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xelixis has listed three vacant industrial buildings totaling 212,100 square feet for sublease in Alameda. The biotech firm has leased out these properties at 1410, 1601, and 1751 Harbor Bay Parkway, according to a regulatory filing cited by the San Francisco Business Times. Exelixis had initially leased these buildings in 2020 and 2022 but is now reevaluating its space needs.

    The company's decision comes after it announced layoffs of 175 employees and plans to exit unspecified real estate commitments earlier this year. Exelixis still occupies around 398,000 square feet of leased buildings in Alameda, down from 610,000 square feet previously reported.

    Alameda's research and development market is experiencing a glut, with vacancy rates rising to 14% in the third quarter, up from 8.5% in the second quarter. This trend is expected to continue, with more space hitting the market through December and even more openings planned for next year.

    The East Bay's lab and research space supply has grown significantly since the pandemic, driven by increased demand and venture capitalist funding. However, as supply outpaced demand, vacancies have risen, and venture capital funding has declined.