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The headlines say SF offices are 32% vacant But try finding a good 20-person office in Dogpatch You can't Reuben has been placing tech companies in SF for 10 years. His read on what's actually happening: Most of that vacancy is "commodity space" founders don't want The good stuff? Gone in weeks Dogpatch and Mission Bay are "very, very, very tight" Coinbase took 150k sq ft. Warriors took 50k. Nvidia took 45k. Pier 70 and Mission Rock got snapped up 8 million square feet of active tenant demand right now Highest number ever recorded If you need space by April 1, you're already late Reuben's advice: "Don't wait. Find it, go for it" 🎙️ Reuben Torenberg, Senior Vice President, CBRE on the Fondo START pod 00:00 Inventory snapshot 01:36 From Custom Spaces → tech focus that became AI focus 03:00 @SFHoopsleague : founder/VC flywheel 05:01 10-year arc: $88/ft peak, ~3% vacancy → COVID flip → AI rebound 09:12 Big blocks getting taken; momentum sets comps 12:20 Vacancy vs. demand; commodity space skews the headline 14:22 ~sq ft / person; load factor + layout caveats 15:42 Quick back-of-envelope monthly math 17:03 Dogpatch/Mission Bay/"YC effect" 19:48 Q1’26 advice: start early, move quickly