VC Dollars Driving Big Leases
Is a tech bubble coming? Tis a question for a different article. For now, just enjoy the lathery goodness. High-tech VC funding is fueling office expansion, according to a JLL report. Uber's $257.7M infusion was the top VC-backed deal in Q3 in San Francisco. It has a new 88k SF HQ at 1455 Market (above) and sources tell us it's on the market for more square footage. Practice Fusion, which got $70M last quarter, is searching for 100k SF. (Share an office with Uber; it's a guaranteed ride to the airport.) The total $1.2B injected into San Francisco companies in Q3 is up nearly 49% over a year earlier, says the report. That's not far from the $1.3B that flowed into Silicon Valley--the greatest amount of high-tech VC funding of any US market.