2026 Poland Real Estate Market Outlook_ENG

Intelligent Investment

2026 Polish Real Estate Market Outlook

REPORT

POLAND

CBRE RESEARCH FEBRUARY 2026

2026 Real Estate Market Outlook P|oland

Intelligent Investment

Contents

3 4 7

Executive Summary

Economy

Capital Markets

10 13 16 19 22

Office

Retail

Logistics

Living

Hotels

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Introductory Note by

Executive Summary

Daniel Bienias ManagingDirectorCEE

The Polish economy continues to demonstrate resilience, with positive GDP growth anticipated through 2026. This optimistic economic outlook is supported by robust investment interest, as reflected in recent surveys that reveal significant investor confidence and a strong appetite for Polish assets. The investment arena in Poland is expected to experience a gradual upswing, facilitated by improving access to financingand shifting the focus towards incomegenerationand requiringa morestrategic, asset-specific approach. The residential sector is gaining prominence across Europe, and the Polish market, characterized by supply shortages and rising rents, is set to replicate this trend.Within the office, retail and industrial sectors, we observe a market characterized by stability and growth. Demand remains consistently high, while vacancy rates are trending downwar.dFsurthermore, these markets are diversifying and maturing, offering a range of investment and development opportunities. We trust that this report will serve as an invaluable resource for investors, developers, tenants, and anyone seeking to understand and capitalize on the future opportunities within the Polish property market. Welcome to CBRE’s PolandReal Estate Market Outlook 2026

— In 2026, Poland is set to remain Europe’s fastest -growing economy, powered by strong investment, resilient consumption and a rebound in exports, all underpinned by stable inflation and low unemployment. Investment market activity will accelerate, supported by improving sentiment, expanding opportunities, and rising interest from both international and increasinglye activ domestic investors. — The office market will see strengthening demand as macro conditions improve and tenant confidence rises. Limited availaibnility prime locations is likely to push rents upward, while developers focus on selective new supply, flexible workspace solutions and revitalizing older buildings. — Growing purchasing power and upbeat consumer sentiment will continue to stimutlahteeretailmarket — furthersupply growth willespeciallybe seenin retail parks — while shoppingcentres undergo strategic repositioning.We expect a focus on enhanced customer experience, stronger tenant mixes and increasing activity from global brands.

— For industrial and logistics, 2026 will mark a shift from scale to quality. With supply stabilizing, Poland’s role in global supply chains will continue to expand, driven by diversification, attractive locations, automation and advanced technologies.

— The living sector will remain on a growth trajectory, with ongoing development of PRS-l,ivcoing, and student housing portfolio.s Moderate demand for units for sale will support the sector, while demographic shifts and evolving societal needs will shape f uture strategies. — Poland’s hotel market is poised for further dynamic growth, supported by strong demand and improving profitability amid constrained supply. Key themes will include diversified offerings, alignment with tourism trends — from business travel to “coolcation”— the rising influence of social media and AI and adaptation to demographic change.

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Economy 01

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01 Economy

Positive outlook despite persistent uncertainty

Figure 01: CBRE Economic Forecast for 2026

This year, the Polish economy will accelerate slightly, with GDP growth forecast at 3.6%. Thus, Poland will maintain its position as a European leader in terms of the pace of economic development. GDP expansion will be based on solid fundamentals, driven by investment and consumption. Investments will increase significantly in 2026. In the public sector, the main source of investment will be EU funds from thePoland's Recovery and Resilience Plan ( Krajowy Plan Odbudowy i Zwiększania Odporności ), but investment in the enterprise sector is also expected to increase. Consumption will continue to support GDP growth, although its growth may be limited by decreasing wage growth and a growing propensity to save. The negative contribution of net exports to GDP will continue. However, the outlook for exports is better than in 2025, due, among other things, to the expected gradual economic recovery in Germany, which may result in an increase in demand for Polish products. Inflation should remain within the NBP's inflation target, reaching 2.7% per annum. Inflationary and wage pressures remain under control, which may support further monetary policy easing in 2025.

