Seattle Life Sciences Market Steady as New Lab Space Delivered

701 Dexter and 1916 Boren projects add over 500,000 square feet of new inventory

Mar. 16, 2026 at 9:20pm

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Greater Seattle's life sciences sector remained steady in 2025, supported by new deliveries of specialized research and development space as well as continued leasing activity. Two major projects, 701 Dexter and 1916 Boren, brought over 500,000 square feet of new lab space to the market, with notable tenants like Seattle Children's Research Institute preleasing a significant portion.

Why it matters

Seattle is a well-established hub for life sciences and technology, and the steady performance of the local life sciences market despite a more cautious national investment landscape suggests the area's resilience and continued appeal for research-focused tenants and investors.

The details

The life sciences market in Greater Seattle recorded several sizable lease commitments in 2025, including a deal for more than 90,000 square feet in Bothell by biopharmaceutical firm SystImmune. While preleasing at the new 701 Dexter and 1916 Boren projects is described as moderate, they are drawing notable research users, with Seattle Children's Research Institute preleasing 38% of the space at 1916 Boren.

  • In 2025, Greater Seattle's life sciences sector remained steady.
  • The 701 Dexter and 1916 Boren projects brought over 500,000 square feet of new lab space to the market.

The players

SystImmune

A biopharmaceutical firm that leased over 90,000 square feet of space in Bothell.

Seattle Children's Research Institute

A key anchor tenant that preleased 38% of the space at the 1916 Boren project, totaling approximately 124,000 square feet.

University of Washington

A well-established institution that continues to anchor the region's life sciences ecosystem.

Fred Hutch Cancer Center

A key anchor institution contributing to sustained demand for specialized office and lab space in the Seattle area.

Allen Institute

An anchor institution reinforcing Seattle's status as a research and innovation hub.

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What’s next

The report indicates that tenant activity in and around the Lake Union area further illustrates the resilience of the Seattle life sciences market, with Zeno Power planning to expand its presence in the area.

The takeaway

Seattle's life sciences market has maintained steady performance, supported by new lab space deliveries, continued leasing activity, and a strong ecosystem of anchor institutions. This suggests the market's resilience and appeal for research-focused tenants and investors, even as broader capital markets conditions evolve.