.jpg "Image treatment")
Market Highlights
- Overall vacancy increased by 540 basis points year over year to 19.0% from 13.6% in Q2 2025, partially driven by the addition of life sciences space outpacing demand.
- Alexandria Real Estate plans to redevelop its life sciences property at 410 West Harrison Street, which it has owned since 2004, into a multifamily project with approximately 200 to 250 apartments.
- Astellas announced plans to close its Seattle stem cell therapy site by 2028 as part of a broader consolidation of its cell and gene therapy operations, impacting approximately 55 employees.