The unemployment rate remains low. Despite a slight increase in the second half of 2025, it should remain low at 3.1% in 2026 (calculated according to the methodology of the International Labour Organization ( ILO)). The anticipated economic growth will result in a high demand for workers. The yield on domestic 1-0year government bondsefll from around 6.0% to around 5.2% in 2025, reflecting a change in monetary policy direction. Further interest rate cuts may cause a continuation of the decline in yields, and the market assessment of geopolitical risk will also have an impact. The tariffs introduced by the US do not have a direct impact on the situation in Paonl d, but they do affect the general market mood and the economy of the region. In an optimistic scenario, we expect a decrease in effective tariff rates, an increase in business confidence and investments, which will support the development of the real estate market. If the U.S. reimposes more aggressive retaliatory tariffs, inflationary pressures are likely to return, creating a difficult environment for real estate investment.

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GDP growth (%)

CPI inflation (%)

10-year treasury bonds (%)

Unemployment rate (%)

Eurozone Germany Czech Republic Slovakia Baltic States Poland

Unemployment rates in the euro area and the Baltic States were not foreecdast Source: CBRE Macroeconomic House View, December 2025

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01 Economy

Trends to watch

— According to an analysis by Oxford Economics, global economic development related to the AI boom is concentrated only in some technology cenrets. While Europe may not be the main beneficiary in 2026, cities in Central and Eastern Europe, including Warsaw, are wel-lpositionedto use AI to increase productivity. — An analysis by the Polish Economic Institute(PEI, Polski Instytut Ekonomiczny ) from 2025, on the other hand, shows that in Poland, AI is used by only 6% to 16% of enterprises, depending on the study methodology adopted. According to PEI, construction is one of the industries with low use of AI. A key challenge in 2026 will be to promote the use of AI across a wider spectrum of non-IT sectors to stay competitive . — Polish cities are strengthening their position, with Warsaw at the forefront, emerging as one of the fastest growing cities in the region. According to Oxford Economics' predictions, in 2026 Warsaw will be the leader in GDP growth in Europe , thanks in part to the growing IT and business services sectors. — Economic growth in Poland in recent years has been largely based on the availability of well -educated workers and lower salaries than iontherEU countries. The potential for growth in these areas is slowly being exhausted. Maintaining the growth rate will require increasing expenditure on innovation and creating conditions for the development of domestic enterprises. — Poland faces demographic challenges, with an ageing population and a projected decline in the number of employees. As a result, it will be necessary to look for new solutions, such as AI automation and active migration policies. The real estate market will gradually provide more and more spaces adapted to the needs of the elderly.

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Capital Markets 02

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02 Capital Markets

Pressure on rents drives returns Local players or the return of core capital?

Figure 02: Investment volume by sector in Poland (EUR million)

As the price expectations of buyers and sellers align and interest rates continue to stabilize, we anticipate improved market sentiment and a growing willingness to sell. We expect the availability of transaction opportunities to increase in 2026, and it is already clear that the pool of potential buyers is also expanding. However, the average transaction value remains relatively low, and the geographical distribution of capital suggests a slow return of investors acquiring prime assets. Nevertheless, for the second consecutive year, Poland has been a leading European destination for investor interest. This is largely driven by anticipated value increases due to upward pressure on rental rates, which in turn generates positive investment returns. Both individual assets and entire portfolios or platforms will continue to be traded. The improving leverage opportunities for real estate acquisitions will further bolster the investment climate.

With relatively low foreign capital activity, domestic investors, largely private individuals, are becoming increasingly prominent in the buyer structure. In 2025, domestic investors accounted for almost 20% of the €4.5 billion transaction volume. This is a historical precedent, especially noteworthy because it was achieved without established structures that would typically facilitate domestic entities investing in this asset class. We anticipate that with the return of core capital from Western Europe and the USA, domestic buyers will become less visible, as individual transactions by Polish capital typically range from €2 to €30 million. Nevertheless, this trend serves as a clear signal that local buyers, starting from a marginal share, recognize the potential in commercial real esta.te

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No. of transactions

Investment volume(EUR million)

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2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Industrial and logistics Office Residential

Retail

Other Number of transactions (RHS)

