As of Q3 2023, leasing volume in the life sciences sector has experienced a slowdown after elevated activity in recent years. Despite moderating lease activity, new construction projects continue to attract active tenants in the market as flight to quality prevails.
After years of limited space options, especially in newer, high-quality buildings, millions of square feet are in the development pipeline, with more proposed projects waiting to kick off, to meet pent-up demand. Top players in the sector such as Alexandria Real Estate are moving forward with a large portfolio of lab projects. Alexandria recently announced a 900,000 square foot (sf) expansion proposal at Alexandria’s Center for Life Sciences and Technology in Bellevue, Washington, right outside of Seattle.
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