The pipeline of the substructure of San Francisco included 2.1 million square feet in competitive office space during nine projects from June, according to Yardi research data. This represents 1.1 percent of its existing shares – the national rate of 0.9 percent. During the first half of the year, San Francisco’s pipeline was in sixth place under Gateway Markets and seventh of the top 25 of the American office markets for construction.
The following list contains the five largest office projects that will be developed in the metro at the end of June in the metro. These developments have a combined 1.4 million square feet and four of them are in the Life Sciences sector. With more than 43 million square feet of the space of the new life sciences between 2022 and 2024, the sector is struggling with oversupply and upcoming product that will probably put pressure on vacancies.
1. The spot
In July 2022 the construction started on the spur, a 330,300 square foot Life Science Building on 580 Dubuque Ave. In South San Francisco. Developed by IQHQ and financed by a construction loan of $ 275 million, provided by Apollo Global Management, attacked the project on eight floors last year and it was expected that it would be online at the end of July of this year. According to the developer’s website, the project is still under development.
This Life Science building is the first phase of the Spur District, an office and lab project of 2.6 million square feet and laboratory project estimated at $ 1.3 billion. IQHQ recently asked for a 10-year extension for this Biotech project, because the developer has submitted plans for the next 857,000 square feet adjacent project in 800 Dubuque Ave. San Francisco Business Times. This is one of the first developers in the Life Science sector that makes such a movement in the midst of a general delay and a climbing train in the sector. In exchange for the extra 10 years for the development of the coming phase of the Biotech project, the developer could pay the city up to $ 12 million in community concepts, according to the same source.
2. Avia Labs at Millbrae Station
The second largest project in development is the 315,000 square foot Life Science Building on 210 Adrian Road in Millbrae, California Longfellow Real Estate Partners broke in 2023, while CPDQ finished it with a construction loan of $ 310 million. At the time, the project was the first fully electric building that was built in the state. Development partners include Meyers+ as a civil engineer and flad -architects as a designer and architect of record.
The real estate with six floors focuses on suffering Gold and Fitwel certifications and has an on-site facility package with a fitness center, conference rooms, two levels of underground parking and a roof terrace. Immediately adjacent to Bart and Calttrain stations, the project was designed to support research laboratory and office use. The completion date is estimated for the end of August this year.
Read also: Ask for laboratory space
3. Menlo Park Labs
The next development on our list is Menlo Park Labs, a project of 268,000 square meters at 1350 Adams Court in Menlo Park, California, developed by Tarlton Properties, which broke terrain in September 2023, the five-storey Life Science building of five floors will be reached by the end of April next year.
Plans were submitted and approved in 2022. The project was developed on a free R&D facility of almost 188,100 square foot that held the address on 1305 O’Brien Drive, where the developer drew a lease of 11 years with biotech company Pacific Biosciences of California Inc.
4. Bayhill Office Center – YouTube I
The next project is an office development of 248,000 square feet on 1300 Bayhill Drive, part of the redevelopment plan of YouTube in the redevelopment plan of San Bruno, California, the construction of the building started in 2023 as the first phase of the YouTube head office, which consists of two office buildings a total of 440,000 square foot.
Here have been head office since 2006, the plans for the redevelopment and expansion of YouTube’s Bayhill Office Park were approved in 2021. At that time, the city approved a 20-year plan on the site, with the possibility of adding more than 2.4 million square feet of new office space, which could generate up to $ 141 million in income for the city. The completion for the first new office building within this redevelopment is estimated for September this year.
5. North Building at the Landing
The last project on our list is a development of 203,500 square meters on 1701 Old Bayshore Highway in Burlingame, California, developed by King Street Properties, the Life Science project is the northern building on the landing campus, which includes two properties of a total of 503,500 square foot. With financing by Allianz Insurance Co., construction started in July 2023 and the completion was planned for September this year.
The landing is a specially built Life Science campus with a focus on wellness and hospitality, such as a fitness center, a spa center, several open air squares with lounge seats and fire pits, an indoor bistro café and a tenantslounge with shared and private spaces. King Street Properties entered the Bay Area with this project, as part of the company’s initiative to develop research shubs in important clusters of the life sciences in the country.
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