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A glaring indicator of San Francisco's troubles is the drastic devaluation of its premier office buildings and retail spaces. For instance, a notable office tower that once housed multiple businesses was sold at a staggering 90% discount from its 2016 sale price—a clear sign of the deteriorating demand for commercial real estate downtown. Similar stories emerge with the historic David Hughes building, originally valued at $62 million, now sold for just $6.5 million, underscoring the severe decline in property values.
Even iconic assets have not been spared. The Wells Fargo building downtown, which previously commanded over a billion dollars in value, has been sold at an 85% reduction, reflecting a harsh new reality where investors are wary of downtown San Francisco's prospects.