San Francisco mayor proposes tearing down Westfield Mall and other shuttered downtown retailers Downtown San Francisco has an estimated 18.4 million square feet of available real estate. weeks after their anchor tenant Nordstrom announced plans to pull out of the mall. Westfield has stopped making payments on a $558 million loan for their mall at 865 Market St.

San Francisco's downtown continues to struggle with keeping retail and commercial properties rented following the COVID-19 pandemic, and lags behind all major cities in the U.S. Pedestrians walk by a the Westfield San Francisco Centre on Jin San Francisco, California.

In the United States, where lending comes mostly from small and mid-sized banks, credit conditions have already tightened. There are fears that a downturn in commercial real estate could cause losses at banks, which finance many of the industry’s deals. “Similarly, the impact could be stronger if troubled financial institutions decide to more quickly reduce the price of property they finance or own.” “The impact on value could be even stronger if rising interest rates compound it,” McKinsey added. In a more severe scenario, the value of office space could fall by as much as 42%, the consultancy said. The estimated $800 billion in valuation losses in those cities represents a 26% decline from 2019 levels. McKinsey looked most closely at nine “superstar” cities with a disproportionate share of the world’s urban gross domestic product, namely Beijing, Houston, London, New York, Paris, Munich, San Francisco, Shanghai and Tokyo. And those challenges could imperil the fiscal health of cities, many of which are already straining to address homelessness, transit needs, and other pressing issues.” “Urban real estate in superstar cities around the world faces substantial challenges. “Hybrid work is here to stay,” McKinsey said. HSBC is downsizing its headquarters and leaving London's Canary Wharf Photographer: Simon Dawson/Bloomberg via Getty Images Simon Dawson/Bloomberg/Getty Images to HSBC Holdings Plc have restarted cuts, taking gross losses announced this year to a combined 63,785 jobs, according to a Bloomberg analysis of filings. After a pause during lockdown, lenders from Citigroup Inc. A sign sits on the HSBC Holdings Plc headquarters office building in the Canary Wharf business, financial and shopping district of London, U.K., on Friday, Sept.

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