Downtown San Jose and San Francisco continue to suffer from sky-high vacancies.
SAN JOSE — Downtown San Jose and San Francisco continue to suffer from sky-high vacancies that have left offices more than one-third empty despite microscopic improvements in the commercial real estate sector.
— San Francisco had an office vacancy level of 36.3% in the 2024 first quarter, compared with 36.7% in the 2023 fourth quarter. Owners of office buildings have managed to keep rental rates relatively stable in both downtown San Jose and San Francisco.In San Francisco, the value of One Market Plaza has plunged 29%. Another office building on Market Street suffered a 90% nosedive in its value when it sold recently.In December 2023, the purchase of the 303 Almaden Boulevard office tower for $23.8 million represented a 70% decline in its value compared with the last time the highrise sold, in 2017.
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