Life science companies continue to be hot prospects for commercial landlords in the Bay Area.
The sector has seen a surge in lease signings since the start of the pandemic because of its in-person staffing needs. This is in stark contrast with other sectors that are scaling back, due to the ongoing transition of remote work.
Scribe Therapeutics, a molecular engineering company, is the latest notable lessee after securing a building at the Research Park at Marina Village in Alameda.
The terms of Scribe lease were not disclosed, however it will be converting a shipway building, used to construct and house ships, into a research facility to create technology for CRISPR-based genetic medicine.
Marina Village is located on Challenger Drive in Alameda and was purchased by Blue Rise Ventures in 2019. While it’s unclear which shipway Scribe is leasing from Blue Rise, the research park has one million square feet of readily or convertible space for life science use.
The bay area has 34 million square feet of life science space, which is considered the largest of such inventory compared with 10 other U.S. submarkets, according to a new Colliers report.
There have been multiple moves to develop life science space in the Bay Area this year. B3 Commercial Management and GAWCapital Partners purchased the Bayfield Center Mall in San Leandro last month and are planning to convert it into a 816,771 campus.
San Diego-based IQHQ recently purchased a 263,000-square-foot office building in Redwood City and plans to redevelop it into another 634,000-square-foot campus.
Presidio Bay Ventures started construction on a 147,000-square-foot project in San Carlos earlier this year and wants to build a 410,000-square-foot complex elsewhere in the city.
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