Puget Sound Life Science Figures H1 2026

Absorption extended its downward trend in the first half of the year (H1 2026), with 110,500 sq. ft. of negative net absorption pushing total vacancy to 22.8%. Seattle Close-In Class A direct asking rates fell to $66.52 per sq. ft. NNN by Q2, while Bothell rents held steady at $42.00 per sq. ft. NNN.

Gilead Sciences drove the negative absorption, completing a 114,500 sq. ft. move-out at 199 E Blaine, while Sana Biotechnology vacated 78,000 sq. ft. at Alexandria Center Monte Villa. Offsetting moves included UW Institute for Protein Design taking 28,000 sq. ft. at 330 Yale, Amazon occupying 20,000 sq. ft. at Vue Research Center (500 Fairview), and Immunome expanding by 23,500 sq. ft. at Alloy Innovation Center North Creek in Bothell.

Leasing volume totaled 167,000 sq. ft. in H1 2026, down 31% from H2 2025 and 22.5% below H1 2025 levels.. The Seattle Close-In submarket captured every major transaction in H1 2026, led by Lumen Biosciences renewing 39,000 sq. ft. at 1441 Lake Union Center and BrainChild Bio signing a new 31,000-sq.-ft. lease at Eleven50 Eastlake.