CBRE: Seattle life sciences market stays resilient amidst headwinds

A new report from CBRE revealed that, despite the current economic state, the life science industry’s demand for lab space is still above pre-pandemic levels and the overall outlook for 2023 remains positive.

The Puget Sound area ranked first for the increase in National Institutes of Health (NIH) funding, with a nearly 30% increase from 2019 to 2022. The report also indicates strong investment and employment growth.

“Companies in the Puget Sound region are approaching this year with cautious optimism,” said Austin Arper, first vice president with CBRE’s Life Sciences practice in Seattle. “Lingering economic uncertainty will slow real estate decision-making for most, but continued NIH funding to our top research organizations will continue to field innovation and growth in the sector.”