City Office REIT : Investor Presentation – February 2023

I N V E S T O R

P R E S E NTAT I O N

F E B R U A R Y 2 0 2 3

N Y S E : C IO

FORWARD-LOOKINGSTATEMENTS

This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward- looking statements within the meaning of the federal securities laws and as such are based upon City Office REIT, Inc.'s ("CIO" or the "Company") current beliefs as to the outcome and timing of future events. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "approximately," "anticipate," "assume," "believe," "budget," "contemplate," "continue," "could," "estimate," "expect," "future," "hypothetical," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or other similar words or expressions. There can be no assurance that actual forward-looking statements, including projected capital resources, projected profitability and portfolio performance, estimates or developments affecting the Company will be those anticipated by the Company. Examples of forward-looking statements include those pertaining to expectations regarding the Company's financial performance, including under metrics such as NOI and FFO, market rental rates, national or local economic growth, including the impact of inflation, estimated replacement costs of the Company's properties, the Company's expectations regarding tenant occupancy, re-leasing periods, the Company's ability to renew expiring leases, tenant compliance with contractual lease obligations, projected capital improvements, expected sources of financing, expectations as to the likelihood and timing of closing of acquisitions, dispositions, or other transactions, the expected operating performance of the Company's current properties, anticipated near-term acquisitions and descriptions relating to these expectations, including, without limitation, the anticipated net operating income yield and cap rates, lower than expected yields, increased interest rates and operating costs and changes in local, regional, national and international economic conditions, including as a result of the ongoing COVID-19 pandemic. Forward-looking statements presented in this presentation are based on management's beliefs and assumptions made by, and information currently available to, management.

The forward-looking statements contained in this presentation are based on historical performance and management's current plans, estimates and expectations in light of information currently available to the Company and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Actual results may differ materially from these expectations due to the factors, risks and uncertainties described above, changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors described in the Company's news releases and filings with the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 under the heading "Risk Factors" and in the Company's subsequent reports filed with the SEC, many of which are beyond the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove to be incorrect, the Company's actual results may vary in material respects from what the Company may have expressed or implied by these forward-looking statements. CIO cautions that you should not place undue reliance on any of CIO's forward-looking statements. Any forward-looking statement made by the Company in this presentation speaks only as of the date of this presentation. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company or its management to predict all of them. The Company does not guarantee that the assumptions underlying such forward-looking statements contained in this presentation are free from errors. Unless otherwise stated, historical financial information and per share and other data are as of December 31, 2022 or relate to the quarter ended December 31, 2022. The Company has no obligation, and does not undertake, to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws.

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COMPANY OVERVIEW

City Office owns a diversified portfolio of premier office properties in high-growth Sun Belt markets

5% SEATTLE, WA

PORTLAND, OR

3%

CURRENT MARKETS (1)

			Annualized		Lease
	No. of	NRA	Gross Rent	In Place	Term
Market	Buildings	(000s SF)	per SF	Occupancy	Remaining
Phoenix, AZ	23	1,520	$30.90	75.5%	4.8
Raleigh, NC	2	495	$37.63	83.5%	9.5
Tampa, FL	5	1,050	$27.62	91.5%	4.3
Dallas, TX	4	587	$42.41	87.7%	3.3

	DENVER, CO		RALEIGH, NC		Denver, CO	6	805	$32.09	88.5%	4.9
SAN DIEGO, CA
9%				Orlando, FL	8	716	$26.73	91.6%	4.0
			19%
				San Diego, CA	4	281	$39.03	73.7%	3.9
5% PHOENIX, AZ
	DALLAS, TX	ORLANDO, FL		Seattle, WA	3	207	$29.17	100.0%	6.1
24%		13%	14%	8%	Portland, OR	5	331	$28.61	99.0%	2.3
			TAMPA, FL
				Total	60	5,992	$31.59	86.2%	4.9
The Terraces, Dallas			Bloc 83, Raleigh							Block 23, Phoenix

Note: All information as of December 31, 2022	3
(1) Percentages based on management's estimate of aggregate gross asset value in each market

COMPANY HIGHLIGHTS

INVESTING IN LEADING SUN BELT MARKETS

Bloc 83, Raleigh	❑	Attractive Sun Belt markets are capitalizing on labor force migration and corporate relocations

❑ Population shift to the Sun Belt has been accelerated by the pandemic

❑ City Office markets are the intersection of high quality of life, strong talent pool and relative affordability

HIGH-QUALITY,DIVERSIFIED PORTFOLIO

Mission City, San Diego

❑ 6.0 million square feet of well-located properties across 60 buildings ❑ Majority of the portfolio is Class A, core assets with strong tenancy ❑ Entire portfolio had 99%+ rental collections throughout the pandemic

MANAGEMENT TEAM WITH AN EXCELLENT TRACK RECORD

Sorrento Mesa, San Diego

❑ CIO's ten dispositions have generated over $570 million of gains on sale ❑ Total return in the top quartile of public office REITs since IPO

❑ 52% growth in Core FFO per share since the start of the pandemic

TAKING ACTIVE STEPS TO POSITION FOR LONG TERM SUCCESS

The Terraces, Dallas

• Strategic investments in property upgrades and spec suites to optimally position the portfolio for leasing
• Selective disposition of non-core properties to focus portfolio and enhance dry powder available for opportunities
• Long term opportunities: acquisitions, development, redevelopment and investment participation options

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INVESTING IN LEADING SUN BELT MARKETS

NATION-LEADINGOFFICE DEMAND DRIVERS

CORPORATE EXPANSIONS

% PROJECTED POPULATION

% PROJECTED EMPLOYMENT

COST OF DOING

EXAMPLES OF MAJOR CORPORATE RELOCATIONS

GROWTH 2023 - 2028 (1)

GROWTH 2023 - 2028 (1)

BUSINESS INDEX (1)(2)

OR EXPANSIONS TO THE SUN BELT

1.1%

0.9%

119

108

0.5%

0.4%

100

0.3%

0.1%

Gateway

National

CIO

Gateway

National

CIO

Gateway

National

CIO

Markets

Avg

Markets

Markets

Avg

Markets

Markets

Avg

Markets

2022 NET MIGRATION FAVORS SOUTH AND WEST (3)

PORTFOLIO LOCATED IN DESIRABLE SUBMARKETS

❑ Phoenix:+54k Downtown, Scottsdale, Tempe, Camelback Corridor, Chandler

❑ Raleigh: Downtown - Glenwood South

❑ Tampa: Downtown Tampa, Downtown St. Petersburg

❑ Dallas: Preston Center, Uptown

❑ Denver: Denver Technology Center, Northwest Corridor

❑ Orlando: Downtown Orlando, Florida Research Park

❑ San Diego: Mission Valley

Green is top-10❑ Seattle: Eastside / Bothell

Red is bottom-10

❑ Portland: Sunset Corridor

1. Source: Emerging Trends in Real Estate 2023. Gateway markets represent New York, NY, Boston, MA, Chicago, IL, Los Angeles, CA, San Francisco, CA and Washington, D.C.

(2)	Cost of doing business indexed to national average at 100. Higher numbers indicate higher cost of doing business. Figures based on MSA-level data	5
(3)	Source: National Association of Realtors aggregation of US Census Bureau data for 2022 domestic net migration