CA Ventures has withdrawn plans for their 14-story life sciences building at 5850 Shellmound Way in Emeryville, Alameda County. The move comes as the life science market has been slowing down across the Bay Area, and many new projects are coming online in the coming years.
5850 Shellmound Way, rendering by Solomon Cordwell Buenz
5850 Shellmound Way with San Francisco in the background, rendering by Solomon Cordwell Buenz
The eliminated plan was set to rise 240 feet tall with over half a million square feet of gross floor area. The space would include 315,000 square feet of office and lab spaces, 610,000 square feet for a clinic, and 160,220 square feet for the 431-car garage. Solomon Cordwell Buenz is responsible for the design, though a realistic illustration was never revealed. Another aspect of the plan was a 30-unit affordable housing project on a separate parcel.
Emeryville has a total life science inventory of 2.2 million square feet, of which 12.9% is vacant. This is up from approximately 6.6% last year. This exceeds Alameda County’s life science vacancy, with 7.8% of the 11.6 million square feet inventory. Ahead of Alameda County, the 20.4 million square feet of lab space in San Mateo County, centralized in South San Francisco, lead the region.
5850 Shellmound Way over the adjacent I-580 freeway, rendering by Solomon Cordwell Buenz
Life Sciences has been one of the Bay Area’s strongest leasing markets. Through the pandemic, the specialized needs of tenants and the use of machinery meant translated to fewer employees working from home. In the market analysis published about the first quarter of this year, Newmark describes that “the life science industry continues to be the primary source of leasing, investment, and development activity across the Bay Area; however, widespread speculation that the red-hot market might be cooling was apparent in the numbers reported for the first quarter. Market-wide vacancy increased to 7.5% this quarter, up from 7.1% in the previous quarter, while availability increased to 11.8%, up from 9.7% in the previous quarter.”
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