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E152: Real estate chaos, WeWork bankruptcy, Biden regulates AI, Ukraine's “Cronkite Moment” & more
All-In with Chamath, Jason, Sacks & Friedberg
The San Francisco Commercial Real Estate Market
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Commercial real estate developers and sponsors are facing a massive problem as building prices in San Francisco plummet. Buildings that could have sold for $1,000 a square foot are now selling for $200 to $300, representing a fire sale at 10 to 20% of their replacement cost. This has led to potential loan impairments of 30 to 40%, with lenders facing markdowns on their debt. The distressed situation is evident in recent sales and the difficulty of rebuilding in a costly and complex market.
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