The life science industry continues to normalize after the past couple of years of increased growth. A recent report from CBRE shows that the fourth quarter of 2022 was a varied one for the Puget Sound region’s life science market.
According to the report, “Despite Economic Headwinds, Life Sciences Market Finishes 2022 with Solid Fundamentals,” some of the key trends in 2022 for the Seattle area’s life science industry included significant activity but no new construction leases. The market maintained its strength with consistent employment growth and steady venture capital funding, and Seattle saw $341 million allocated to the life sciences sector in the fourth quarter, making it the highest fourth quarter on record. At the same time, the lack of new construction leases in the fourth quarter also shows the hesitation by tenants to make large capital commitments to move or expand.
