vacancy 2016 2017 2018 2019 2020 2021 2022

2015 New Supply Net Abs Overall Vacancy Class A Vacancy 2016 2017 2018 2019 2020 2021 2022

2015 New Supply Net Abs Overall Vacancy Class A Vacancy 2016 2017 2018 2019 2020 2021 2022

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.