Tri-Valley Could Be A Haven For Tech Companies: Column

By Don Garman and Lauren Moone

Edited by Emma Garman

As a full-service wealth management firm specializing in public and venture-backed startups in the Tri-Valley, we’re frequently asked for our perspective on how the aftermath of the coronavirus will affect the Tri-Valley. We felt like this was an appropriate time to share our take that we believe, if implemented, would work to the benefit of our clients, our region, and Bay Area companies alike by creating a future that doesn’t force valuable employees out of the state of California.

We’re in a time in which we are all trying to balance the needs of our businesses and employees, along with the safety of our community. In essence, pre-pandemic normalcy and quarantine work-from-home are both unsustainable options as we enter into a world changed by the coronavirus. While technology connects us more than ever, we have truly come to value the synergy and collaboration of an in-person work environment. A happy medium seems to be a crucial goal to plan for a more productive, safe, and prosperous future.

We strongly believe the Tri-Valley to be the “Goldilocks” region for Bay Area companies. If long commutes to elevators and high rises are too hot, and days filled with Zoom calls from home offices are too cold, the Tri-Valley offers the work environment that is just right.

The aftermath of the coronavirus will result in significant changes to the way businesses operate in communal working environments, putting a significant premium on personal space. The Tri-Valley offers a luxury that is unquestionably inadequate in other parts of the Bay Area: breathing room. We believe that by trading in cramped cubicles in high rises for spacious offices with little-to-no commute, Bay Area companies will create immense value for both their employees and their businesses. The region provides this much-needed space at a discount of 50% on average compared to San Francisco and Silicon Valley, while vacancies hover around 10% compared to the latter at 5%. With immense space offered at cheaper prices, we believe that the natural endowments for the Tri-Valley are perfectly suited for the post-coronavirus world.

However, we know that office space is certainly not the only source of value for your company. It’s also happy, highly educated employees. As you can see below, the Tri-Valley leads the Bay Area in postgraduate education. By bringing offices closer to the most qualified talent, you can ensure the safety and wellbeing of your employees while offering them the most valuable asset of all: time.

Businesses are located in the Bay Area for many reasons, primarily for access to cutting edge tech talent and a culture that drives world-changing innovation. Bay Area real estate is sky high, not only because of the charm of Silicon Valley, but the personal connections and collaborations that take place here. We think this cultural shift is an opportune time to pick a more reasonable location for the office buildings that foster this sense of professional camaraderie and teamwork.

The Tri-Valley today possesses the same essential characteristics that birthed Silicon Valley 50 years ago. We are home to over a dozen publicly traded companies, two world-class research laboratories, and a myriad of startups that have attracted over $2 billion in funding since 2015. In a time where significant change is inevitable, it is time to make the proactive shift towards a more promising future here in the Tri-Valley.

Offices will reopen. People will go back to meeting in person. We are encouraging you, as the leaders of the Bay Area’s largest companies, to trade in the buses and the two hour (each way) commutes for abundant commercial real estate and let your employees work locally and telecommute to team meetings–the happy medium that is not too hot, not too cold, but just right.

We do not promise you will find a carbon copy of Silicon Valley when you come here, but we do promise affordable real estate prices, talent, and a quality of life that are unrivaled in the Bay Area. Take the next decade ride in the Tri-Valley instead of forcing your employees out of California. Watch the benefits of happier, healthier employees and families hit your bottom line.