Office values in San Francisco have plunged 75% on a per-square foot basis compared to sales from just before the pandemic, the Hoover Institution said.

The Hoover report was authored by Lee Ohanian a senior fellow at the institution.

The report’s finding noted the former Union Bank building, located in the center of San Francisco financial district, was auctioned off last week for $65 million — 75% less on a per-square-foot basis than comparable building sales just prior to the pandemic.