Top 5 Office Projects Under Construction in San Francisco
The developments feature a combined 1.4 million square feet, according to Yardi Research Data.
San Francisco’s under-construction pipeline included 2.1 million square feet of competitive office space across nine projects as of June, according to Yardi Research Data. This represents 1.1 percent of its existing stock—above the national rate of 0.9 percent. During the first half of the year, San Francisco’s pipeline ranked sixth among gateway markets and seventh among the top 25 U.S office markets for construction.
The following list includes the five largest office projects under development in the metro as of the end of June. These developments feature 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 new life science space delivered between 2022 and 2024, the sector is left struggling with oversupply and upcoming product that will likely pressure vacancies.
1. The Spur
In July 2022, construction started on The Spur, a 330,300-square-foot life science building at 580 Dubuque Ave. in South San Francisco. Developed by IQHQ and financed by a $275 million construction loan, provided by Apollo Global Management, the project topped out last year at eight floors and was expected to come online by the end of July this year. According to the developer’s website, the project is still in development.
This life science building is the first phase of the Spur District, a 2.6 million-square-foot, four-building office and lab project estimated at $1.3 billion. Recently, IQHQ requested a 10-year extension for this biotech project, as the developer submitted plans for the upcoming 857,000-square-foot phase at 800 Dubuque Ave., according to San Francisco Business Times. This is one of the first developers in the life science sector to make such a move amid a general slowdown and climbing vacancies. In exchange for the extra 10 years for developing the upcoming phase of the project, the developer could pay the city up to $12 million in community-benefit fees, according to the same source.
2. Avia Labs at Millbrae Station
The second-largest project under development is the 315,000-square-foot life science building at 210 Adrian Road in Millbrae, Calif. Longfellow Real Estate Partners broke ground in 2023 and CPDQ funded it with a $310 million construction loan. At the time, the project was the first all-electric building to be constructed in the state. Development partners include MEYERS+ as civil engineer and Flad Architects as designer and architect of record.
The six-story property targets LEED Gold and Fitwel certifications and features an on-site amenity package with a fitness center, conference spaces, two levels of underground parking and a rooftop terrace. Immediately adjacent to BART and Caltrain stations, the project is designed to support research lab and office uses. Its completion date is estimated for the end of this August.
READ ALSO: Demand for Lab Space
3. Menlo Park Labs – 1350 Adams Court
Next on our list is a 268,000-square-foot development rising at 1350 Adams Court within Menlo Park Labs, a 1.4 million-square-foot campus in Menlo Park, Calif. Tarlton Properties broke ground on the project in September 2023 and the five-story life science building is estimated to reach completion by the end of April next year.
Plans were approved in 2022. The project is developed adjacent to a nearly 188,100-square-foot R&D facility that holds the address 1305 O’Brien Drive. The developer leased that building to Pacific Biosciences of California Inc. in 2015.
4. Bayhill Office Center – YouTube I
The next project is a 248,000-square-foot office development at 1300 Bayhill Drive, part of YouTube’s headquarters redevelopment plan in San Bruno, Calif. Construction on the project’s first phase, consisting of two office buildings totaling 440,000 square feet, commenced in 2023.
YouTube has been headquartered here since 2006 and the plans for Bayhill Office Park’s redevelopment and expansion were approved in 2021. At the time, the city approved the 20-year endeavor, with the possibility of adding over 2.4 million square feet of new office space, which could generate up to $141 million in revenue for the city. The completion of the first new office building within this redevelopment is estimated for this September.
5. North Building at The Landing
The last project on our list is a 203,500-square-foot development at 1701 Old Bayshore Highway in Burlingame, Calif. Developed by King Street Properties, the life science project is the North Building at The Landing campus, that includes two properties totaling 503,500 square feet. With financing from Allianz Insurance Co., construction started in July 2023 and completion is scheduled for September this year.
The Landing is a purpose-built life science campus with a focus on wellness and hospitality-infused on-site amenities, such as a fitness center, a spa center, multiple outdoor plazas with lounge seating and fire pits, an indoor bistro café and a tenant lounge with shared and private spaces. King Street Properties entered the Bay Area with this project, as part of the company’s initiative of developing research hubs in key life science clusters in the country.
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