It Starts: San Francisco Office Boom Deflates, but Fitch Says It's "Unlikely to Collapse" this Time

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The IPO window shut late last year and big corporate buyers have largely lost their appetite for gobbling up startups at multi-billion-dollar valuations. As the exit doors for investors are closing, they have trouble converting "valuations" into real money. And so the new money, seeing this happening, is drying up.

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With space seemingly in short supply and lease rates soaring, panicked companies awash with money, even startups with no revenues, have hoarded office space to grow into, thus injecting steroids into the office boom.

If they don't need it, they can always put it on the market and sublease it. That's the logic. But if push comes to shove, they will all put it on the market at the same time, just when practically no one needs more space.