It’s exhausting for all times sciences startups to search out lab space, and there’s motive. The sector has been on a tear, based on a report tallying enterprise capital and actual property transactions in Seattle and different life science clusters inside the final 12 months.
Enterprise capital funding for the life sciences hit file highs nationally, reaching greater than $30 billion within the 12 months by September, based on the report by actual property agency CBRE. And whereas main clusters such as Boston reeled in billions, the Seattle space pulled in a whopping $898 million.
Within the Seattle space, life sciences jobs elevated 3.6% between 2019 and 2020, with R&D jobs growing 5.9%.
The third-quarter 2021 report mirrors current findings from another recent report by the business group Life Science Washington, displaying a rise of 23.5% in life science employment in Washington from 2015 to 2019. That’s quicker than personal sector employment total and life sciences employment nationally.
Washington state is driving a biotech IPO wave, with 5 biotech companies getting into the general public markets in 2021. Sana Biotechnology raised $587 million in its IPO, Absci pulled in $200 million, and vaccine firm Icosavax raised greater than $180 million. Nationally, IPOs this 12 months have already raised greater than final 12 months’s $10 billion file, based on CBRE, pushed partially by pandemic-fueled interest.
Just lately-launched Seattle space biotechs elevating capital within the final 12 months embrace Form Therapeutics, which raised $112 million, Umoja Biopharma, which raised $263 million, and South San Francisco and Seattle-based Sonoma Biotherapeutics, which raised $265 million.
In Seattle, builders proceed to see promise within the life sciences. The brand new report doesn’t cowl fourth quarter actual property transactions, which embrace 211,000 square feet in South Lake Union and 188,000 square feet close to the Space Needle now slated for all times sciences growth. In the meantime, the 865,000 square-foot life sciences undertaking at Seattle’s Denny triangle is working its manner through design approval by the town.
“The Seattle market continues to see fierce leasing competitors,” based on CBRE.
Different highlights from the report are beneath: