Tech unicorns concentrate in Bay Area
The United States is now home to 164 unicorns, private companies valued at $1 billion or more, according to CB Insights, which has implications for the real estate markets in which these high-performing startups are located.
These companies have an estimated gross valuation of $563 billion and are spread out across the country, with heavy concentrations in San Francisco and Silicon Valley. The collective valuations in San Francisco have reached $245 billion, with an additional $85 billion in Silicon Valley.
Accounting for nearly 60 percent of U.S. unicorn value, these companies occupy an estimated 7 million square feet or 1.5 percent of all office and R&D/flex space in the region, reports CBRE.