I work in the commercial real estate sector in San Francisco and there seems to be a lot of sub-leases coming onto the market. This trend makes me think that angle investor and VC money is starting to dry up for the start up sector. Is this the first sign of a recession and/or the bubble is busting?

I think there is definitely a pull back but I would hesitate to call it a bubble bursting. I prefer to think it is a return to normalcy. The hyper growth and increasingly large rounds for private companies at sky-high valuations were unsustainable in the public market. I think the gap between private and public market valuations is decreasing and that is a good thing. Some companies, even most companies fail, and that is healthy for the ecosystem.