PowerPoint Presentation

Fundamentals by Submarket Short U Scenario + Coworking Stress

Midtown South

Downtown

Midtown

10 15

12% 16% 20%

12% 16% 20%

12% 16% 20%

10 15

10 15

MSF

MSF

MSF

0 5

0 5

0 5

-20 -15 -10 -5

-20 -15 -10 -5

-20 -15 -10 -5

0% 4% 8%

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.