Reimagining Cities-Disrupting the Urban Doom Loop

TOTAL REAL ESTATE PPSF GROWTH BY WALKUP TYPE

GATEWAY

-40% -20% 0% 20% 40%

-10.4%

-16.1%

-23.3%

-23.4%

-31.3%

Downtown

Downtown Adjacent

Urban Commercial

Urban University

Total City

ALL SECONDARIES

-40% -20% 0% 20% 40%

25.0%

12.8%

12.2%

9.2%

-3.7%

Downtown

Downtown Adjacent

Urban Commercial

Urban University

Total City

2019-2021

2021-2023

2019-2023

2017-2019

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 Note: Total % change, not an annualized growth rate.

IMPACT OF PANDEMIC ON REAL ESTATE PPSF 2019-2023 % change in PPSF by property type (all cities)

70%

50%

30%

10%

-10%

-30%

-50%

GSA

Hotel

Retail

Office

Estate

Owner

All Real

Sports/

For-Sale

Industrial

Occupied

Education

Multifamily

Entertainment

Downtown Downtown Adjacent

Urban Commercial

Urban University Total City

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 Note: Total % change, not on annualized growth rates.

Reimagining Cities: Disrupting the Urban Doom Loop 41