09-07-2023, 03:20 PM
By Krystal Hu
July 8, 20239:01 PM GMT+8Updated 18 hours ago
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"Presidio really represented what we thought the future of work should be," said Mathias Schilling, Managing Partner at Headline, on a recent sunny afternoon. Nearby, a dozen employees were sitting at a long wooden communal table in the bright kitchen, eating lunch against a backdrop of lush greenery, palm trees and panoramic views of San Francisco Bay.
"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."
Other venture capitalists - including Felicis Ventures, which backed Shopify and Fitbit, as well as Forerunner Ventures and venture studio Atomic, have filled the directories in the Letterman Building, one of the biggest office complexes in the Presidio.
Converted from a former military base, the Presidio is located at the tip of San Francisco's peninsula, several miles west of the financial district. As a national park, it is patrolled by federal police.
"It 100% feels safer than downtown. There's no open drug use in the Presidio. There are no homeless encampments. There are very few homeless wandering around and that is because it's the federal land and the federal police is a big part of it," said Rex Salisbury, who runs VC firm Cambrian Venture and has been living and working from the Presidio since 2017.
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some firms say they feel less obligated to stay downtown because startup founders have become more scattered since the pandemic
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"Presidio was too far, before COVID, for any founders to want to really come. Founders are not in downtown anymore, so we don't have to be there anymore. We felt like it wasn't going to be a burden for our founders to come here. They're actually really excited," said Eurie Kim, whose venture firm Forerunner left downtown for the Presidio in early 2022.
Although there are no statistics on the locations of VC firms by neighborhood, the Presidio vacancy rate is about 5%, compared to an overall commercial real estate vacancy rate in San Francisco of 35%, up from 4% pre-pandemic
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That is despite commercial real estate in the Presidio being on average 20% more expensive than downtown
https://www.reuters.com/world/us/san-fra...023-07-08/
July 8, 20239:01 PM GMT+8Updated 18 hours ago
......
"Presidio really represented what we thought the future of work should be," said Mathias Schilling, Managing Partner at Headline, on a recent sunny afternoon. Nearby, a dozen employees were sitting at a long wooden communal table in the bright kitchen, eating lunch against a backdrop of lush greenery, palm trees and panoramic views of San Francisco Bay.
"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."
Other venture capitalists - including Felicis Ventures, which backed Shopify and Fitbit, as well as Forerunner Ventures and venture studio Atomic, have filled the directories in the Letterman Building, one of the biggest office complexes in the Presidio.
Converted from a former military base, the Presidio is located at the tip of San Francisco's peninsula, several miles west of the financial district. As a national park, it is patrolled by federal police.
"It 100% feels safer than downtown. There's no open drug use in the Presidio. There are no homeless encampments. There are very few homeless wandering around and that is because it's the federal land and the federal police is a big part of it," said Rex Salisbury, who runs VC firm Cambrian Venture and has been living and working from the Presidio since 2017.
......
some firms say they feel less obligated to stay downtown because startup founders have become more scattered since the pandemic
......
"Presidio was too far, before COVID, for any founders to want to really come. Founders are not in downtown anymore, so we don't have to be there anymore. We felt like it wasn't going to be a burden for our founders to come here. They're actually really excited," said Eurie Kim, whose venture firm Forerunner left downtown for the Presidio in early 2022.
Although there are no statistics on the locations of VC firms by neighborhood, the Presidio vacancy rate is about 5%, compared to an overall commercial real estate vacancy rate in San Francisco of 35%, up from 4% pre-pandemic
......
That is despite commercial real estate in the Presidio being on average 20% more expensive than downtown
https://www.reuters.com/world/us/san-fra...023-07-08/