Seattle is among the major life sciences markets that are seeing the pace of the sector continue to see momentum into 2025, according to a new report by Cushman & Wakefield.

Seattle is a major hub for the life sciences industry, home to an array of tech firms, research institutions, and biotech companies.”Seattle’s life sciences market reflects a unique blend of opportunity and challenge as the region balances robust construction costs with a rising vacancy rate,” said Jason D’Orlando, Executive Managing Director, Project & Development Services with Cushman & Wakefield. “This evolving dynamic makes Seattle a prime area for life sciences investment, especially as the sector gears up for anticipated growth in employment and funding into 2025.”

Cushman & Wakefield’s report on fit-out costs in the U.S. Life Sciences sector shows that the pace of construction cost increases continued to decelerate in 2024 and into 2025. Across all life sciences facility types and the six markets surveyed, fit-out costs overall averaged $846 per square foot, with costs totaling $771 on the low end and $986 on the high end.