Source: CBRE Research

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02 Capital Markets

Trends to watch

— Logistics investors continue to seek opportunities in forward funding models, and we anticipate an increase in purchase and leaseback transactions with extended lease periods. The market will also present attractive opportunities in the valu-eadd segment, particularly for capital from the CEE and US regions. With the entry of several French investors, the pool of interested acquirers in this sector is expanding. — In the retail sector , we expect further transactions involving core large shoppincgentres. Concurrently, there is growing liquidity for standalone products, portfolio acquisitions (including retail parks and platforms), and food portfolios. — The office sector will offer additional opportunities for attractive val-uaedd acquisitions. However, with the stabilization of prime markets, 2026 may also see core and co-prelus transactions exceeding EUR 100 million. Polish capital is expected to remain particularly active in this sector. — In the first half of 2026, we anticipate the completion of the largest transaction in the history of the living sector . This will demonstrate the liquidity of the PRS (Private Rented Sector) and should stimulate further investment in both development and capital. Additionally, more purp-bouseilt student accommodation (PBSA) portfolios are gradually emerging, which may attract investor interest in the near future, alongside ongoing discussions about facilitating institutional senior living projects.

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Office 03

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03 Office

Quality and flexibility of offices Tenant in focus

Strong demand andGDP growth are setting the direction for 2026, in which the office market will be shaped by bold decisions of tenants and the increasing value of top locations.

Figure 03: New supply of office buildings (thousand sq m) and vacancy rate in central and no-ncentral zones (%)

Improvingmacroeconomicconditionsand low supply translate into a growing demand for high-quality space. Tenants' sentiment and their decisions regarding relocation or expansion are also increasingly optimis.tic In response to growing demand, we expect an increase in the supply of new offices. Nevertheless, developers need to be careful in their investment plans, and the limited availability of plots in the city creent will force renovation or demolition of existing buildingsmtoakeway for new offices. The continued high interest in offices in prime locations will continue to characterize the market, but we will seinecreasingly selective approaches. Due to the low availability of offices, especially in central business areas (CBD), rents in top locations will increase. The s-coalled "second best locations", offering lower rents in more peripheral districts of cities, will become an alternative, and perhaps even a necessity. The growing demand for office space from startups and companies in the AI sector, which prefer shorter lease agreements, will make buildings in the second lease cycle and flexible space more attractive. This, in turn, will affect the demand for both stabilized buildings in top locations and new investments in city cenrtes, driving the growth of the office market in 2026.

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18%

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14%

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12%

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8%

Vacancy rate

300

6%

Comletions (thousand sq. m)

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4%

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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Completions (LHS)

Vacancy rate (Central, RHS)

Vacancy rate (Non-Central, RHS)

Source: CBRE Research

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03 Office

Key trends

— Growing demand for high-quality offices : Tenants prioritize high-quality offices in the best possible location. Aesthetics and design are important, as well as air quality, lighting and acoustics. H-qiguhality offices must meet increasingly higher standards. As a result, developers and office owners are investing in the modernization and development of their facilities to meet the growing demands of tenants. — The rise of flexible space : Flexible (coworking) space is becoming increasingly popular among AI startups and companies, as well as tenants from other sectors who prefer shorter lease agreements. This trend is driven by a growing need for flexibility and adaptation among companies that need to respond quickly to changing market conditions. — Rent Growth Due to Low Availability : Low office availability, especially in central business districts, causes rents to rise, which is a challenge for tenants. As a result, tenants need to be increasingly selective and strategic in their office leasing decisions, and developers and landlords need to be increasingly creative with their listings and lease terms. — Development of the office market in city centres: There is already a shortage of vacant plots in city centres, which forces developers to look for alternative solutions, such as renovation or demolition of old buildings to build new offices. As a result, new office investments wbiellfocused on places in non-central, but wel-lconnected locations where it is possible to find plots of land for the construction of new offices.

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Retail 04

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04 Retail

Profitability and consume-rcentric strategy The positive end of the year in terms of retail sales growth is particularly noteworthy due to the rapid growth in sales of the fixed asset category. Consumer sentiment and purchase intentions are also the highest since the pandemic, reflecting a 12% increase in the purchasing power of Poles (year-on-year). However, consumption remains stable, which may indicate that there is still a lot of caution. These conditions are also reflected in the growing expectations of consumers, which tenants and landlords are trying to meet. We will observe further refinement of the tenant mix and significant activity of owners in the search for attractive brands, which will be associated with a thorough analysis of tenant profitability. We will observe the further development of discount concepts, which, in addition to retail parkws,illalso involve shopping centres – on both sides, as it contributes to improving footfall for owners and responding to the development of less attractive spaces, it may also contribute to raising average rent rates. The continued high interest in retail parks will also characterize the market in 2026, but we will observe an increasingly selective approach – both among developers, investors, and tenants. On the other hand, however, the group of tenants developing in parks will constantly grow. - 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0

