CBRE: Seattle Life Sciences Market Stays Resilient Amidst Headwinds
A new report from CBRE indicates that despite economic headwinds and turmoil in the banking system, the life sciences industry remains robust and demand for lab space is still well above pre-pandemic levels. The Puget Sound region stands out as the third-ranked U.S. market for employment growth in the life sciences sector for 2022.
Seattle also saw continued life sciences investment strength, as the metro was ranked #1 for its increase in National Institutes of Health (NIH) funding, posting a nearly 30% spike from 2019 to 2022.
“Companies in the Puget Sound region are approaching this year with cautious optimism,” said Austin Arper, first vice president with CBRE’s Life Sciences practice in Seattle. “Lingering economic uncertainty will slow real estate decision making for most, but continued NIH funding to our top research organizations will continue to field innovation and growth in the sector.”
On a national level, CBRE’s life sciences outlook for 2023 is positive, saying that history suggests that the industry is better positioned than many others to weather an economic recession this year.