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Market Highlights
- Overall vacancy increased 140 basis points (bps) from Q1 2025 to 28.8%, driven by a rise in direct vacancy, which climbed from 21.1% to 23.3%, an increase of 220 bps.
- Generation Lab, a longevity-focused startup, signed a 12,300 square foot (sf) lease at The Landing in Burlingame, marking the first tenant at the recently delivered 500,000 sf life sciences campus.
- Healthpeak Properties acquired the 1.4 million square feet (msf) Gateway Boulevard campus in South San Francisco for $600.0 million, expanding its footprint in the submarket to 6.5 msf.