Women in CRE. Making History Now.

The Henley Group (THG) arrived at NYC's Moynihan Station as March kicked in to attend the National Real Estate Women's Forum 2023. Almost immediately, we were steeped in conversations with thought leaders from across CRE disciplines, ranging from architecture, affordable housing, mall and office REIT's, capital markets, and private equity.

Over FIVE hundred women strong, we engaged in panel discussions on critical topics and how best to address:  The U.S. housing crisis Digital technology’s advancement and impact on CRE Seizure of the capital markets Commercial property-assessed clean energy (CPACE) financing as a solution to overcome funding obstacles Equity, Inclusion, and Diversity (EID) policies impact to create social change The opportunity for the next generation of women, to not only participate but excel, in CRE, is NOW! We feel so fortunate to have connected with and heard from Shareholders, Principals, CEOs, Senior Managing Directors, and Division Heads. Trailblazers and leaders who are forging new pathways and shaping company policy, corporate culture, and actively mentoring the next generation of CRE leaders.

MAUREEN JOYCE OF BARINGS· • ·KIM HOURIHAN OF CBRE· • ·MARY BACCASH & THE GOLDMAN SACHS TEAM· • ·ONAY PAYNE OF LAFAYETTE SQUARE· • ·SARAH SCHWARZSCHILD OF BGO· • ·SUZANNE HEIDELBERGER OF FIDELITY· • ·VIVIAN DE LAS CUEVAS-DIAZ OF HOLLAND & KNIGHT· • ·SALLY DAVIS OF ROPES AND GRAY· • ·ALEXANDRA LOPATYNSKY OF COOPER CARRY· • ·KAREN O'MALLEY OF GOULSTON & STORRS· • ·AND SO MANY MORE

______________  OFFICE Loan Refinancing Recap GreenPearl interview with RXR's Mark Rexler ______________ Financial Services Industry Next: The uncertain economic climate and layoff waves have weighed on office demand and will continue for a few years. While initially the tech sector was hit the hardest, now financial service jobs may be the next industry to pull out of office leasing given recent events in the banking sector. Hybrid Hits - Higher Quality + New Tenancy Concessions: While the sector is challenged, the tenant flight to quality is being amplified by hybrid work trends, which has allowed higher quality assets to generate more than their fair share of leasing activity. That said, net effective rents for this product remain under pressure as large concession packages are offered to induce tenancy. Office Valuations Shift and Shift Again: There is no price discovery in the office capital markets creating a lack of clarity in valuations. Valuations that existed prior to rising interest rates won’t be the same as today. This is reminiscent of the valuation paradigm shift seen in the CRE industry in the early ‘90s. A series of restructurings and workouts will occur, but once the dust settles, high-quality, well-located assets will revert to a more normalized range. Debt Financing Scarcity and Uncertainty Prevail: Debt financing for office assets, even buildings with long-term leases and credit tenants in place, is very limited. The Lenders who are involved are existing lenders who realize they must participate in refinancing and partner with existing owners. In many instances, the swift rise in interest rates will result in a re-equitization of the capital structure, an environment that will likely play out through 2025.

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About The Henley Group We are expert CMBS Borrower Advocates with extensive experience partnering with clients to catalyze loan resolutions. Dedicated to service excellence and outstanding outcomes, we have worked out over $12 billion in CMBS deals to date. We are proud of the deep relationships The Henley Group has forged with Special Servicers for 15 years. Our unique skill set, patient negotiating style, and understanding of Special Servicing allow us to get results that may not be available to you.

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David Goldfisher (617) 320-0284 david@thehenleygroup.com

Tammy Goldfisher (617) 512-1135  tammy@thehenleygroup.com

David Arthur (617) 719-1087 davidarthur@thehenleygroup.com

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