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Value of offices in US falls as remote working persists
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The stress bearing down on the commercial real estate sector has been evident since the Covid-19 pandemic accelerated the trend of remote work.
PHOTO: REUTERS
In San Francisco, a 20-storey office tower that sold for US$146 million a decade ago was listed in December for just US$80 million (S$107 million).
In Chicago, a 200,000 sq ft office building in the city’s Clybourn Corridor that sold in 2004 for nearly US$90 million was purchased in February for US$20 million, a 78 per cent markdown.
