Smart Approach in Retail Resilience

Offices market outlook • • Occupational markets tough short term Businesses will postpone decisions reflecting macro uncertainty Supply of grey space increasing - Market forecasts for prime rents to fall 5-10%, over 12-18 months Supply of new space constrained • Demand focused on high quality, modern • • and sustainable space Our portfolio should outperform on rents - Campus offer meets the evolving needs of occupiers Investment markets looking through Covid Prime London buildings changing hands within 5% of pre-covid pricing 2m sq ft Q2-3 take up, 65% below average¹ 43% Developments under construction pre let¹ 6.5% vacancy in central London, +210 bps¹ 33% Fall in proposed development to 2023 post Covid¹ £1.2bn Investment deals completed Q3; £4bn under offer² 4% Prime London offices yield¹ 1 CBRE 2 Knight Frank 19

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