Figure 04: New supply of retail parks (sq m) and share of retail parks in retail transaction volume (%)

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transactions

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Share of retailparks in thevolumeof retail

Newsupply of retailparks (Millionsq. m)

0%

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New supply of retail parks (LHS)

Share of retail parks in the volume of retail transactions (RHS)

Source: CBRE Research

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04 Retail

Trends to watch

— Poland’s strong and steady economic performan—ce now one of the standouts in Europe — is increasingly reflected in the country’s rising purchasing power . Warsaw’s per -capita purchasing power index has already surpassed the European average, and national indicators are climbing at an impressive pace. International retailers are taking note: roughly 30 new brands made their debut in Poland last year alone. — Shopping centreowners are proactively repositioning their assets — refreshing concepts, strengthening tenant mix and optimizing operations. These initiatives are paying off, with leading schemes showing remarkable resilience in both footfall antdurnovers, even in a more competitive environment. — Retailtainment — the fusion of retail, entertainment and experiential formats — is emerging as a key strategic direction for both landlords and tenants. While the trend is most advanced in Western Europe, experiential features such as event zones, fitness components and café concepts will become increasingly common across stores inCEE as well. These additions not only elevate brand perception but consistently drive higher sales andfootfall. — New retail supply continues to be dominated by retail parks , a trend expected to remain in place for at least the next two years. At the same time, tenants who entered the first wave of retail park developments around 2020 are now in a position to evaluate the profitability of each location — potentially triggering portfolio adjustments and optimization strategies.

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Logistics 05

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05 Logistics

Stabilization on the logistics market Today we need quality

In 2026, it's not about quantity, but quality – warehouses are growing smarter, not faster.

Figure 05: New supply of logistics and warehouse buildings (sqm), total leasing activity (sq m), and vacancy rate (%)

The warehouse and logistics market in 2026 will be primarily characterized by a shift in development approach, with quality beginning to take precedence over quantity. This means that developers and investors are moving away from simply building as much as possibalendare instead focusing on high-quality warehouse space. It is worth noting that the supply of warehouse space in Poland is starting to stabilize. Developers are no longer building at the same pace as in 2021 and 2022, and since the construction cycle for warehouses is relatively short, it allows for quicker reactions to market changes. This enables better regulation of demand and supply, which should benefit both developers and clients. At the same time, the Polish logistics sector is gaining importance within the global supply chain. Poland, due to its geographical location and good infrastructure, is becoming an increasingly attractive location for investors and logistics companies. This is leading to an increase in the pool of investors in logistics real estate, even though rent rates in Poland are among the lowest in Europe. In the short term, we do not anticipate any major rent increases, but the market is starting to diversify. The most desirable locations, due to their attractiveness and accessibility, are being rewarded with higher rent rates.

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2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Completions (LHS)

Total leasing activity (LHS)

Vacancy rate (RHS)

Source: CBRE Research

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05 Logistics

Key trends

— Recovery in demand and inflow of new tenants - the warehouse market is seeing a clear recovery in demand, driven by both-ecommerce and the manufacturing sector. The number eonfquiriesfrom companies across virtually all industries is increasing, which confirms the wide cr-ossesction of demand and the growing diversification of tenants. — Land scarcity and access to labour as key investment factors – the limited availability of attractive land and labour resources are increasingly important when planning new warehouse projects. In many regions, there is a lack of sufficiently large plots of land for logistics development, and investors must take into account not only the location but also the possibility of attracting employees. As a result, companies considering the construction of large logistics cenrtes or production plants are increasingly analyzing local labour markets and the availability of staff in as much detail as the technical parameters of real estate. — Stabilization of rents at the current level - after a period of dynamic growth, rental rates on the warehouse market are showing a tendency to stabilize. Rents are expected to remain close to current levels in the coming quarters, as the balance between demand and supply limits the pressure on further growth. Tenants can expect stable lease conditions, while property owners can expect a greater diversity of tenants' expectations depending on the location. — Increasing automation and the growing role of technology - automationof warehouse processes is becoming one of the most important trends in the sector. Companies are investing in robotic systems, autonomous warehouse vehicles, as well as advanced-ApoI wered solutions that support inventory management, order picking, and operatioalnoptimization.

