Reimagining Cities-Disrupting the Urban Doom Loop

VALUE VS. INVENTORY COMPOSITION BY PROPERTY TYPE 2019-2023 change ALL WALKUPS ZOOMED IN

0% 2% 4% 6% 8% 10%

10% 15% 20% 25%

0% 5%

-10% -8% -6% -4% -2%

-25% -20% -15% -10% -5%

Share of WalkUP Value

Share of WalkUP Value

-5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5%

-10% -5%

0%

5%

10%

Share of WalkUP Inventory

Share of WalkUP Inventory

Office

Retail

Multifamily

Industrial

Hotel

GSA

Sports & Entertainment

Education

Owner Occupied

For-Sale

Source: Places Platform, LLC and Cushman & Wakefield Research estimates based on data from CoStar, CoreLogic, Cushman & Wakefield, U.S. General Services Administration, U.S. Department of Education IPEDS, U.S. Census Bureau, Property Shark, NCREIF and MSCI Real Capital Analytics

PRE-PANDEMIC OFFICE EXPOSURE VS. OFFICE RENT GROWTH Office rent growth (2019-2023) % change

Downtown Downtown Adjacent

Urban Commercial

Source: Places Platform, LLC and Cushman & Wakefield Research estimates based on data from CoStar, CoreLogic, Cushman & Wakefield, U.S. General Services Administration, U.S. Department of Education IPEDS, U.S. Census Bureau, Property Shark

36 Cushman & Wakefield