Why No One is Buying Downtown San Francisco Luxury Condo’s

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These days, a luxury high-rise in downtown San Francisco with units that appear to be mostly empty isn’t an uncommon sight. As a cooling real estate market continues to impact the city, downtown condos might be some of the hardest-hit properties around.

Patrick Carlisle, Compass’ chief market analyst, said that while economic headwinds are affecting real estate markets everywhere, downtown San Francisco’s condo market has been hit especially hard.

“That market has been hit hardest in the city,” Carlisle told SFGATE. This is due to a few different factors, he said, one being the mass abandonment of downtown office spaces since the start of the pandemic.

“San Francisco went from probably being the hottest office market in the country to being about the weakest,” Carlisle said. “High-tech workers were the ones who were most likely to say, ‘Well, I can work from any place. I’ll move someplace where housing costs 90% less.’”

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