The news media has reported both tech companies and venture capital firms leaving Silicon Valley. Indeed the percentage of all US venture capital activity has declined in the Bay Area over the last decade. However end of year 2020 venture capital data (from PitchBook) shows over 2,500 VC deals completed in the Bay Area which is over that of 2019, with more data still expected.
Over the last five years, over $151 billion of fundraising has happened in the Bay Area which exceeds the rest of the US combined. Bay Area VCs have funded 17 of the 22 US companies to ever receive a private valuation of $10 billion or more. Los Angeles had 3, New York had 1, and North Carolina had 1. Over the past five years, 23.6% of completed VC deals in the US, and 40.9% of the capital invested, have gone to Bay Area-based companies.
Although real estate prices can move quickly, any changes in Silicon Valley real estate trends caused by the venture capital industry growing in other areas, are probably quite a few years away.