Metrics gauging the life sciences sector varied to end 2022 as the industry normalized in the fourth quarter after robust growth in 2021 and much of ‘22, according to a new report from CBRE.
Lab and R&D facility vacancy rates across the Puget Sound region hit 8.9 percent in the quarter, up from 8 percent in the third quarter. Average asking rental rates increased in Bothell and Seattle, while demand for space from tenants declined. Fourteen companies were looking for a cumulative 325,000 square feet across the region, down from 400,000 square feet of demand in the third quarter and a pandemic-era high of 1.2 million square feet in the third quarter of 2021, according to a CBRE news release on the report.
According to a report last October by an association representing Washington’s life science industry, almost $5.1B was invested in the state’s biotechnology, medical technology, and digital health companies in 2021. The funding…
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