Occupancy rates skyrocket at business innovation centre

A Coventry office complex for innovative businesses has seen its occupancy rates skyrocket since its new centre manager took the reins less than a year ago.

The Business Innovation Centre, Binley – part of the University of Warwick Science Park – has seen its occupancy rate reach 80%, an increase of more than 30 percentage points since April 2022.

The rise has been spearheaded by new centre manager Victoria Lynch after she made a focused effort to market the centre and the benefits it offers to its tenants across a range of channels.

Twenty-six companies and two start-ups in a variety of sectors – including automotive, IT, engineering, and consultancy – are now tenants at the innovation centre, leaving just 10 units unoccupied.

Lynch said: “There’s a lot of competition in the region, so it was vital to market the centre to potential tenants in a targeted manner to maximise the likelihood of them joining us.

“For example, after looking at the origins of existing tenants, we found most only came from within a five-to-ten mile radius of the centre, in contrast to typical science parks which have a 35-mile radius. This meant we needed to increase our reach when targeting new tenants.

“And it was important to not only market Binley as great office space, but the extra benefits it offers too, such as through the Science Park’s business support service Business Ready, and the links to the University of Warwick which can result in student placements and access to cutting-edge research.

“We also host regular free networking events within the Innovation Centre to boost business connections and to build a community here.

“It’s fantastic to see the dramatic increase in occupancy as a result of what we’re doing, and I’m confident this upward trend will continue through 2023.”

Lynch also believes the rise in occupancy at the Business Innovation Centre, Binley demonstrates the wider appeal of companies having a base in a post-pandemic world.

“I think it’s really important for SMEs to have that hub where they can not only have a space for colleagues to interact, but to be around like-minded businesses too,” she added.

“It adds so much value to being able to bounce ideas off peers and network with fellow companies, which often leads to collaborative work.

“Many of our tenants are using a form of hybrid working, which enables them to have that flexibility as well as all the benefits that the Innovation Centre offers.”

Mark Tock, chief operations officer at the University of Warwick Science Park, added: “The Business Innovation Centre, Binley has been a real success story for us. Businesses are really seeing the value of what we offer at the Science Park and the benefits of high-quality office space and business support.

“We’re looking forward to welcoming even more businesses to our sites as confidence continues to rise in the sector.”