Seattle’s life sciences cluster refused to cool off in 2025. Two major lab towers came online, and a run of sizeable leases from research institutions and growing biotech firms helped soak up much of that new space even as national investment slowed. That mix of fresh buildings and strategic tenants kept Seattle in the conversation as one of the top U.S. life sciences markets.
Big Deliveries Shift Market Geometry
The biggest shakeup came from two newly completed projects: Alexandria’s 701 Dexter in South Lake Union and Trammell Crow’s 1916 Boren in the Denny Triangle. Together they accounted for most of the new supply, pushing 2025 deliveries past the half-million-square-foot mark.
A Q3 2025 market report from Flinn Ferguson Cresa puts 701 Dexter at roughly 227,504 square feet of lab and office space. The Daily Journal of Commerce reports that 1916 Boren totals about 282,700 square feet, with Seattle Children’s preleasing roughly 124,000 square feet. Those high profile deliveries helped underpin Seattle’s appearance among top life sciences markets in recent coverage from Connect CRE.
Anchors And Institutional Demand Kept Leasing Active
Major research institutions such as the University of Washington, Fred Hutch Cancer Center and the Allen Institute kept demand for lab space from drifting too far off course. Developers leaned on those long term, mission driven tenants to support new projects and fill out their rent rolls.
That institutional ballast shows up clearly in market analysis from Colliers, which highlights Seattle’s relative stability in the face of broader industry headwinds.
Growth Spreading To Bothell And Beyond
The growth story was not limited to downtown. In Bothell, SystImmune finalized a roughly 90,460-square-foot headquarters lease at Alexandria’s Canyon Pointe (Building A), a move covered by industry outlet CoStar. Nearby, AGC Biologics added about 37,575 square feet, and the smaller deals still mattered.
Zeno Power took about 9,795 square feet at Alexandria’s 219 Terry and now occupies the first three floors of that building, according to the regional market summary from Flinn Ferguson Cresa.
Where Seattle Fits Into The Bigger Picture
Nationally, the flow of capital into life sciences has softened, but local indicators point to a cautious recovery as tenants and landlords pivot toward faster, move in ready transactions. CBRE’s Puget Sound life science figures show that vacancy climbed and net absorption for 2025 was still negative, even as leasing activity accelerated in the second half of the year.
That combination has many analysts describing Seattle as a market that is stabilizing rather than collapsing, a view that lines up with market briefs from Connect CRE, longer form analysis from Colliers and regional data from CBRE.
What Developers And Tenants Are Watching
For tenants, the new inventory means more choice, from spec lab suites to full floor buildouts, although developers are watching leasing velocity and financing costs closely as they bring projects to market. Major owners such as Alexandria have laid out their Seattle megacampus strategy in investor materials, and that campus has also been tied to sustainability investments such as a sewer heat recovery pilot described in local coverage and project filings.
The combination of institutional anchors, biotech expansions in Bothell and fresh lab inventory helps explain why Seattle remains on the shortlist for life sciences growth even as capital markets cool. Observers say the next 12 months of leasing and corporate partnerships will determine whether the market’s momentum carries into 2026 or starts to level off.
