Much has already been ready about the Square IPO and its implications for other technology companies, specifically start-ups in the Unicorn club.
My sense is that it really boils down to whether the experience of Square pricing an IPO significantly below previous valuations shocks late-round funding sources into pulling back in a material way. Sure, it's nice that they protected themselves with ratchets which kicked in, but I can't imagine that was plan A for the investment and it isn't exactly a ringing endorsement of their ability to identify great investment opportunities.
If late-round funding does dry up, companies like AirBnB, Uber and others who raised huge slugs of money will have to either make dramatic changes to their business model (ie, stop losing money) or move more quickly towards IPO.
In either case, I think we'll look back a year from now and note that Square really was the turning point. And nearly every one I talk to in real estate is underestimating the impact of a tech slowdown on our business. It is not different this time.