The Life Sciences industry is poised for further growth across the country, following extraordinary investment, expansion and innovation in 2021. A new report from Cushman & Wakefield highlights the strong fundamentals in Seattle, despite the economic headwinds.
Rents continued to grow in the second quarter of 2022, increasing 27.2% in Seattle, while sector vacancy was just 3.8%, the third lowest in the U.S. Over 150 companies in the life sciences industry are headquartered in the Puget Sound region, primarily in the biotech and drug discovery fields.
The Lake Union submarket has the most life sciences inventory, with some newly delivered office-to-life sciences conversions. Suburban submarkets are now seeing significant leasing activity and office-to-lab conversions, especially in Bothell, where Sana Biotech just snapped-up 80,000 square feet.
The Bellevue and Renton submarkets are also poised for growth, with sizable new development projects on the horizon.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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