Intelligent Investment
Seattle Market
Global Life Sciences Atlas
April 11, 2025 5 Minute Read
Overview
- Seattle is one of the nation’s most important life sciences clusters, supported by world-class healthcare institutions and research universities. More than 31,000 people work in the local industry, with 17,000 in life sciences research and development (R&D) occupations.
- Seattle has 9.4 million sq. ft. of life sciences lab/R&D space, and roughly 500,000 sq. ft. more is under construction. Space supply is outpacing demand as of the end of 2024, causing the region’s lab/R&D vacancy rate to reach its highest level in years.
- Between 2019-2024, Seattle life sciences companies secured approximately $5.1 billion of venture capital funding, the 12th-largest amount in the world.
- Supporting Seattle’s life sciences ecosystem are world-renowned universities (University of Washington), leading health care institutions (Fred Hutchison Cancer Center, Children’s Hospital) and prestigious research institutes (Allen Institute).
- In FY 2024, the National Institutes of Health (NIH) allocated more than $1.1 billion to organizations in Seattle for healthcare and life sciences initiatives, the ninth-highest amount in the U.S.
Submarkets
Industry Presence
- More than 31,000 people work in Seattle’s life sciences industry, the 15th-largest workforce in the U.S.
- Seattle has 17,000 people employed in life sciences R&D roles, the eighth-largest in the nation.
- Seattle life sciences companies secured approximately $537 million of venture capital funding last year, slightly exceeding 2023.
Life Sciences Venture Capital Investment Trends
Figure 1: Life Sciences Venture Capital Funding
Life Sciences Market Stats
Figure 2: Market Overview
Development Pipeline or Activity
Figure 3: Lab/R&D Space Under Construction
Featured Project
- 1916 Boren
- 282,741-sq.-ft., Class A life science facility
- Scheduled for delivery in Q3 2025
- 42% preleased to Seattle Children’s Research Institute
- 10 stories with five remaining floors at 30,000 sq. ft./floor
- Speculative lab suite on the seventh floor, ranging between 7,000–15,000 sq. ft.
- Shared glass wash/autoclave
- Fitness center
- Two large conference rooms
- Freight elevator and robust loading dock
- Rooftop deck, bike lockers/showers, retail
- Bristol Myers Squibb
- Gilead
- Pfizer
- Allen Institute
- Benaroya Research Institute
- Children’s Hospital
- Fred Hutchison Cancer Center
- University of Washington
Global Life Science Markets
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The San Francisco life sciences cluster is the largest on the U.S. West Coast. More than 147,000 people work in the local industry, over 42,000 in life sciences research and development (R&D) roles.