Posts by Owen Rice

Life Science Spotlight: Seattle

Owen Rice on October 05, 2021

With a “new normal” emerging where office tenants are offering their employees varying degrees of a hybrid work environment, the Seattle area life science market, one which is dependent on space to perform research and manufacturing, is thriving. The success of these companies is placing a huge demand on buildings that offer laboratory and manufacturing space. Many of our region’s life science companies have raised unprecedented amounts of capital pursuing cures for multiple diseases as well as future treatments of COVID. The supply of lab space in both Seattle and Bothell has seen incredible competition and upward pressure on rents, where wet lab rents have gone up as much as 20% in the last year. In some cases, depending on the size requirement, one can barely find existing lab space to satisfy one’s real estate requirement.