According to a report from the Hoover Institution, office values in San Francisco have experienced a significant decline of 75% per square foot compared to pre-pandemic sales.
The report, authored by Lee Ohanian, a senior fellow at the institution, highlighted a specific example to support this finding.
The former Union Bank building, situated in the heart of San Francisco’s financial district, was recently sold at an auction for $65 million, representing a 75% reduction in value per square foot when compared to similar building sales prior to the pandemic.
