The Puget Sound region continues to be a thriving area for the life sciences sector, despite a decrease in growth during the pandemic. According to Cushman & Wakefield’s recent report, there are over 150 life sciences companies headquartered in this region, with many located in the Lake Union and Bothell submarkets.
Due to high demand and limited supply, office projects are being converted into state-of-the-art life sciences facilities. These include Boren Labs, 330 Yale and Unison Elliot Bay. The Lake Union submarket offers an impressive inventory of 3.2 million square feet with a vacancy rate of only 12.1%. Triple net rents range from $70-90 per square foot.
In Bothell, there is also strong demand for lab spaces as it comprises of 2.1 million square feet of inventory with a vacancy rate at just10 .3%. Triple net rents here range from low-to-mid $20s or can go up to $40-50 for high-end lab spaces.The overall vacancy rate for the entire region is at an impressive low of only9 .8%, while average asking rents equate to$60 .91 per square foot.
This article was originally published on Connect CRE.
