Office real estate market is still struggling, but there are huge bargains to be had.
A property in California that sold for $86 million in 2019, has been acquired by a new owner for $64 million dollars less.The building, at 410 Townsend street in San Francisco, was bought for just $22 million, SFGATE reported this week, in what could be an illustration of how the city is still battling against an underwhelming office real estate sector.The property boasts 78,000 square feet and four floors and had been a home for tech firms in the area, said the website.
's analysis.But the new owners of the 410 Townsend street property believe the market is about to rebound.
's analysis showed that the city ended the first quarter of this year with what they described as negative 387,000 square feet of net absorptionIt was 'the seventh consecutive quarter of occupancy losses,' the analysis said.Homes have been hit hard too.The data did show some interest in offices from research and development tenants, whose demand was up by about 56 percent. But even then, the nature of their interest pointed to some softness in the overall market.
's report warned.'The software and internet industry continued to lead demand along the Peninsula contributing to about 51.3 percent of the active requirements.' 's says its report looks at the office building market of at least 10,000 square feet and collects its information 'through telephone canvassing, third-party vendors, and listings received from owners, tenants and members of the commercial real estate brokerage community.'
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