Our office in San Francisco

We are now looking for another office in San Francisco after our current lease is trying to 3x the monthly rent. In a market where people are reporting that almost 40% of offices in downtown San Francisco are vacant, I do not see how they end up leasing the space out. But that’s not my problem.

It is my problem to figure out where our next office will be. I’ve written recently about how there is a complete lack of energy in San Francisco. Most people who still remain in the Bay Area seem to want to work from home. Contrast that to New York where people are in the office almost every day.

We’ve got some decisions to make as a team here in San Francisco. As of right now, we have at best 5-10 regular attendees in the office. Our New York office already has that same amount and it’s a much easier flight from Amsterdam where our 3rd office is at. We’ll need to decide if we want to invest in space in New York rather than San Francisco as our headquarters. At this point, it seems like this is the logical decision especially with our capital partners being based in New York.

We’ll need some sort of space in San Francisco. The choice will be between a co-working space or signing another lease somewhere. The flexibility of the co-working space is really nice, but that also comes with some major issues. We do know that we are going to downsize the San Francisco office significantly from a 60+ person office down to probably a 15-20 person office. It just doesn’t make sense right now for us to be paying for such a large space and no attendance.