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MARKET TREND ANALYSIS — Q1 2026 ════════════════════════════════════════════════════════ DEVELOPMENT ACTIVITY SIGNALS: HOT MARKETS (accelerating development): Austin, TX: 34 new developer domains in IAB:Real Estate atxluxuryliving.com — /products: 800 new luxury units southaustindev.com — /press: $240M mixed-use project Developer hiring: +47% QoQ from /careers analysis COOLING MARKETS (declining signals): San Francisco: Developer /careers pages show -34% positions sfbaydevelopment.com — /press: "Project delays announced" missiondistrictlofts.com — /pricing: Price cuts 8-12% New domain registrations: Down 23% YoY NATIONAL SUMMARY: New RE domains (30 days): 2,847 Markets heating: 12 | Stable: 18 | Cooling: 8

PROPERTY VALUATION SIGNALS — PORTFOLIO PROPERTIES ════════════════════════════════════════════════════════ POSITIVE VALUATION SIGNALS — Downtown Chicago Portfolio New domains in 0.5mi radius (last 90 days): wholefoods-chicago-loop.com — Anchor grocery opening goldmansachschicago.com — New 500-employee office luxfitnessclub.com — Premium gym opening nearby /careers aggregated: +1,200 new jobs within 0.5mi IMPACT: Estimated +4-6% property value uplift NEGATIVE SIGNALS — Suburban Mall Portfolio Tenant domain health declining: retroelectronics.com — /press: Store closures announced fashionhubretail.com — /careers: All positions removed 3 anchor tenant domains show PageRank decline >2 points IMPACT: Estimated -8-12% valuation adjustment needed

NEIGHBORHOOD INTELLIGENCE — INVESTMENT TARGET AREAS ════════════════════════════════════════════════════════ NEIGHBORHOOD VITALITY SCORE: BROOKLYN HEIGHTS — Score: 92/100 Business domains in area: 847 | Avg PageRank: 4.2 New businesses (12 mo): +89 domains Restaurant density: High — 34 restaurants per sq mi Avg business domain age: 6.4 years (established) IAB mix: Restaurants (28%), Retail (22%), Services (18%) VERDICT: Thriving, diverse, stable neighborhood EAST WILLIAMSBURG — Score: 67/100 Business domains: 412 | Avg PageRank: 2.8 New businesses: +134 domains (gentrifying) Turnover rate: 18% (higher than average) IAB mix: Tech startups (32%), Creative (24%), F&B (20%) VERDICT: Emerging — high growth but volatile

INVESTMENT OPPORTUNITIES — DETECTED THIS MONTH ════════════════════════════════════════════════════════ DISTRESSED ASSET OPPORTUNITY: grandplazaoffice.com — 340K SF office complex /press: "Grand Plaza owner files Chapter 11" /about: Occupancy dropped from 92% to 34% /careers: Property management staff reduced 60% Estimated value: $120M (was $280M in 2023) OPPORTUNITY: Acquire at 43 cents on dollar, reposition REDEVELOPMENT OPPORTUNITY: oldwarehouse-district.com — Industrial zone /press: City announced rezoning for mixed-use /about: 12 warehouse buildings, 890K SF total Neighboring domains: 4 new residential developers detected OPPORTUNITY: Acquire before rezoning premium priced in PIPELINE: 8 opportunities identified, $890M total value

DEMAND FORECAST — MAJOR MARKETS ════════════════════════════════════════════════════════ EMPLOYMENT GROWTH SIGNALS (from /careers analysis): STRONG DEMAND — Nashville, TN Corporate domains adding jobs: 234 companies Total new positions detected: +12,400 Notable: oraclenashville.com — 3,000 new positions amazonnashville.com — 1,200 new positions Housing demand impact: +8,200 units needed Office demand: +1.2M SF within 24 months WEAKENING DEMAND — Portland, OR Corporate /careers reductions: 89 companies Total positions removed: -4,800 Notable: portlandtechcorp.com — 400 layoffs announced Housing pressure: Softening — vacancy rising to 6.8%

COMPARABLE MARKET ANALYSIS — MIDTOWN OFFICE PORTFOLIO ════════════════════════════════════════════════════════ COMPARABLE TRANSACTIONS (from /press + /products analysis): towersquarenyc.com — 280K SF, Class A /press: Sold for $187M ($668/SF) — Feb 2026 /about: 94% occupied, recently renovated broadwaycommercialcenter.com — 340K SF, Class A /press: Listed at $210M ($618/SF) — active listing /about: 87% occupied, built 2018 madisonavenuetower.com — 190K SF, Class A /press: Sold for $142M ($747/SF) — Jan 2026 /about: 97% occupied, trophy asset OUR PROPERTY: 250K SF, Class A, 91% occupied Comp range: $618-$747/SF Estimated value: $155M-$187M Current book value: $168M — within range

MIGRATION PATTERN INTELLIGENCE — 2026 ════════════════════════════════════════════════════════ CORPORATE RELOCATIONS DETECTED: INFLOW — Dallas-Fort Worth 14 companies announced relocation (from /press pages) caterpillardfw.com — HQ relocation, 1,200 jobs goldmanstexas.com — Regional hub, 800 jobs Total new jobs from relocations: 4,800 RE demand impact: +3,200 housing units, +890K SF office OUTFLOW — San Francisco Bay Area 23 company /contact pages changed from SF address techstartup-austin.com — Moved from SF to Austin Total job losses from relocations: 6,200 RE impact: +2.1% vacancy increase projected BUSINESS FORMATION INDEX (new domain registrations): #1 Miami: +34% YoY #2 Austin: +28% YoY #3 Nashville: +24% YoY

ECONOMIC-RE CORRELATION DASHBOARD — FEBRUARY 2026 ════════════════════════════════════════════════════════ LEADING INDICATORS FROM DOMAIN INTELLIGENCE: Business Formation Rate (new domains in business IAB) National: +8.4% YoY Historically leads RE demand by 6-9 months SIGNAL: Positive for H2 2026 commercial demand Hiring Velocity (aggregate /careers analysis) National: +2.1% YoY (slowing from +8%) Historically leads office demand by 3-6 months SIGNAL: Office demand growth decelerating Retail Expansion (new retail domains + /products pages) National: +12.3% YoY Retail space demand indicator SIGNAL: Retail RE recovery continuing COMPOSITE RE OUTLOOK INDEX: 67/100 Moderately positive — growth continuing but decelerating

LUXURY REAL ESTATE INTELLIGENCE — FEBRUARY 2026 ════════════════════════════════════════════════════════ NEW LUXURY DEVELOPMENTS DETECTED: onevandam-nyc.com — 45-story luxury condo /products: Penthouses from $12M, avg unit $4.8M /pricing: 25% sold in pre-launch (strong demand) /about: Developed by Extell | Designed by SHoP Architects Personas: Ultra-HNW international buyers theshoremiamibeach.com — Beachfront luxury /products: 120 residences, $3.2M-$18M /press: "90% sold — fastest luxury sell-out in Miami history" SIGNAL: Miami luxury demand extremely strong LUXURY MARKET TRENDS: New luxury domains (90 days): 89 Markets with most activity: Miami, NYC, LA, Dubai Avg price point trending: +6% YoY International buyer domains: +23% — global wealth inflow