The value of some distressed offices in San Francisco has plunged by over 80%, with a record office vacancy rate of 37%, highlighting severe economic impacts.
According to Nigel Hughes from CoStar, "The value they have in these buildings has been seriously eroded," reflecting immense pressure on property owners facing low occupancy rates.
Notably affected is the Emporium Centre, which lost $930 million—76% of its value—since 2016 and was placed into receivership due to defaulted loans.
The financial stress on local landlords is evident as burdensome debt obligations and declining occupancy continue to plague the commercial real estate market.
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