Manulife US REIT - Annual Report 2020

Cap Rates By Market CBD Class A Cap Rates by Market Suburban Class A Cap Rates by Market Boston 4.30-5.50% Seattle 3.75-6.00% Portland 5.00-6.50% Los Angeles 4.20-6.70% New York 3.75-5.50% New Jersey 6.00-8.00% Baltimore 6.50-8.50% Pittsburgh 6.00-7.50% Philadelphia 5.75-7.00% Richmond 6.00-8.00% Cincinnati 7.50-8.50% Raleigh-Durham 5.00-6.25% Charlotte 5.50-7.00% Nashville 5.00-6.25% Washington, DC 4.75-7.30% Dallas 4.50-6.75% Miami 5.00-7.00% Atlanta 5.25-7.75% Orlando 7.00-8.00% Tampa 6.75-8.50% Houston 5.25-8.00% San Antonio 6.50-7.50% Phoenix 6.50-8.00% Las Vegas 7.00-8.00% Las Vegas 6.50-8.50% Salt LakeCity 6.50-7.50% Austin 5.50-7.25% Denver 5.00-7.35% Chicago 4.50-6.50% Oakland/East Bay 5.00-7.00% San Francisco 3.75-5.75% Sacramento 6.50-8.00% Kansas City 6.50-7.50% Indianapolis 7.50-9.00% St. Louis 6.75-9.25% Louisville 6.75-8.00% Detroit 7.50-9.50% Cleveland 7.50-9.50% Milwaukee 7.00-9.00% Minneapolis 5.00-6.25% Des Moines 8.00-8.50% Columbus 6.00-8.25% Silicon Valley 5.00-6.50% Orange Country 5.00-6.50% San Diego 5.50-6.50% Boston 4.25-8.00% Seattle 4.75-6.75% Portland 5.75-7.50% Los Angeles 5.00-7.50% New Jersey 5.50-9.00% Baltimore 6.75-10.00% Pittsburgh 6.00-8.00% Philadelphia 6.50-10.00% Cincinnati 7.50-9.50% Raleigh-Durham 4.50-8.50% Charlotte 4.75-7.50% Nashville 5.75-9.00% Washington, DC 5.00-7.50% Dallas 4.75-8.00% Miami 5.75-8.00% Atlanta 4.75-9.00% Orlando 6.25-8.00% Tampa 7.00-8.00% Houston 5.50-8.75% San Antonio 6.75-8.50% Phoenix 6.00-8.00% Sacramento 6.00-8.00% Austin 5.25-8.00% Denver 5.75-7.50% Minneapolis 5.50-8.00% Chicago 5.50-8.75% Oakland/East Bay 5.00-7.50% San Francisco 4.50-7.00% Kansas City 6.50-9.00% Indianapolis 7.50-9.50% St. Louis 6.00-9.50% Louisville 6.75-9.00% Detroit 7.50-8.50% Cleveland 8.00-9.50% Milwaukee 7.00-9.50% Columbus 6.00-9.00% Silicon Valley 4.50-7.50% Orange Country 4.75-7.50% San Diego 4.50-7.50% 52 MANULIFE US REIT INDEPENDENT MARKET REPORT By JLL as of 31 December 2020