Generating NOI Through Commercial Properties

Premier Assets Generate High Demand & Price Stability Columbia Office Market¹ Vacancy Rate HOWARD HUGHES Columbia Baltimore 18% 18% 15% 16% 16% 13% 11% 10% 9% 13% 13% 13% 10% 9% 9% 6% 7% 7% 2014 2015 2016 2017 2018 2019 2020 2021 2022 Columbia Office Market¹ Rent Per SF Columbia Baltimore $31.94 $31.94 $29.72 $30.11 $28.84 $28.34 $25.45 $24.85 $23.73 $26.51 $26.25 $26.25 $25.42 $25.23 $22.34 $22.75 $21.74 $21.03 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Company filings and data, Colliers, JLL. Note: As of Dec. 31st, 2022. 1) Statistics are representative of the overall Columbia, MD office market. HH 8

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