How will the Dropbox IPO affect the San Francisco real estate market? | San Francisco Real Estate Podcast
How will the Dropbox IPO affect the San Francisco real estate market?
Dropbox Commercial Real Estate Leases:
Dropbox signed a lease back in October 2017 for 736,000-square-foot office complex under construction in Mission Bay.
The new office space will represent an expansion for Dropbox, which currently occupies 182,000 square feet at 333 Brannan St, as well as 115,000 square feet at 345 Brannan,” reports the San Francisco Chronicle.
The company’s 15-year lease beats Salesforce, who was the former leasing champ in the city, and took top honors with a 714,000-square-foot lease with its Salesforce Tower.
Dropboxers will begin to move in late 2018.
Dropbox Employee Salaries:
Dropbox currently has about 1,500 employees and 102 job openings in San Francisco.
The average Dropbox Salaries according to GlassDoor.com.
- Product Specialist - $96,333 per year
- Software Engineer - $144,676 per year
- Engineering Manager - $169,429 per year
Dropbox Employee Benefits:
According to dropbox.com, we take a holistic approach to wellness physical, emotional, and financial. Our comprehensive benefits package includes competitive medical, dental, vision, life and disability plans, and 401(k) matching. We hold on-site fitness classes and offer a wellness reimbursement that you can use at a fitness facility of your choice. In addition, more than ten local gyms offer discounts for Dropbox employees.
We take care of the details so you can focus on what’s really important. You never have to think about what’s for breakfast, lunch, and dinner because our fantastic Tuck Shop has you covered.
Whether it’s making transportation to and from the office easier with a commuter subsidy or bringing gym laundry service on-site, we're always looking for ways to take the stress out of each day.
Dropbox Residential Real Estate in San Francisco:
How will the Dropbox IPO affect the residential real estate market in San Francisco? With the IPO lockup period lasting anywhere from 90-180 days, employees at Dropbox will have to wait to cash out on their stocks. I predidct that in the next 6 months we will see another wave of all cash buyers entering into the San Francisco real estate market.
Where will Dropbox employees buy homes?
Dropbox employees are all different and have different needs. Some of the buyers will want to stay close to work and might decide to stay in the Mission Bay, SOMA and South Beach neighborhoods. I think that Dogpatch and Potrero Hill will continue to become more popular destinations. Dropbox employees looking to buy in the high end luxury market will be looking in Pacific Heights, Presidio Heights and Russian Hill. Savvy buyers looking for more affordable housing will look in Oakland and make the commute to work.