ROBIN ZELLERS

1. ROBIN ZELLERS, CRE, OF NAI CIR ANNOUNCES THE TOP TEN ISSUES XAFFECTING REAL ESTATE COVID-19 AND ECONOMIC RENEWAL LEAD 2020-2021 LIST Lemoyne, PA - 30 June 2020: Robin Zellers, SIOR, FRICS, CRE, and President of NAI CIR, share current and emerging issues that are expected to have the most significant impact on real estate in 2020 and 2021, as identified by The Counselors of Real Estate. The COVID-19 pandemic is classified as a major concern of 1,000 member organizations. "The changes brought about by the COVID-19 crisis and its consequences will teach us about priorities, resilience and demand in ways we have not dared to test before," said Zellers, Real Estate Advisor. “2020-21's Top Ten Issues are closely related and represent an attempt to cover this new world with a changing real estate environment. In examining the real estate market, we must consider the existing fragility, its adaptability to new demands, and its potential relevance to new markets. Demand will be determined by the extent to which this crisis leads us to abandon old habits and adopt new ones. The duration of the lockout has been a factor, as has the confidence we have. " Economic reforms ranks second on The Counselors' list, with the US economy showing signs of slowing down before the COVID-19 pandemic. "There are a number of statistical slowdown signals for those who want to see them," Zellers said. "The challenges facing the economy and real estate industry are profound and persistent, with leisure and hospitality, retail, construction and air travel experiencing a slow and partial rebound through 2022." The Counselors cites the impact of the economic lockdown on the country and incomes. Local taxes can reduce non-federal government employment rates and sidestep critical infrastructure projects, with such risks suggesting an unusual "W-shaped" recession. “The post-COVID-19 economy will be limited by the potential for long-term GDP growth of only 1.5 - 1.6 percent. That is the 'new normal' that we need to prepare for, "added Zellers. Capital market risk complements the top three issues that concern The Counselors, as the past four months have presented not only the real-time volatility of the capital market, but also emphasized how quickly debt and equity capital liquidity can stop flowing when risk and return are difficult to measure. "One thing we've seen since March is that volatility has spiked which makes price debt even more challenging," Zellers said. “Federal intervention helps limit the full market grab, but doesn't necessarily reduce long-term concerns about defaults and losses. While price stability and liquidity appear to have returned, late payments and loan defaults have seen a significant increase. "

2. Other issues identified by The Counselors of Real Estate are Public and Private Debt, Affordable Housing, Flow of People, Space Utilization, Technology and Workflow, Infrastructure, and ESG (Environmental, Social and Governance). “Counselor clients seek unbiased and objective advice on critical factors that will affect all property sectors today, as well as issues that may influence their decisions over the next ten years. This thought leadership initiative is an invaluable service to these clients and the real estate industry in general. " The Top Ten Issues Affecting Real Estate were developed by the Real Estate External Affairs Advisory Committee, with issues identified, debated and voted on by the general members. For additional information and perspectives on each issue, visit https://www.cre.org/topten. About Robin Zellers, SIOR, FRICS, CRE Robin Zellers, President of NAI CIR, is a member of the Society of Industrial and Office Realtors ("SIOR"), an elected member of The Royal Institution of Chartered Surveyors ("FRICS") and an invited member of The Counselors of Real Estate ("CRE"). Zellers is an NAI CIR Records Broker, Former President of the NAI Global Member Leadership Council, current member of the NAI Global Strategic Planning Committee and former Chair of the Delaware Valley Chapter of the Counselors of Real Estate. Zellers' clients include Commonwealth of PA, UPMC Pinnacle, Morgan Stanley and Cantor Fitzgerald. About Real Estate Advisers The Counselors of Real Estate is an international consortium of commercial property professionals from leading real estate, finance, law, valuation and accounting firms and business advisors, as well as real property experts in academia and government. Memberships are selective and renew by invitation, although commercial real estate and allied practitioners with 10 years of proven experience may apply. Between assignments large and small, Counselor has resolved disputes between World Trade Center developers and insurance companies post Sept. 11, led the privatization of US Army Housing, developed a 10-year, multibillion-dollar master plan for Philadelphia Public Schools, created and endowed the MIT Center for Real Estate, and appreciate the Grand Canyon and Yale University. Counselors live in 20 US countries and territories, with only 1,000 professionals holding CRE credentials worldwide. About NAI CIR

3. NAI CIR, based in Lemoyne, is Central Pennsylvania's oldest and largest full-service exclusive commercial industrial real estate brokerage firm. Founded in 1970, it has consistently been ranked among the top commercial industrial sales and leasing companies produced by the Central Pennsylvania Business Journal and by Real Capital Analytics. The company has been honored as a Philadelphia Area CoStar Power Broker for the 15th consecutive year. NAI CIR is the Central Pennsylvania representative of NAI Global, an international organization of real estate professionals with worldwide connections. Our transaction and management professionals are among the most experienced and successful in the business, and our platform ensures that our expertise directly benefits our clients.