SAN FRANCISCO—San Francisco Centre, which is the City’s biggest mall, sits 93% empty. The latest appraisal value of the mall has dropped to 25% value, relating to recent reports. The downturn windfall comes from closures of major retail chains like Nordstrom and smaller retailers and restaurants as well as prices going up in San Francisco’s downtown market and the mall’s 2023 payment default on its mortgage.
Concerning retail space, San Francisco Centre has 93% vacant retail space. Since 2016, it has dropped another 25% in value. Because of market rates and low foot traffic, major and smaller retails and restaurants have to close down. In 2023, Nordstrom closed down at San Francisco Centre. The mall’s owners, Westfield and Brookfield, have no longer continued to pay their mortgage since 2023. The property is also negotiating with ground lessor over claims of a ground lessor default. The lessor, the San Francisco Unified School District, says mall’s management is currently in negotiations with the owner of the land over potential violation of its lease.
A previously delayed foreclosure auction is scheduled for Thursday, September 18, 2025.
