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 over 150 life sciences companies are headquartered in this region, with many located in Lake Union and Bothell submarkets.
As demand for space outweighs supply, office projects are being repurposed into life sciences facilities. Boren Labs, 330 Yale and Unison Elliot Bay are just some of the newly converted spaces. In Lake Union alone, there is an impressive inventory of 3.2 million square feet with vacancy rates at 12.1 percent and triple net rents ranging from $70-90.
Bothell boasts an inventory of 2.1 million square feet with vacancy rates at only10 .3 percent and triple net rents averaging low-to-mid $20s or even reaching up to $40-50 range for high-end lab spaces . The overall vacancy rate for this region is currently at9 .8 percent , while average asking rents stand at$60 .91 per square foot .
This trend highlights how office projects are being transformed into much-needed life science facilities due to limited availability amidst high demand within the Puget Sound area.
