Life Science: Great Promise & Rapid Growth
FAST LAB STATS
MARKET SUMMARY The life science industry is an integral part of Seattle’s regional economy and the local real estate market. Seattle is ranked among the top ten largest life science clusters in the nation. It is anchored by renowned research institutions such as the University of Washington (UW), the Fred Hutchinson Cancer Research Center, the Allen Institute for Brain Science, and the Institute for Systems Biology (ISB), and non-profit research organizations such as the Bill & Melinda Gates Foundation and the Pacific Northwest Research Institute (PNRI). Life science has been a fixture of the Puget Sound region since the mid-twentieth century, with the 1949 dedication of UW’s Health Sciences Building (1949); Seattle-based Dr. Karl William Edmark’s invention of the DC defibrillator (1955); the founding of the PNRI and the Virginia Mason Research Center (both in 1956); and the founding of the Hope Heart Institute (1959). Currently, nearly 900 life science companies employ over 36,000 people in the region, with the highest concentration situated in South Lake Union and Bothell. The market is thriving from an investment standpoint. At just 1%, vacancy for life science space in downtown Seattle is extremely low, with rents in the mid- to high-$50’s/sf. Vacancy and rents for standard office space stand at 5% and $40/sf, respectively. South Lake Union is being redeveloped to accommodate more life science tenants, including, most recently, the Allen Institute and Novo Nordisk. In Bothell, AGC Biologics opened its new global headquarters, and Seattle Genetics recently leased a 200,000-sf office park.
10.9 MSF MARKET SQUARE FOOTAGE
AVERAGE RENT (PER SF) $26.42 36K TOTAL EMPLOYEES
TOP TEN LIFE SCIENCE EMPLOYERS (BY REVENUE)
RENT VS. VACANCY COMPARISON
Juno Therapeutics (c/o Celgene)
Bio-Rad Laboratories, Inc.
Adaptive Biotechnologies Corp.
SEATTLE/PUGET SOUND ZymoGenetics (c/o Bristol-Myers Squibb) Big Pharma/ Biotechnology MilliporeSigma (formerly EMD Millipore) Biotechnology 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Asking Rent, $ PSF (NNN) Overall Vacancy Rate
TOP THREE NIH-FUNDED INSTITUTIONS
UNIVERSITY OF WASHINGTON $452M
FRED HUTCHINSON CANCER RESEARCH CENTER $298M
SEATTLE CHILDREN’S HOSPITAL $47M
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