Blue city’s largest mall now 93% vacant as value plunges $1 billion over the past decade

The largest shopping mall in San Francisco is now reportedly 93% vacant and has seen its value plunge by 25% over the past year, as high rents and retail crime continue to batter the Northern California city.

A new appraisal has slashed the value of San Francisco Centre, located at 865 Market Street, to $195 million, which is a 25% decrease since August 2024 and more than $1 billion below its valuation in 2016, the San Francisco Chronicle reported , citing research from Morningstar.

The 1.4 million-square-foot mall has become largely deserted, with 93% of its property now empty, according to the San Francisco Chronicle.

San Francisco Centre is also in talks with the owner of the land over claims of potentially violating its lease obligations. That lessor, the San Francisco Unified