The Allen Institute, a nonprofit biotech research institution, is expanding into a new life sciences and technology campus near its South Lake Union headquarters. The institute, started by late Microsoft co-founder Paul Allen and his sister, Jody, has over 650 employees and expects to continue growing into next year.
According to a report by Newmarket, Seattle’s South Lake Union life sciences market remains the tightest submarket for lab space, with virtually no new lab product delivering until 2024. Across the region overall vacancy for second-generation lab space is virtually nonexistent, with demand driving additional office-to-lab conversions and leasing activity in submarkets like Bothell.