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SF will continue to be the epicenter of the tech world despite its problems
Here are the many reasons why I believe SF will continue to be the epicenter of the tech sector:
- Y Combinator is moving from Mountain View, CA to SF (source)
- Waymo and Cruise first launched their robotaxi businesses in the city and self-driving rivals like Zoox continue to center their testing efforts in the city
- OpenAI signed the largest office lease in SF since 2018 (source)
- Anthropic took over Slack's former HQ in the city (source)
- Majority of AI startups are taking advantage of the discounts in office leases in the city (no other city attracts more AI companies like SF) (source)
- Startups in other fields like self-driving and fintech have been taking advantage of the cheap leases (source)
- Companies looking to bring workers to the office prefer to be in SF than in Palo Alto or San Jose because of the abundant public transportation options
- During the pandemic, SF increased its share of tech jobs despite tech workers moving to zoom towns (source)
- California remains the biggest receiver of early stage funding and SF remains the biggest city for early stage funding. (source)
- IKEA opened its first SF location in August 2023 (source)
- $CSCO and AutoDesk signed massive office space renewals during the year (source) (source)
- $SNAP, one of the notable tech companies that rushed to get out of their office lease because of the pandemic, is returning to the city (source)
- Startups that have physical products and hardware they are working on and need a space for "plug and play" are looking to take advantage of the office lease discounts available (source)
- Startups that have raised huge chunks of cash that are in high growth industries like VR, AR, cleantech (carbon capture, electric vehicles and solar) are interested in bringing more workers to the office (source)
Anthropic's newest office in downtown SF
The Real Deal
AI Companies Could “Stabilize” Downtown SF Office Market
Analysts hope that the artificial intelligence industry will fill the empty spaces in central San Francisco.
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