While office buildings remain vacant and luxury residential sales stalled, luxurious shopping malls turned a bright spot for major Hong Kong developers in the first half of 2023. San Francisco’s business real estate market has seen a latest peak in demand. Last 12 months in September or October, we put out analysis that proposed a 30% decline in workplace prices. At this point, I could be fairly joyful if it ended up being only a 30% decline. We have seen some indications that already, prices have fallen nearer to 40% and in some cases, much more than that.
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