Biotech’s Boom in Seattle
Seattle is quickly becoming the country’s next biotech hub with new life-science firms being added at a rate of at least 80 a year, according to the Life Science Washington Trade Group. The sector continues to boom in Seattle thanks to a thriving economy, the healthcare industry’s need for cost-saving innovation and a new generation of products, all accelerated by the COVID-19 pandemic.
Seattle attracts biotech companies from around the country thanks to its affordable commercial property space coupled with a scenic landscape within the Pacific Northwest and a dense central business district that offers firms and their employees a rich environment filled with live/work/play options all within minutes of one another. Institutions such as the University of Washington, which receives the most medical grants in the country, Fred Hutchinson Cancer Research Center and the Seattle Cancer Care Alliance, help to fuel biotech’s popularity in the area and nurture the growth of innovative new technologies to bring new labs, clinics and research facilities to the region.
MSRE has been specializing in biotech tenants for decades and has its finger on the pulse of the industry. While commercial real estate is one specialty offering from the MSRE team, catering to biotech firms adds an additional layer of complexity that the team has mastered in order maintain long-standing clients in this industry.
Working with more than a dozen firms in the life-sciences field, MSRE has a rich portfolio of clients including TwinStrand, Aptevo Therapeutics and RareCyte Inc., to name a few. This experience has provided their leasing team the expertise to understand the unique needs of these firms and how to accommodate them and nearly any request.
Why is MSRE the leading commercial real estate firm for biotech in Seattle? Below are three reasons the team is best equipped to serve this industry:
- High Aspirations, Higher Ceilings: MSRE buildings typically have tall ceilings spanning 14-16 feet high, allowing space for critical mechanical equipment biotech firms require.
- Room to Grow: As the industry continues to flourish, flexibility in real estate for each firm is key to their success. MSRE works tirelessly to create the perfect fit for each clients’ needs. For example, building a 20’ X 20’ shaft through the ceiling of one of their properties to allow for necessary ventilation.
- Expansion, not just Relocation: While these firms continue to grow, MSRE’s team focuses on expanding their current office space, rather than simply relocating them, making the growth process that much easier for the client. As an example, one of their clients tripled their footprint with MSRE within the past five years, and as expanded their business, MSRE was there along the way to help them grow in the most manageable way possible.
MSRE currently has four properties on the market in Seattle that are ideal for biotech companies, including: