7% 6% 5% 4% 3% 2% 1% 8% 0% 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Effective Rent Growth —Vacancy MO:M. CBRE'EA Or4W)* nem, l'Arne,t?, Thirt 0.At .1) z i • 'X.5 to ans.:nor:nob ss 5)N•an tatsso, st se. A assns.:0 m Slowing rent growth and rising vacancy