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AdvertisementKruze Consulting, which provides accounting services to early-stage, VC-backed companies, released a study showing that the average seed-stage founder who is also a startup CEO makes $132,000 a year. The consultancy recently analyzed 450 of its seed-stage startup clients' payroll records to determine the average base salary for different jobs at early-stage companies. Kruze's study says that employee compensation accounts for around 75% of the total operating costs for its startup clients. According to Kruze's analysis of its early-stage startup payrolls, engineers can make anywhere between $65,000 and $235,000 annually. Equipment such as laptops and work stations cost startups between $2,500 and $3,000 per employee, Kruze's data found.
Persons: Kruze Organizations: Kruze Consulting, Kruze, CPO, Engineers, Francisco Market, Major Tech, San Francisco Market, Big, Austin Locations: Austin, Big Tech
Mithrl is among a wave of startups coming back to San Francisco and working in person four days or more each week. Noah Jackson, 27, and his colleagues at Tako, a San Francisco startup that works in person four days a week. Courtesy: TakoOverall, the San Francisco office market remains tepid, with the vacancy rate climbing to 34.9% in the third quarter from 29.4% a year ago, according to data from Cushman & Wakefield. How quickly the broader market bounces back depends largely on the decisions made by huge San Francisco tenants like Salesforce and Google . The pair moved to San Francisco for the nucleus of talent and because they believe in the future of the city, Adarsh said.
Persons: Noah Jackson, Jackson, We're, Alex Rosenberg, Rosenberg, Liz Hart, Newmark, Hart, Zach Tratar, Tratar, we're, " Hart, There's, Mithrl, Vivek Adarsh, Adarsh, Michelle Lee, Vonne Hutchinson, Hutchison, Hutchinson, Lee Organizations: Tako, San, Cushman &, Sierra, Google, University of California, Hacker Locations: San Francisco, Tako, San, Heights, Hayes, Jackson, Cushman & Wakefield, North America, Francisco, Seattle, Bay, Silicon, Santa Barbara, Mission
Higher interest rates have deflated real-estate bubbles across the world, according to UBS. Central banks have aggressively hiked borrowing costs over the past 18 months to combat inflation. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "House price growth has suffered due to rising financing costs as average mortgage rates have roughly tripled since 2021 in most markets," they added.
Persons: , Matthias Holzhey, St Louis Organizations: UBS, Service, Federal Reserve, St, St Louis Fed Locations: New York, Boston, San Francisco, Swiss, Zurich, Tokyo, Francisco, Los Angeles
New York CNN —Nordstrom closed the doors of its five-story department store in San Francisco on Sunday, ending a 35-year run as the city suffers a retail exodus. After Nordstrom announced it was closing, shopping mall operator Westfield said it would give up control of its San Francisco mall, citing “challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy and foot traffic.”Once a bustling retail center in the heart of the city, the San Francisco Centre has taken a significant hit in the past few years. Three years later, corporate America has yet to return in the same numbers: Office vacancies in San Francisco have reached a 30-year high. In total, more than 39 retail stores have shuttered in San Francisco’s Union Square area since 2020, according to a tally from Coresight, a market research firm. City leaders are hopeful that the home furniture store will draw shoppers to downtown San Francisco and support other businesses in the area at a time of store closures and rising public safety concerns.
Persons: New York CNN — Nordstrom, Nordstrom, Organizations: New, New York CNN, Sunday, ” Shoppers, CNN, KGO, Nordstrom, Westfield, San Francisco, San, Anthropologie, Ikea Locations: New York, San Francisco, Westfield, Westfield’s, America, San Francisco’s Union
Nordstrom’s exit dealt another blow for San Francisco, as several well-known chains have closed in the city. Incidents of theft in San Francisco have gained national attention, though crime has generally fallen over the past six years. Property crimes in San Francisco have garnered national attention because of several attention-grabbing videos of thieves in action. In total, there were 56 homicides in San Francisco in 2022, which is the same number of homicides the city saw in 2021. For starters, remote work following the pandemic has caused a decrease in foot traffic in major US downtowns, including San Francisco.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBrookfield CEO on economy: Growth slowing around the world but we focus on long-term businessesBruce Flatt, Brookfield Asset Management CEO, joins 'Squawk on the Street' to discuss Flatt's overall viewpoint on the economy, the story behind Brookfield's commercial real estate business and parting thoughts on the San Francisco market.
Phillips 66's (PSX.N) 139,000 barrel-per-day (bpd) Los Angeles-area refinery in Wilmington, California, began an overhaul after a Sept. 16 fire on a reformer. On Sept. 11, Chevron Corp (CVX.N) reported an equipment failure at its 245,271 bpd San Francisco-area refinery in Richmond, California. Marathon Petroleum (MPC.N) shut a unit in planned flaring between Sept. 3 and 9 at its 383,000 bpd Carson, California, refinery in the Los Angeles area. Los Angeles market gasoline for delivery later in October was lower, pointing to some refinery production returning within a few weeks, traders said. November CARBOB sold in Los Angeles at 50 cent and 57 cents a gallon over December NYMEX RBOB.
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