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Living 06

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06 Living

InstitutionalPRS stockis growing Growthalsoin the private dormitory sector

Figure 06: Supply of new units in PRS buildings

The institutional residential rental market in Poland is at the stage of dynamic expansion of availablsetock. In the past 5 years, nearly 24,700 residential units have beenadded tothis sector, i.e. 87% of the total supply currently availableon the marke.t In 2025 alone, 5,821 units were introduced to the market, which was a record result, although the previous year's result was only improved by about 100 residential units. In 2026, anothe6r,200 units are expected to be completed, many of which are at an advanced stage of construction. At the end of December 2025, the number of operating units underinstitutional lease in the largest cities in Poland exceeded a total of 28,500 units in 153 projects. PRS facilities enjoy high and stable demand from tenants, which is reflected in low vacancy rates (3.5% for the entire market). After the first occupation of the building, the occupancy rate in an average project reaches 98%.

Reduced demand for apartments for sale (compared to the period of theGovernment2%Safe Mortgage programmeor previous low interest rates) results in a reduction in the number of new apartmenptsut up for rentby private individuals. On the other handit, increases the number of households that use the rental market and cannot afford to buy an apartment. This means a favourable environment for the further development of the institutional rental sector. The development of the market also results in the diversification of the offer. C-oliving schemes are appearing on the market, but also investments combining various residential functions, such as lon-g term rental and private dormitory, or lo-ntgerm and short-term rentals. Parallel to the development of the PRS market, the offer addressed primarily to students, i.e. thPeBSA sector, is also growing. In 2025, a record number of more than 3,800 beds in 12 private student dormitories was launched, three times higher than in the previous year, and thisnumberis likely to be repeated this year.

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2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026f

Source: CBRE Research,February2026

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06 Living

Trends to watch

— For further development of the markeatn, increasein the activity of institutional investors and developers providing new buildings in this sectoirs needed. We expect such a recovery to occur as global investment sentiment improves. Financing conditions will be important for the development of the sector, as well as a stable legal environment allowing for predictable investment plannin.g — Although theoretically the PRS sector and apartments for sale compete for simiplalorts, we are observing a shift in the PRS sector increasingly towards long-term accommodationprojects built on commercial zoning. This increases the catalogue of land on which developers can implement projects intended for long-term lease and expands the space for cooperation with institutional investors. — Many developers are open to working with institutional investors in the rental market or to building their own platform with apartments for rent. These plans may gradually be implemented due to the subduedresults of sales of apartments on the primary market. — Demographic and social changes will be important for the situation on the housing market. The ageing society willrequirethe development of the broasdector of seniorhousing, currently stillperceivedas a future niche. Lifestyle changes will be the foundation for further development of the institutional PRS market, including the diversification of the types of residential units offered. On the map of Pol and, there will be places that will be depopulated as a result of demographic processes, creating new challenges for the housing market. On the other hand, in the largest agglomerations, housing demand will still be high and very high.

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Hotels 07

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07 Hotels

Steady increase in demand Improving the availability of financing

The number of overnight stays granted to both domestic and foreign tourists reached record values in 2025.

Figure 07: Overnight stays granted to tourists in hotels, Poland (millionnights)

The demand for hotel accommodation has been growing continuously since the pandemic. According to data fromStatistics Poland, in the first eleven months of 2025, the number of overnight stays in hotels was 6.6% higher than for thepreviousyear, with better results recorded in each of the months. In turn, according to Eurostat data, Poland ranked 2nd in Europe (behindMalta) in terms of the growth rate of overnight stays granted in 2025 (7% y/y). Both domestic and foreign demand is growing. Among foreign tourists, the share of people from Arab countries and East Asia is increasing, which means that it is necessary to adapt the offer and standards of service to new source markets. The accommodation base is also increasing – according to the latest data fromStatistics Poland, in July 2025 there were 46 hotels in Poland with 6,144 more beds than a year earlier. Despite rising occupancy rates and REVPar, revenue growth in previous years was offset in part by rising operating costs and financing costs. However, in 2025, interest rate cuts have resulted in a decrease in costs and improved credit availability. The banking sector is eager to finance hotel projects due to the significant improvement in operating results. Hotels are perceived even more favourably than other asset classes in this respect. In 2026, we expect demand to remain on an upward trend, coupled with a limited supply of new projects, leading to rising prices and occupancy levels that will remain at least at the 2025 level, or even increase slightly.

