San Francisco Office Values Collapse 75%

NewsMax ^ | 05/19/2023 | Jeffrey Rodack

[SeekAndFind]

Office values in San Francisco have plunged 75% on a per-square foot basis compared to sales from just before the pandemic, the Hoover Institution said.

The Hoover report was authored by Lee Ohanian a senior fellow at the institution.

The report's finding noted the former Union Bank building, located in the center of San Francisco financial district, was auctioned off last week for $65 million — 75% less on a per-square-foot basis than comparable building sales just prior to the pandemic.

Ohanian called it "devastating news" for the city since the auction price provides a new market rate benchmark for setting the price for other downtown commercial buildings.

The report noted San Francisco's downtown vacancy rate has jumped from about 4% in 2019 to almost 30% now, as companies abandon the city for friendly taxe locales.

"The continuing losses of San Francisco's economic base are a symptom of a city that has become politically dysfunctional and is perceived by people and businesses to be dangerous and unworkable," the report said.

"And these losses will continue until those who govern San Francisco make different choices regarding the related issues of drug abuse, homelessness, and crime."

According to the report, retailers in the downtown area have been closing their stores — citing problems of theft and employee and customer safety.

The San Francisco Standard noted last week that thieves have been hitting one Target store at least 10 times a day. The store is located in a mall near San Francisco's Union Square.

[MinorityRepublican]

$#ithole.

[BenLurkin]

"I did that!

[ProtectOurFreedom]

Why worry about property values when you have a "Drag Laureate"? The city knows how to focus on the really important things...

San Francisco names nation's first drag laureate
KTVU
May 18, 2023
Posted on 5/18/2023, 6:44:15 PM by artichokegrower

SAN FRANCISCO - San Francisco has named the nation's first drag laureate.

D'Arcy Drollinger, a well-known drag performer and nightclub owner, has been appointed to the position by Mayor London Breed. It's the first such initiative in the country, and Drollinger will receive a $55,000 stipend in her 18-month role.

[joshua c]

ive seen this play before

drive down prices

buy it up on the cheap

then clean the place up

or is it just cloward-piven in action

a lot of buildings are owned by banks and insurance companies

[rellic]

Just another Democrat run city.
Took it a while, but is is the fate of all Democrat run things in the USA.

[cpdiii]

I loved the San Francisco of the past. When I went there I knew I would pay top dollar for accommodations and food that was of the first class and a beautiful city and bay. It was worth it!

I refuse to step around feces and drug addicted homeless and worse to visit this once great city. This once great city has failed.

[LucienCA13]

Yes. Also know as “smash and grab”. The politicians smash it so there buddies can grab it, and give them a cut of course.

[MinorityRepublican]

San Francisco might be the next Detroit. In that case, the real estate in downtown is worthless.

[Maris Crane]

Did the progressive, socialist morons really think there would be no repercussions?

Proves just how dumb they are.

I have always maintained that the LEFT has no common sense, no introspection and NO FORESIGHT.

I cannot think of a strategy, platform, proposal, plan, thought or action that DIDN’T

RESULT IN DISASTER. NOTHING THEY EMBRACE EVER WORKS OUT.
THER ARE LIKE THE GOMER PYLE OF SOCIETY.

Solar power, wind energy, EVs, gas stoves, on and on.

Perpetual LOSERS.

[himno hero]

She’s dead, Jim

[Laslo Fripp]

Please leave Gomer Pyle out of this.

[Jonty30]

As Joshua C pointed out, it’s how those who use government to control society go about buying up the places they destroy.

You can be certain that this is why California is being destroyed, to drive everybody out but the billionaires who will then buy up California for themselves.

Then suddenly, no more problems.

[Jonty30]

You understand that socialism is just a means to transfer the wealth of society into the hands of the few.

I keep trying to explain this to liberals, but they think I don’t know what I’m talking about.

[Maris Crane]

I hope you are kidding, Laslo.

Gomer Pyle is adorable, but lacking in the awareness lane.

However, the LEFT is NOT adorable.

[VanShuyten]

“… 75% less on a per-square-foot basis…”

I bet the property tax assessor’s office will be very busy with challenges, and the SF budget will take such a hit that they won’t be able to pay reparations.

[DIRTYSECRET]

Rudy fixed NY. That’s what’s needed but then he had to end his term.

It’s doable in SF but queers run the place and Chinamen don’t vote. No one has the will to stand up to these nuts.

[Secret Agent Man]

Following on par with San Francisco’s moral collapse of well over 90%...

[Laslo Fripp]

Private Duane Doberman is a better example of a sh!tbird.

[CFW]

And I suspect such vacancies will only worsen. Much as they will in every democrat-controlled inner city in every democrat-controlled blue state.

At least in states in which the Governor and state legislature the GOP holds the majority, they can keep those “blue” cities a bit in check. In states such as California, and now Washington State and Oregon, along with couple of others, conservatives would do better to just abandon all hope along with the state as well.