San Francisco ended 2023 with the highest commercial real estate vacancy rate in the city’s history.
San Francisco’s amount of vacant office space has reached the highest level ever recorded in the city’s history.
According to preliminary fourth quarter data provided by real estate brokerage CBRE, the city’s vacancy rate ticked up nearly 2 percentage points from the previous quarter, reaching 35.9% at year-end. In September, that number was at 33.9%, which was also the previous record high.
Since then there has been more signs the city is in trouble. The former Westfield Mall, which was abandoned last year by most of its tenants and which was then surrendered by owners to their lenders, lost 75% of its value since 2016.
San Francisco’s biggest mall saw its value slashed by about 75% in December, to $290 million – marking a loss of nearly $1 billion since the property…
