Office space in SF has continued to be extremely cheap e.g. I heard the Frontier Tower was previously selling for $38M and was recently purchased for $11M.
East Bay / Berkeley I think has return to pre-pandemic prices or so.
I didn’t re-read the thread, let me know if I’m not quite answering the right question, but regarding Lighthaven: our bookings are basically not for office space, they’re for conferences or residencies. I just checked the last year, we had 11⁄52 weekends not-booked, and that’s only if you’re counting Eternal September and the Christmas period (the latter of which is generally hard to book big events, and the former of which we were making money by ppl renting and paying for access and meals).
I think we definitely will have some free weekends, but most potential-revenue will come from competition increasing prices, and finding new clients with higher willingness-to-pay.
Thanks, yes that mostly answers it. I got curious when the Buddhist temple thing was mentioned. 11 of 52 weekends not-booked implies a very high utilization, and I’d guess that you had to turn away customers (or at least delay) and it seems you could defer to other locations (though nothing beats Lighthaven of course).
Has this assessment changed since then? I hear many companies are back to on-site.
How well booked is Lighthaven usually? Or rather: Has there been any need for extra capacity?
Office space in SF has continued to be extremely cheap e.g. I heard the Frontier Tower was previously selling for $38M and was recently purchased for $11M.
East Bay / Berkeley I think has return to pre-pandemic prices or so.
I didn’t re-read the thread, let me know if I’m not quite answering the right question, but regarding Lighthaven: our bookings are basically not for office space, they’re for conferences or residencies. I just checked the last year, we had 11⁄52 weekends not-booked, and that’s only if you’re counting Eternal September and the Christmas period (the latter of which is generally hard to book big events, and the former of which we were making money by ppl renting and paying for access and meals).
I think we definitely will have some free weekends, but most potential-revenue will come from competition increasing prices, and finding new clients with higher willingness-to-pay.
Thanks, yes that mostly answers it. I got curious when the Buddhist temple thing was mentioned. 11 of 52 weekends not-booked implies a very high utilization, and I’d guess that you had to turn away customers (or at least delay) and it seems you could defer to other locations (though nothing beats Lighthaven of course).