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San Francisco office transactions have seen a decline in both volume and value over the years. In 2021, there were 160 transactions totaling $9.4 billion at $500/sqft, while in 2023, only 38 transactions amounted to $1.25 billion at $318/sqft. The decrease continued in 2022 with 98 transactions totaling $4.6 billion at $420/sqft. The Bay Area real estate market is also affected by factors like commute times to high-paying jobs, with home prices varying significantly.
Bay Area office market flounders with empty space but demand jumps https://t.co/wUzPt12mM2
SF office market shows first signs of turning the corner https://t.co/iLlnztYOmv
In a nut shell home prices vary in the Bay Area drastically due to commute times to the high paying jobs. Of course there are other factors as well but this is a big one! Take a look at these 3 examples, all are 3 beds/ 2 baths and roughly same size/ updates. Sunnyvale: 2.6M… https://t.co/ZE3WEdsHFy