U.S. Capital Markets Glide Path to Clearer Skies

And better supply fundamentals Occupancy going into recession for CRE sector

100%

Better

Better

96%

Same

94%

95%

93%

93%

93%

92%

90%

87%

85%

81% Worse

80%

75%

70%

Industrial

Retail*

Multifamily*

Office

Going in GFC Current Q1 2023

29

Source: Cushman & Wakefield Research, *CoStar/Cushman & Wakefield Research