Report: Seattle Life Sciences Market Solid Despite Headwinds
A new report from CBRE showed that lab space across the 12 largest U.S. life sciences hubs made gains in the 2nd quarter with decreasing vacancy, but the Seattle market diverged from the pack with a lab vacancy increase from 8.6% in Q1 to 9.7% in Q2.
There is good news however, as asking rents rose to $83.50 per square foot in urban Class-A facilities, well above the national average of $54.77. Market demand did tick down slightly in the 2nd quarter, but it remains robust with 20 companies looking for major lab space in Seattle. The Puget Sound region also has 1.2 million square feet of life science projects under construction.
“Seattle’s life sciences market continued its momentum of strong leasing activity, despite capital headwinds. The region has solid market fundamentals, all of which are pointing to a resurgence in additional demand in 2022 and beyond,” said CBRE senior vice president Marcus Yamamoto.
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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