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Staff Writer, April 16,2009

According to the San Francisco Chronicle, the latest sector of the business world to be hit by the banking and economic crisis is the office buildings. Many owners of small commercial buildings have begun to default on their payments and may be bought out by large lending companies.

In the article, a forecast from Deutsche Bank is paraphrased as saying, “Rising vacancies, falling rents and tight capital are likely to push U.S. commercial delinquency rates above 3.5 percent by the end of the year and as high as 6 percent in 2010, near the levels reached during the early 1990s.”

There is great concern among small business owners in the city of San Francisco that they too will be pushed out of business and out of their buildings. The following is a report from Real Capital Analytics about the office buildings that have recently closed in the city of San Francisco:

  • 2135 Market St., owned by affiliates of the Lembi Group, one of the city's largest apartment owners. It's just one of more than 20 properties owned by the family that a division of CIM Group Inc. is seeking to foreclose on, according to a lawsuit filed in San Francisco Superior Court in March. They've allegedly been in default since early February.
  • 2712 Mission St., owned by a partnership in Redondo Beach. A notice of trustee's sale was filed in December, according to the San Francisco assessor's office.
  • 1500 Franklin St., held by Timothy Delaney and his wife, who also own the San Francisco Keller Williams Realty franchise there.

 

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