Life Sciences on the Rise: 2021 North American Report

MARKET SUMMARY • There are approximately 150 companies in the life sciences industry headquartered in the Seattle region – primarily in the biotechnology and drug discovery fields – with numerous others having outposts in this significant and growing market. • Biotechnology companies throughout the region are both public companies or have entered later stage VC funding rounds. • Three 2020 and 2021 IPOs by Seattle-based companies – Athira Pharma, Silverback Therapeutics and Sana Biotechnology – raised more than a combined $1.0 billion. • Operations from several large institutions have driven the market to be sure including University of Washington, Fred Hutchinson Cancer Research and the Allen Institute. • Most companies in the life sciences sector have gravitated toward the South Lake Union submarket just north of the Seattle central business district. With vacancy extremely low and pricing on the rise there, the suburban submarkets of Bothell and Redmond have begun to expand further as well. • One recent delivery was 1930 Boren Avenue in the central business district just blocks from the South Lake Union submarket; upon completion it was purchased by Oxford Properties Group which intends to build out the 136,000-sf 10-story property as a life science facility. • In addition, there is another 1.0 msf under construction that could pivot more towards life sciences and approximately 500,000 sf proposed – all of this within the South Lake Union submarket.

FAST LAB STATS 7.0 MSF MARKET SQUARE FOOTAGE $50.35 $ PER SF NNN

3.4% VACANCY 22.9K TOTAL LIFE SCIENCES EMPLOYMENT & TALENT POOL +119% LIFE SCIENCES EMPLOYMENT GROWTH RATE SINCE 2001

Seattle

REPRESENTATIVE LIFE SCIENCES COMPANIES

LIFE SCIENCES TALENT POOL

14,000

13,427

COMPANY

TYPE

13,000

Fred Hutchinson Cancer Research Center

12,000

Research Facility

11,000

Allen Institute

Research Facility

10,000

Juno Therapeutics

HQ

9,000

Benaroya Research Institute

Average Annual Growth Rate 2001-2020: 2.4%

Number of Persons Number of Persons

Research Facility

8,000

Sana Biotechnology

HQ

7,000

AGC Biologics

Manufacturing

2011

2017

2012

2021

2015

2013

2018

2016

2019

2014

2001

2010

2007

2002

2020

2005

2003

2008

2006

2009

2004

Seattle-Tacoma-Bellevue, WA

Seagen

HQ

Talent pool includes life science professionals not currently employed in the life science sector Source: EMSI

Gilead Sciences

Regional Office

Adaptive Biotechnologies

HQ

BIO DEGREE-AWARDING INSTITUTIONS, METRO AREA • North Seattle College

Institute for Systems Biology

Research Facility

TOP NIH-FUNDED INSTITUTIONS (2016-2020)

UNIVERSITY OF WASHINGTON $2.4B

FRED HUTCHINSON CANCER RESEARCH CENTER $1.9B

SEATTLE CHILDREN’S HOSPITAL $328M

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