Exhibit 1

Office Vacancy in the 25 Largest U.S. Metro Areas

The 25 largest U.S. metropolitan areas by population: office vacancy at the end of 2019 and at the end of 2025, ranked by 2025, with the national rate for each year.

Year-end 2019Year-end 2025ChicagoU.S. rate, 2019U.S. rate, 2025
U.S. 2019: 9.4%U.S. 2025: 14.1%
20192025
San Francisco
6.2%22.1%
Houston
16.0%19.6%
Denver
9.5%18.2%
Dallas-Fort Worth
14.6%18.0%
Washington
12.6%17.8%
Chicago
11.9%17.2%
Atlanta
11.4%16.9%
Seattle
5.5%16.8%
Austin
8.2%16.5%
Phoenix
10.9%16.4%
Los Angeles
10.0%16.3%
Boston
6.9%15.2%
Charlotte
7.0%14.4%
New York
8.2%13.4%
San Diego
8.6%12.3%
Baltimore
10.4%12.2%
Minneapolis
7.7%12.0%
Detroit
9.1%11.8%
Philadelphia
7.8%11.1%
San Antonio
8.5%10.9%
St. Louis
7.7%10.8%
Tampa
7.3%10.1%
Orlando
6.3%10.0%
Miami
8.2%8.6%
Riverside (Inland Empire)
6.5%4.8%
0%5%10%15%20%25%

Year-end office vacancy

Source: CoStar office vacancy, via Horwath HTL's market database, fourth quarter of 2019 and fourth quarter of 2025 (database as of the second quarter of 2026); U.S. Census Bureau, metropolitan statistical area population estimates, Vintage 2025 (July 1, 2025), for the 25 largest areas.

Vacancy rose in 24 of the 25 areas; 13 ended 2025 above the national rate. Chicago rose from 11.9% to 17.2%, the sixth highest of the 25 at the end of 2025. Each area is read from one CoStar market, the market for its core city: New York (Northern New Jersey, Long Island and Lakewood-New Brunswick are separate markets), Los Angeles (Orange County separate), Miami (Fort Lauderdale and Palm Beach separate) and San Francisco (East Bay and San Rafael separate). Riverside-San Bernardino is CoStar's Inland Empire market.
Office Vacancy in the 25 Largest U.S. Metro Areas. The 25 largest U.S. metropolitan areas by population: office vacancy at the end of 2019 and at the end of 2025, ranked by 2025, with the national rate for each year.
Metro areaYear-end 2019 vacancyYear-end 2025 vacancy
San Francisco6.2%22.1%
Houston16.0%19.6%
Denver9.5%18.2%
Dallas-Fort Worth14.6%18.0%
Washington12.6%17.8%
Chicago11.9%17.2%
Atlanta11.4%16.9%
Seattle5.5%16.8%
Austin8.2%16.5%
Phoenix10.9%16.4%
Los Angeles10.0%16.3%
Boston6.9%15.2%
Charlotte7.0%14.4%
New York8.2%13.4%
San Diego8.6%12.3%
Baltimore10.4%12.2%
Minneapolis7.7%12.0%
Detroit9.1%11.8%
Philadelphia7.8%11.1%
San Antonio8.5%10.9%
St. Louis7.7%10.8%
Tampa7.3%10.1%
Orlando6.3%10.0%
Miami8.2%8.6%
Riverside (Inland Empire)6.5%4.8%
United States (national)9.4%14.1%
Horwath HTL — The New Floor 2026