In the strongest signal yet that San Francisco’s office market is rising from the bottom, the total number of office buildings sold in downtown San Francisco in 2024 was double the total for the previous two years combined.
According to CBRE data, a total of 23 office buildings were sold in San Francisco last year encompassing $916M in sales volume, including partial interest and loan note sales. Only a dozen office buildings traded during 2022 and 2023 combined, encompassing a total of $863M.
Most of the deals were at bargain basement prices, but the pricing average is heading up. The average office deal was $310 per SF, up from $253 in 2023. Before the pandemic, 25 downtown office buildings sold in 2018 in San Francisco for an average of $861 per SF.
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