SF commercial real estate collapsing
Covid + hostile policies.
A few large buildings, like 550 California St. and 455 Market St, were placed on the market in recent months at deep discounts to what they would have fetched before the pandemic, but were eventually pulled when offers came in that were even lower than those already-discounted prices.
In the case of 550 California St., a downtown office tower owned by Wells Fargo, bids came in at 60% to 70% under what the building would have sold for in 2019, real estate brokers said.