MARKETBEAT GRAPHSQ4 2019

Office Market Slide 2

Industrial Market Slide 10

Retail Market Slide 21

MarketBeat GraphsQ4 2019

Office Market GraphsQ4 2019

Source: Cushman & Wakefield Research

10

20

30

40

50

60

2016 2017 2018 2019

Milli

ons

Net Absorption, SF Construction Completions, SF

SPACE DEMAND / DELIVERIES OFFICE

OVERALL VACANCY & ASKING RENTOFFICE

12.6%

12.8%

13.0%

13.2%

13.4%

$26

$28

$30

$32

$34

2016 2017 2018 2019

Asking Rent, $ PSF Vacancy Rate

Source: Cushman & Wakefield Research

SPACE UNDER CONSTRUCTIONOFFICE

20

60

100

140

2016 2017 2018 2019

MSF

Average = 109 MSF

Source: Cushman & Wakefield Research

OFFICE: ASKING RENT BY MARKETHIGHEST PRICED U.S. MARKETS

$82.

39

$76.

80

$75.

73

$65.

67

$62.

70

$55.

59

$49.

82

$44.

25

$41.

79

$40.

63

$39.

68

$39.

36

$39.

27

$39.

21

$39.

10

$38.

68

$0

$30

$60

$90

$ PS

F National Average = $33.14

Source: Cushman & Wakefield Research

OFFICE: VACANCY BY MARKETSELECT MARKETS IN THE U.S.

5.4%

5.5%

7.2% 7.

8% 8.2%

8.3% 8.5%

8.5% 9.

0%

9.1%

9.1% 9.5% 9.7%

9.8%

10.1

%

2%

6%

10%

14% National Average 13.0%

Industrial Market GraphsQ4 2019

Source: Cushman & Wakefield Research

0

50

100

150

200

250

300

350

2016 2017 2018 2019

Milli

ons

Net Absorption, SF Construction Completions, SF

SPACE DEMAND / DELIVERIES INDUSTRIAL

Source: Cushman & Wakefield Research

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

$5.00

$5.40

$5.80

$6.20

$6.60

2016 2017 2018 2019

Asking Rent, $ PSF/NNN Vacancy Rate

OVERALL VACANCY & ASKING RENTINDUSTRIAL

VACANCY FIXED NEAR HISTORIC LOWSINDUSTRIAL

0%

1%

2%

3%

4%

5%

6%

7%

SPEC SPACE PICKING UPINDUSTRIAL

0

5

10

15

20

25

30

Build-to-Suit Under Construction (MSF) Speculative Under Construction (MSF)

SOLID GROWTH AHEADINDUSTRIAL

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

50

100

150

200

250

300

2016 2017 2018 2019 2020F

Net Absorption (msf) Completions (msf) Vacancy

Retail Market GraphsQ4 2019

Source: Cushman & Wakefield Research

0

5

10

15

20

25

30

35

40

2016 2017 2018 2019

Milli

ons

Net Absorption, SF Construction Completions, SF

SPACE DEMAND / DELIVERIES RETAIL

Source: Cushman & Wakefield Research

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

$15.00

$15.50

$16.00

$16.50

$17.00

$17.50

2016 2017 2018 2019

Asking Rent, $ PSF/NNN Vacancy Rate

OVERALL VACANCY & ASKING RENTRETAIL

Source: CoStar, Cushman & Wakefield Research

AVAILABILITY BY TYPERETAIL

68%2%

17%

13%

Neighborhood & Community

Lifestyle

Power & Regional

Strip

2020 Cushman & Wakefield.

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MARKETBEAT GRAPHSQ4 2019