No question. San Francisco mall on market Street (Nordstrom’s, etc) just went to the bank along w 2 iconic hotels a couple of blocks away. 350 California St office bldg valued at $300mm four years ago selling for $60mm. Perfect storm for urban markets...50% physical occupancy, no demand for restaurants or retail, tourism collapsing and interest rates grossly recalibrated.
No question. San Francisco mall on market Street (Nordstrom’s, etc) just went to the bank along w 2 iconic hotels a couple of blocks away. 350 California St office bldg valued at $300mm four years ago selling for $60mm. Perfect storm for urban markets...50% physical occupancy, no demand for restaurants or retail, tourism collapsing and interest rates grossly recalibrated.
You know the Fed is just gonna buy this all up.