Amidst economic headwinds and turmoil in the banking system, the life sciences industry remains robust with demand for lab space still well above pre-pandemic levels. The Puget Sound region stands out as a top U.S. market for employment growth in this sector, with Seattle ranked #1 for its increase in National Institutes of Health (NIH) funding – a nearly 30% spike from 2019 to 2022.
“Companies here are approaching this year cautiously optimistic,” said Austin Arper, first vice president at CBRE’s Life Sciences practice in Seattle. “Though real estate decision making will slow down due to lingering uncertainty, continued NIH funding to our research organizations will continue fueling innovation and growth.”
CBRE’s outlook on life sciences nationally is positive going into 2023; history suggests that it is better positioned than many other industries to weather an economic recession this year
