San Francisco developer Presidio Bay Ventures snapped up a San Carlos Honda dealership at 777 Industrial Road with plans to transform the site into a 123,000-square-foot life sciences building. That project was approved in June. In the fourth quarter of 2021, San Mateo County led all Bay Area regions in terms of life science leasing with 666,164 square feet of gross absorption, according to a report by real estate service firm Kidder Mathews, which reported a 3.5% vacancy rate and 5.7 million square feet of tenant requirements.