The Real (Estate) Price of Tech Expansion
San Francisco tech firms such as DocuSign and Stripe last year agreed to office rental prices more than 50% higher than what they were already paying, new data show. It’s a sign of how skyrocketing rental prices in the city are affecting startups as they expand into more space.
Some tech companies were lucky enough to lock in lower prices before rents took off. Airbnb, for instance, now pays one-third below market rate for its 225,000-square-foot office, a former wholesale jewelry mart that the $25.5-billion company leased in 2012, the data show.