Top 5 Office Completions in San Francisco

Developers delivered 3.3 million square feet of office space across 12 properties in San Francisco as of November 2025, according to Yardi Matrix. New supply accounted for 1.7 percent of existing inventory—well above the national rate of 0.5 percent at the time—and marked an 8.4 percent year-over-year increase in completions.

The wave of deliveries significantly reduced the metro’s construction pipeline, as many of the projects stemmed from San Francisco’s earlier development surge driven by lab space demand. As of November, the pipeline totaled 1.4 million square feet across seven projects, representing 0.7 percent of inventory and ranking seventh among gateway markets. Competitive office space consisted of just 533,537 square feet of that total, placing San Francisco among the smallest pipelines within the top 25 U.S. office markets. As the new inventory has yet to be occupied, San Francisco’s under-construction pipeline will likely mirror national trends as the office development hit a historic low in 2025.

Developers delivered the new space amid weak absorption, pushing the office vacancy rate to 25.7 percent as of November. The following list includes the five largest projects that have added San Francisco office space to the inventory.

1. Kilroy Oyster Point Phase II

The largest completion on our list is the 865,000-square-foot Phase II of Kilroy Oyster Point, a life sciences waterfront megaproject that broke ground in 2021 and topped out in 2024. Developed by Kilroy Realty, this Class A three-building second phase, dubbed Gravitate, came online in March 2025.

The seven and eight-story buildings at 373 Oyster Point Blvd. in South San Francisco added a $940 million expansion to the Kilroy Oyster Point campus. The properties include lab and office space and a full suite of amenities focused on sustainability.

The broader Kilroy Oyster Point biotech hub will span 4 million square feet spread across 12 buildings. The first phase, dubbed Inception, is completed and 100 percent occupied, while Phase II is currently leased to Stripe, which uses space here for its North American headquarters, and CAV Distributing Corp., according to Yardi Matrix data. JLL handles leasing efforts for the remaining space at Phase II, while the upcoming three phases will total 1.2 million square feet across six buildings.

2. The Spur District Phase I

The second-largest office completion is Phase I of The Spur District in South San Francisco. The 334,200-square-foot property at 580 Dubuque Ave. has been in the works since 2022. It topped out in 2024 and came online in October 2025.

It rises eight stories and includes lab and office space, and multiple amenities, including a lounge area, a 60-person training room and a conference center with a total capacity of 300 people. Additionally, the structure is all electric and includes a mechanical penthouse on the rooftop and a below-grade, four-level parking structure.

Developed by IQHQ, this property was financed by a $275 million construction loan issued by Apollo Global Management, Yardi Matrix shows. The development team involved in this first phase includes general contractor McCarthy Building Cos., architect Perkins & Will, structural engineer Magnusson Klemencic Associates. The Spur District’s first phase is currently marketed for lease, with Cushman & Wakefield appointed as exclusive leasing broker.

The full $1.3 billion The Spur District will total 2.6 million square feet across four buildings with office and lab space. The upcoming second phase will include 857,000 square feet and will rise at 800 Dubuque Ave. IQHQ requested a 10-year extension for this biotech project and submitted plans for the upcoming phase, according  to San Francisco Business Times. In exchange for the extra time allocated for developing The Spur District, IQHQ could pay the city up to $12 million in community-benefit fees, according to the same source.

At the time, IQHQ was the first developer in the life science sector that made this kind of move amid the general slowdown in this segment, where vacancies will likely climb.

3. Avia Labs at Millbrae Station

The third-largest office completion in the metro is totaling 315,000 square feet at 210 Adrian Road in Millbrae, Calif. is . Longfellow Real Estate Partners kicked off construction in 2023 on this project, dubbed Avia Labs at Millbrae Station, that at the time represented California’s first all-electric life science development.

Construction was financed by a $310 million construction loan originated by CPDQ and completion was reached in August last year. Development partners include Level 10 Construction and Flad Architects.

Designed for bio-innovation companies, the six-story building includes an on-site amenity package including a conference room, an outdoor terrace, a fitness center, a game room and a program for seasonal and sporting events. Cushman & Wakefield is leading leasing efforts at Avia Labs.

4. Alexandria Center for Life Science in Millbrae – Building 3

Alexandria Real Estate Equities delivered the fourth-largest completion on our list in May last year. Building 3 at the Alexandria Center for Life Science is totaling 285,346 square feet. This is another property in Millbrae that has been in the works since 2022.

The six-story building is at 230 Harriet Tubman Way and is the third building within Alexandria Center for Life Science, a 675,000-square-foot campus. In 2022, Eikon Therapeutics signed a lease for 250,000 square feet at Building 3, planning to move its headquarters here.

The Class A transit-oriented campus includes office and lab space and is adjacent to adjacent to BART and Caltrain stations. It is an all-electric, LEED-certified property and features a 16,000-square-foot amenity center with a rooftop garden, conference rooms, a fitness center and an outdoor plaza.

5. 1350 Adams Court at Menlo Park Labs

Tarlton Properties rounded out the list with the 270,000-square-foot purpose-built life science and R&D building at 1350 Adams Court in Menlo Park, Calif. The developer broke ground in 2022 on the project, situated within the broader Menlo Park Labs, and reached completion in May 2025.

The five-story property was developed on the site of a former warehouse distribution center at 1305 O’Brien Drive, with Tarlton Properties redeveloping it into a life science and R&D facility for PacBio. After the tenant moved here in 2017, Tarlton Properties began site work on the remaining lot for developing 1350 Adams Court, an additional headquarter facility for PacBio.

The property is part of Menlo Park Labs, a 1.7 million-square-foot campus including 24 buildings across 50 acres, owned and developed by a joint venture between Tarlton Properties and Principal Real Estate Investors.