Seattle continues to solidify its position as a leading tier 2 market for life sciences. Now ranked among the top 10 in the country, the push to find investment and development opportunities for one of the fastest-growing asset classes shows few signs of slowing down.
Owners continue to re-evaluate floorplates, workplace environments, and how start-ups conduct research. Much of the commercial real estate community looks to life sciences as a strategic pivot to increase the value of their Class B/C assets
According to CBRE reports, roughly 1.1 to 1.3 million sq ft of lab space is desired by existing tenants. Some primary challenges to consider are what tenants require in lab environments today, how to provide startups with solutions that accommodate growth, and how might lab environments be better positioned to retain newly funded start-ups that have historically left Seattle for the Bay Area or more mature East coast markets.
I’m honored to be a moderator at this year’s Bisnow Life Sciences conference. In our conversation around Establishing the Foundation for Biotech Ecosystems, the panelists intend to emphasize the evolution of lab ecosystems, what that means for strategic investments, and how we can present spec space that attracts the next round of start-ups.
Key Points:
Current state of the life sciences market
Leasing rates and demand for office in comparison to labs
Key considerations for lab spaces in today’s market
Register for the event here