Greater Seattle’s life sciences sector remained steady in 2025, supported by a combination of new deliveries and fresh leasing activity. The market recorded several sizable lease commitments during the year, including a deal for more than 90,000 square feet in Bothell by biopharmaceutical firm SystImmune, underscoring continued demand for specialized research and development space.
A recent report from Colliers highlights that two significant life sciences projects, 701 Dexter and 1916 Boren, brought more than 500,000 square feet of new inventory to the market. While preleasing at these properties is described as moderate, they are drawing notable research users. At 1916 Boren, Seattle Children’s Research Institute has preleased 38% of the building, totaling approximately 124,000 square feet, helping to establish a strong initial tenancy profile.
The report also points to a network of well-established institutions that continue to anchor the region’s life sciences ecosystem. In addition to Seattle Children’s Research Institute, the University of Washington, the Fred Hutch Cancer Center, and the Allen Institute are identified as key anchors, contributing to sustained demand for highly specialized office and lab space and reinforcing the area’s status as a research and innovation hub.
Nationally, investment activity in the life sciences sector has slowed, but the data cited by Colliers indicates that conditions are beginning to stabilize and show early signs of improvement. Against this backdrop, Seattle continues to stand out as a hub for both life sciences and technology, suggesting that the market may be relatively well positioned as capital and occupier demand recalibrate.
Tenant activity in and around the Lake Union area further illustrates this resilience. Zeno Power, one of the region’s life sciences and technology users, intends to expand beyond the three floors it currently occupies in a building owned by Alexandria Real Estate Equities in Lake Union. This planned expansion, along with the Bothell lease and preleasing at new projects, signals that occupiers continue to commit to the market despite a more cautious national investment landscape.
Taken together, the new supply delivered, institutional anchors, and ongoing tenant expansions point to a life sciences market that is adjusting to slower national capital flows while maintaining a solid base of research and corporate users. For landlords and investors focused on life sciences-oriented office properties, Greater Seattle’s recent performance suggests that demand for well-located, high-quality research space remains intact even as broader capital markets conditions evolve.
