From Dow Jones & Company:

San Francisco office buildings experienced a significant decrease in foot traffic at the end of 2023, with 53.1% fewer visits compared to four years ago. This is well below the national average, despite employers mandating more in-person work days. In contrast, New York City saw only a 19.2% decrease in foot traffic from office workers. Major U.S. cities have a 19.6% vacancy rate for office buildings, the highest in four decades. The benchmark 10-year Treasury yield has fallen below 4%, giving borrowers a reprieve, but property values in big cities have dropped. Owners of office and multifamily properties face challenges in refinancing maturing loans.



Read more: San Francisco office buildings have 53% less foot traffic than four years ago