ULI Europe Report: Technology, Real Estate, and the Innovation Economy
September 23, 2015
Toronto’s MaRS Discovery District has been profiled in a report published in September by Urban Land Institute Europe and the Oslo Metropolitan Area.
Titled Technology, Real Estate, and the Innovation Economy, the report addresses how the real estate community is playing a role in fostering eco-systems “in which companies can start-up, grow, and succeed.”
Professor Greg Clark, a senior fellow with ULI Europe, and Dr. Tim Moonen, Director of Intelligence at London-based consultancy The Business of Cities, co-authored the study that seeks to define how real estate providers can further adapt and become part of the “innovation economy.”
During their research, Clark and Moonen selected 12 case study innovation sites, including Toronto’s MaRS Discovery District, located in Europe and North America.
The sites range from single buildings to entire districts, with some developed as far back as 1960 (Media Park Netherlands) and others that have yet to be completed (Cornell NYC Tech Campus). Two of the sites are downtown start-up hubs focusing on digital and internet technologies while four others are sites with anchor tenants that house companies working on everything from applied sciences to cleantech.
As one of the case study sites, MaRS is cited several times throughout the report as an example of a successful innovation hub for real estate providers to follow. Read a few highlights below:
- The report’s authors praised MaRS’ rigorous screening of start-ups that it chooses to support as a key contributor in improving micro-conditions within the site, which, in turn, is a way to enhance the attractiveness and utility of the property owners asset.
- MaRS was identified as having “nurtured and catalysed” many of Toronto’s high growth medical and ICT companies.
- The economic value generated by MaRS is highlighted, with the authors noting that the initial investment of $600 million has created $3 billion in economic value.
- MaRS was praised for collaborating with mature institutions. “Spaces like MaRS in Toronto show the value of engaging leadership from diverse sectors and diverse business sizes to help real estate owners understand what is needed across the whole market,” wrote the report’s authors.
Click here to view the full Technology, Real Estate, and the Innovation Economy report.