The largest commercial center in San Francisco is 93 % empty with low evaluation: Report

The largest commercial center in San Francisco has witnessed an amazing decrease in both traffic and the value of property, as the continuous stagnation in shopping in the store weighs on the city and the state retail centers.

According to a new evaluation by Morningstar, he was martyred in San Francisco CronicThe value of the San Francisco Center in 865 Market Street recently reached $ 195 million, a decrease of 25 percent compared to August last year and more than one billion dollars lower than its 2016 rating. Morningstar also found that the mall is now 93 percent.

Newsweek I called the commercial center to comment via email outside the regular hours.

Why do it matter

Reducing the global e-commerce growth of customer who prefer shopping in the store, a trend that is accelerated by Covid-19 and beyond. High rents have been cited and a retail crime has been increased, such as reasons that struggle to San Francisco bricks and mortars in particular in recent years.

What do you know

Despite the efforts made to revitalize in the center of San Francisco and the successful success at the nearby Stonestown Galleria Center, the San Francisco Center is now seen as the former city retail sale in the city.

Gazetteer SF is called “Dead Mall Walking” earlier this year amid a constant decrease in the number of visitors and vacant moods. The departure of retailers from the commercial center includes the last closure of multiple restaurants and clothing stores.

In 2023, the commercial center witnessed the departure of one of the most important tenants, the Nordstrom Fashion Division. In a memorandum obtained by CNN, the chief store employee in Nordstrom said that the decision was affected by “the dynamics of a market in the center of San Francisco”, who said it “has changed dramatically over the past few years, which affected the traffic traffic on our stores and our ability to work successfully.”

According to the Morningstar report, the management of the commercial center is in negotiations with the landowner due to possible violations of rental obligations. The lessor, the San Francisco Unified School area, confirmed this to San Francisco CronicWith a spokesperson saying: “SFUSD is still committed to productive negotiations with a mortgage lender.”

During the reshaping of shopping centers in affordable housing units, it was launched as a trend at the country level, as housing development experts said Cronic The material design of the commercial center and the terms of the ground rental contract would complicate this shift.

What people say

Arwin Benitez, assistant manager at a shoe store located in the mall, ABC7 in August: “It was completely different and no one really seeing. All stores are closed and very sad to see it.”

“It is just a lot of tourists, but they ask me, what is happening with the mall? I don’t know completely.”

Gazetteer SF store manager in March: “A group of companies only await our rental contracts until the time of exit. It’s empty empty.”

Le Chen, a resident of San Francisco and a chief economist in Moody’s Analytics, told previously. Newsweek: “The epidemic has really changed the city, and to some extent, the city’s lifeline.”

What happens after that

Mortgage auctions were delayed for the commercial center several times, according to Cronic. One is scheduled to hold the following on Thursday.