Real Estate Investor LOST $60 MILLION in San Francisco

Clarion Partners, a commercial real estate investor, just lost $60 million on an office building they purchased in downtown San Francisco.

The reason real estate investors in San Francisco are taking huge losses is because the downtown area has seen a massive exodus over the last three years.

With 50% of the retail shops closing. And home prices in the area have gone down by 15% over the last year.

The downturn in tech to go along with the still expensive costs of living in San Francisco will likely mean that real estate investors could continue to take losses over the next couple years before the bottom hits.
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