Posted on 09/18/2025 4:23:33 AM PDT by fluorescence
The largest shopping mall in San Francisco is now reportedly 93% vacant and has seen its value plunge by 25% over the past year, as high rents and retail crime continue to batter the Northern California city.
A new appraisal has slashed the value of San Francisco Centre, located at 865 Market Street, to $195 million, which is a 25% decrease since August 2024 and more than $1 billion below its valuation in 2016, the San Francisco Chronicle reported, citing research from Morningstar.
The 1.4 million-square-foot mall has become largely deserted, with 93% of its property now empty, according to the San Francisco Chronicle.
San Francisco Centre is also in talks with the owner of the land over claims of potentially violating its lease obligations. That lessor, the San Francisco Unified School District (SFUSD), remains "committed to productive negotiations with the foreclosing lender," a spokesperson told the San Francisco Chronicle.
[snip]
In 2023, shortly after Nordstrom announced it was leaving, former owners Westfield and Brookfield stopped making payments on their $558 million mortgage, according to the San Francisco Chronicle.
(Excerpt) Read more at foxbusiness.com ...
ROTFL! I wonder if Tony Bennett really left his heart in San Fernasco or was he just peeing on our leg and telling us that it was raining.
Did they choose thieves over customers?
I was last in San Fran maybe mid-2000’s. Union Square was a little rough, but just big city rough.(Where this Mall is) The Tenderloin was already no-mans-land. Chinatown was actually very nice. I think they didn’t rely on the City and took care of their own streets.
To be fair, I was already living in Seattle and used to rough west coast downtown landscape. I was a little desensitized.
The real issue isn’t the economy, pervasiveness of e-commerce, ineffective marketing, etc. The owners of the property, the mortgage holders, investors, andbusinesses that rented space - should sue the local government. They enabled an environment that harmed the aforementioned. They chose not to enforce laws. They chose to lessen penalties for crime. They inspired crime by not prosecuting theft under a certain dollar amount. They failed to mobilize and protect, they ignored. They allowed heath hazards- used needles, garbage, human waste, etc. tolerated. They allowed homeless person to camp out where customers, employees, and vendors would need to access. They created conditions that directly led to the demise of the property, businesses, and employment of others.
To the point, they managed like democrats and made others suffer as a result of their foolish policies.
93 percent empty is a dead mall about to close. But the story says that nearby Union Market is attracting new tenants and that at least some small businesses are still opening in the area. That means foot traffic isn’t entirely dead and there is still a pulse, so shoplifting, other crime, and SF’s general turn to squalor aren’t enough of an explanation.
I’ve only been to California a few times and it’s been ten years or more since I was last in SF, and then only briefly. I don’t pretend to know the area. Maybe some local freepers can shed some light.
The school district owns the property and rents remain high despite the exodus of tenants and the leasing company defaulting? Maybe there’s an ownership issue here. Parasites killing the host is the socialist baseline.
Actually, the Brylcreem Boy running for POTUS will actually be fun regardless who the candidate is on the right. Many ‘hair on fire’ hilarious videos out there. Can’t wait until the mock-ups start coming out.
Ha! I think that instead of trying to clean up these Blue cities, Trump ought to say:
“Here’s my phone number. When you are serious about cleaning up your crime, give me a call. In the mean time, I’ll get out of the way while you destroy yourselves.”
I remember San Francisco from the seventies. It was a delightful city, in every way.
I’ve only been there a couple times back in the 80s. Didn’t stay very long but I enjoyed seeing the place.
You can’t live in or do business in a place like that. The local wildlife is just to dangerous.
“ I wonder if Tony Bennett really left his heart in San Fernasco or was he just peeing on our leg and telling us that it was raining.”
It was a great American city at one time.
I lived there in the late 80’s.
That’s what makes this even worse.
It was great and liberal policies took over.
Textbook case in his they ruin things
I’ll tell you where my head was. While I was there, all I could think about was “Dirty Harry” and Karl Malden. Really enjoyed seeing Alcatraz and the Golden Gate Bridge. Awesome.
Eastwood is about to die. It will be the end of an era.
When I think of San Francisco of the 1980s, it’s the 49ers and Super Bowl victories that come to mind.
Don’t ya just love lib policies and how they work out so well? Oh, wait, it failed! My bad!
The San Francisco Unified School District owns the land the mall sits on. Does that arrangement help educate children?
The Fog has rolled in and it’s staying
Seeing reruns of Streets of San Francisco, McMillian & Wife and Ironside definitely makes old SF look good. The city wasn’t perfect then either but nothing compares to the disaster of now.
I will bet the property management company still demands the same lease and rent agreements as they did when the mall was bustling with tenants and customers.
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