A big office building in San Jose has been bought for slightly more than its prior price.
SAN JOSE — A big office building in San Jose has been bought for slightly more than its prior price — yet the $30 million-plus deal nevertheless hints at a brutal real estate market in the Bay Area.
Over the same period from November 2021 through June 10 that the sellers owned the building, the S&P 500 Index, the broadest measure of U.S. stocks, rose 14%. In the spring of 2022, just months after buying the office building, Machine and Buadpoint offered the building for sale with an asking price of about $55 million.
By 2023, however, the tech sector’s job cuts became a storm surge that swamped the commercial real estate market and washed away office building values in the Bay Area.A growing number of Bay Area office buildings are being sold for far less than what the sellers paid for them just a few years earlier. Foreclosures due to delinquent loans have begun to haunt the region’s office market to a significant extent.
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