California Focus: Pressure builds for more office building conversions ...Middle East

Almost no one wants office buildings these days, either to build them or buy them. In downtown San Francisco, the April sale of an empty 16-story office structure on lower Market Street brought just $6.5 million, less than the price paid for hundreds of California single family homes last year. That was 90 percent below the $65 million price the same building brought in 2016, the last time it changed owners. In the Arts District of Los Angeles, a fast-developing trendy area just east of downtown, plans to build a 10-story office structure containing many “creative spaces” were cancelled a month later by New York real estate developer Tishman Speyer. It’s the same all over the country, from M

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