An 18-hour live-work-collaborate lifestyle key to a successful university innovation precinct

AUSTRALIA, 19 August 2021 – An emphasis on embracing a day and night economy is set to become essential in attracting the next generation of students, faculty members and corporate partners towards universities.

According to JLL’s Report – ‘10 steps for a successful university innovative centre’, universities are expected to not only have the right technical facilities, but also incorporate supporting amenities for the 18-hour live-work-collaborate lifestyle.

JLL’s Head of Strategic Consulting – VICTORIA, David Brown said, “The larger picture is particularly important when you are competing with other institutions and amenity rich locations in and around your site. To maintain the edge, universities need to balance the cost of amenities versus the need to attract the participants you want.”

“Globally, new hubs of innovation are emerging in cities - and often universities are leading the way. Entrepreneurs, researchers, students and established professionals mingle and collaborate in lively districts with eclectic restaurants, office buildings, research facilities, housing and shops.”

JLL’s Report also highlights another key step for a successful university innovative centre - proximity to amenity and activity. Proximity to amenity and activity attracts potential industry and community stakeholders seeking university talent. A key to this is retail amenities as those shops and restaurants will thrive on the foot traffic from both your campus and by attracting the surrounding community in.

“While it’s important to start with a vision and master plan, it’s equally important to remain open to change and developing flexible spaces from the onset will help to adapt to changing needs over time. Necessary change may require new research priorities as industries change direction as new technologies enter the marketplace or buildings that may become outdated and require alternate uses,” Mr Brown said

JLL’s Education Solutions Lead for Consulting - Dinesh Acharya said, “Design is a critical factor for innovation precincts, yet it’s just as critical to align diverse stakeholders around a common vision. Identifying the right partners is key and this requires a multi-disciplinary and curated leasing strategy to understand industry drivers, assess different stakeholder needs and define what the shared business benefit of collocation might be.”

JLL’s Report, identifying ten best practices for developing and maintaining thriving innovation hubs, can be downloaded here