The cliff dive in valuations of San Francisco's office buildings as record vacancy rates continue is having an impact on what has been called the "premier business address" in the Financial District.

Several towers on California Street have traded at fire sale prices—and now office rents are plunging as well.

The average asking rent for offices on California Street is $62 per SF, down almost a third from $90 per SF in 2020, according to data from Cushman & Wakefield reported by the San Francisco Standard.

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