Reed Jobs says Silicon Valley’s 'energy' has moved to San Francisco thanks to post-pandemic office prices

Reed Jobs, son of Apple co-founder Steve Jobs, stated that Silicon Valley's energy has shifted to San Francisco following the post-pandemic commercial real estate crash in the city. The affordable real estate prices in San Francisco have become a catalyst for tech companies to grow and thrive there, according to Jobs. His own startup, Yosemite, is located in San Francisco to be in the thick of the action.

Jobs believes that the real estate slump during the pandemic helped move Silicon Valley's center of gravity northward to San Francisco. He noted that Palo Alto and the South Bay used to be where all the action was during his father's career, but now, the energy has migrated north, with companies like OpenAI, Anthropic, and Chai Discovery establishing a presence in the city.

Jobs explained that the pandemic made office space in San Francisco significantly cheaper, allowing startups to launch and grow without the premium costs found in other areas. Affordable and mixed-use office spaces are preferred by tech startups due to their ability to accommodate long work hours and foster collaboration.