Venture capital firm Headline used to be in one of San Francisco's most eye-catching skyscrapers: the pyramidal Transamerica building that has defined the skyline for decades. Employees enjoyed the views from the 43rd floor and the convenience of being downtown.
As the tech industry shifted to work-from-home or downsized, a city center that was already struggling with drugs and homelessness slipped further into urban decay. Businesses closed and visitors were scared off, creating a vicious cycle that coincided with changes already happening in the city's real estate market.
"It's a very calm and quiet space, something that I think instills creativity and stimulates people," said Schilling. "We take meetings outside and we walk around the big lawn here." Since the 1990s internet boom, the VCs have physically clustered in hotspots that are close to the startup founders - including Sand Hill Road in Silicon Valley and South Park in downtown San Francisco.People enjoy the afternoon in Presidio, a former military base-turned-national park in San Francisco California, U.S., July 7, 2023. REUTERS/Carlos Barria
That is despite commercial real estate in the Presidio being on average 20% more expensive than downtown, according to CBRE data. "We found a convenient location that's close to public transportation, downtown hotels, and restaurants," said Jon Rehagen, chief technology officer at General Catalyst, adding that the firm was partnering with local restaurants and service providers. "Hopefully, that will help to revive the downtown tech corridor that is still recovering after the pandemic."
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