A San Francisco office building was worth $300 million before the pandemic. Now, it could sell for only $60 million — a perfect example of why downtowns are in trouble
that unused office buildings would have to be converted or demolished.
"You will have a lot of obsolete buildings at the end of the day which are not suitable to be upgraded, or it is financially not viable," Christian Ulbrich, CEO of JLL, said."So we have to repurpose those buildings in some form or fashion, or they will be empty and will be taken down at some point in time."
Whatever price the 22-story tower sells for will be telling for San Francisco's office building market, the latest data point to likely drive home just how far prices have fallen since the pandemic.Subscribe to push notifications
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