Often cited for its boom-bust cycles, San Francisco has been at the epicenter of multiple eras of technological innovations. While many companies have either failed to survive, shrunk massively, or were acquired, each generation has reshaped how technology is built, funded, and scaled.
Throughout each technological era, market-defining companies pursued aggressive leasing strategies to match boisterous and rapid growth. Yet as each wave gave way to the next, many of these companies now occupy a fraction of the space compared to their peak office footprints.
Today, AI companies are racing to hire, expanding offices, and commanding valuations that would have seemed implausible five years ago, a familiar cycle that San Francisco has experienced before. The technology may be different this time around, but the market has learned to ask the question before pricing in the answer: will this time be different?
