Beyond Meat is looking to shed office space at its Southern California headquarters after the company reported falling sales amid a broader slowdown in demand for faux meat.

The El Segundo, California-based faux meat maker is making available for sublease roughly 53,000 square feet of its office space at 119 Standard St. and 888 N. Douglas St., according to marketing materials. The latter property is part of Beyond Meat's 280,000-square-foot headquarters where it signed a 12-year lease in 2021.

Beyond Meat reported a 22.5% decline in total revenue year over year in the third quarter of 2022 as the industry faces lower sales. The company laid off about 200 employees, or nearly 20% of its total global workforce in October, according to a filing with the Securities and Exchange Commission, and its share price has fallen roughly 70% in the past year.

"Beyond Meat is executing a full force pivot to a sustainable growth model, emphasizing the achievement of cash flow positive operations within the second half of 2023," Beyond Meat President and CEO Ethan Brown said in November.

A Beyond Meat representative didn't respond to a request to comment from CoStar News. Beyond Meat also leases three industrial buildings in Columbia, Missouri, adding up to roughly 242,000 square feet, according to CoStar data.

Beyond Meat isn't the only faux meat company hurting. Impossible Foods, a Redwood City, California, plant-based meat maker, plans to lay off 20% of its staff of about 700 employees, according to Bloomberg.

Sales of meat alternatives in the frozen aisle fell 3% from one year ago, according to a February report from Port Washington, New York-based research firm NPD Group. Fresh meat alternatives fell 15%.

That said, there's room to expand sales for plant-based foods — that make up 1% of all foods shipped — as some categories report growth, according to NPD Group. For example, cauliflower crust, used largely in pizzas, grew its food service pound sales by 35% in 2022 compared to one year prior.

In addition to housing Beyond Meat, the 888 N. Douglas St. building is the West Coast headquarters for French personal care company L'Oreal.

Hackman Capital Partners, a Culver City, California-based developer, built the space that includes 30-foot ceilings, sawtooth skylights, and manufacturing and lab rooms, according to marketing materials. The building is a converted aerospace manufacturing facility.

The El Segundo office market has an average market rent of $45.73 per square foot, above the greater L.A. average of $42.10 per square foot, according to CoStar data.

The market's average vacancy is 18.8%, above the greater L.A. average of 14.9%.