The Puget Sound region continues to be a thriving area for the life sciences sector, despite a slowdown in growth during the pandemic. Cushman & Wakefield’s recent report reveals that there are over 150 life sciences companies headquartered in this region, with many located in the Lake Union and Bothell submarkets.
As demand for space outweighs 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 3.2 million square feet of inventory with a vacancy rate of only 12.1%, while triple net rents range from $70-90 per square foot.
In Bothell, there is currently an inventory of 2.1 million square feet with a vacancy rate of just 10/3%. Triple net rents here range from low-to-mid $20s or up to $40-50 per square foot for premium lab spaces.
Overall vacancy rates across the entire region stand at just under ten percent (9/8%), and average asking rents come out to approximately $60/91 per square foot.
This article was originally published on Connect CRE.