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Source: CBRE Research based onStatistics Poland

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07 Hotels

Trends to watch

— There is still a lot of interest from new hotel chains and operators in entering the Polish market . They see significant potential for further development of the sector in terms of size and quality.

— In key markets, developers are diversifying commercial projects, including the hotel function inirtphreojects. In regional markets, on the other hand, thceonversionof office buildings into hotels is moving from the planning phase to the implementation phase. The conversion of difficult office buildings into hotels will continue. — The structure of demand is changing. While traditional leisure trips will remain the main source of demand, business travel is growing again . There is still a demand for bleisure trips , i.e. combining a business trip with a private holiday. The coolcation trend is also important for the Polish market , i.e. the search for cooler holiday destinations in response to heat waves in southern Europe. — Social media will continue to shape the attractiveness of destinations , especially among younger travelers. For operators, understanding and leveraging this influence will become increasingly important, as it can increase brand visibility and accelerate the development of new destinations. The ability to use AI platforms to generate complete travel plans based on user preferences is changing the approach to hotel brand marketing. Their products must also be distributed through these new channels. — Demographics remain a long-term risk factor. With a decreasing population in Poland, the need to attract tourists from new foreign markets will increase, as well as to attract part of the domestic demand, currently choosing foreign destinations, to the Polish hotel base. It is also necessary to expand the offer for the dynamically growing group of seniors.

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Contacts

Polish Research

Other Business Lines

Katarzyna Gajewska Director, Head of Research katarzyna.gajewska@cbre.com Agnieszka Mikulska Associate Director agnieszka.mikulska@cbre.com Paulina Pieniak Analyst paulina.pieniak@cbre.com Michał Nowacki Senior Consultant michal.nowack@i cbre.com

Sean Doyle CEE Capital Markets sean.doyle@cbre.com

Mariusz Wiśniewski Office Leasing mariusz.wisniewski@cbre.com Paweł Dobrowolski Office Leasing pawel.dobrowolski@cbre.com Anna Wysocka Retail Leasing anna.wysocka@cbre.com Michał Śniadała I&L Leasing michal.sniadala@cbre.com Michał Berski Investment Properties, I&L michal.berski@cbre.com

Marta Abratowska Capital Markets, Living marta.abratowska@cbre.com Przemysław Łachmaniuk Capital Markets, Living przemyslaw.lachmaniuk@cbre.com Krzysztof Koziar Project Management & Building Consultancy krzysztof.koziar@turntown.com

Przemysław Felicki Investment Properties pzemyslaw.felicki@cbre.com Łukasz Kałędkiewicz Advisory & Transaction Services lukasz.kaledkiewicz@cbre.com Joanna Mroczek Strategic Consultancy & ESG joanna.mroczek@cbre.com Maciej Wójcikiewicz Valuation Advisory maciej.wojcikiewicz@cbre.com

Piotr Karpiński Property Management piotr.karpinski@cbre.com

© Copyright 2026. All rights reserved. This report has been prepared in good faith, based on CBRE’s current anecdotal and evidence based views of the commercial real estate market. Although CBRE believes its views reflect market conditions on the date of this presentation, they are subject to significant uncertainties and contingencies, many of which are beyond CBRE’s control. In addition, many of CBRE’s views are opinion and/or projections based on CBRE’s subjective analyses of current market circumstances. Other firms may have different opinions, projections and analyses, and actual market conditions in the future may cause CBRE’s current views to later be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses or market circumstances later change. Nothing in this report should be construed as an indicator of the future performance of CBRE’s securities or of the performance of any other company’s securities. You should not purchase or sell securities — of CBRE or any other company — based on the views herein. CBRE disclaims all liability for securities purchased or sold based on information herein, and by viewing this report, you waive all claims against CBRE as well as against CBRE’s affiliates, officers, directors, employees, agents, advisers and representatives arising out of the accuracy, completeness, adequacy or your use of the information herein.