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Seattle Q3 2025 Life Sciences Market Report

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Market Highlights

  • Overall vacancy stands at 17.0%, up 430 basis points (bps) from last year’s 12.7%. Since last quarter, direct vacancy rose 170 bps, while sublease vacancy edged down to 2.3%, the lowest since 2023.
  • As vacancy rises and demand weakens, developers are deferring or abandoning proposed life sciences projects, including BioMed Realty’s Denny Park South.
  • Seattle’s life sciences sector has raised $998.3 million in venture capital (VC) funding in 2025 year to date, surpassing 2024’s total of $524.0 million, a 90.5% increase.

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