Bridgeport Innovation Center

Description
Background: The Bridgeport Innovation Center was one of the best kept secrets for small and mid-sized businesses of Fairfield County. BIC offers tremendous value for businesses looking to rent commercial space including offices, warehouses, lofts, storage, and distribution.

BIC had an eye-catching website, but was lacking in website traffic and overall presence online. They had 60 empty spaces, nearly 35% vacant.
 

A Valuable Opportunity:

As presented by an article on CTPost.com:

“Commercial real estate in Fairfield County, third quarter 2015
 

Select locales

Locale

Buildings

Vacancy rate

Avg. rent*

Greenwich

61

20%

$61.92

Stamford

134

22%

$41.61

Eastern Fairfield County

75

20%

$19.11

Greater Danbury

36

23%

$23.35

Fairfield County

438

21%

$35.62

 

Source: Cushman and Wakefield of Connecticut *Denotes rent per square foot

A look at vacancy rates and average rent prices across the area. An increasing amount of large companies are abandoning CT's commercial spaces to look elsewhere. The greater Bridgeport area has seen an increase in companies requesting large spaces due to the convenience and prices in Bridgeport. While offering similar convenience, Bridgeport commercial properties offer larger spaces at discounted prices which have help to lure the recent increase in demand.
 

Its proximity to larger metropolitan areas like New York, New Haven and Hartford have always Bridgeport a destination for large companies. The addition of many new facilities, amenities and retail spaces in the area has made Bridgeport a highly desirable location.”
 

With the demand for commercial space in Bridgeport on the rise, BIC needed to gain credibility, increase exposure, and lease more space!
 

Our Strategy:

We developed a plan to increase exposure online by releasing several articles to local press, developing social media accounts (including Twitter, Facebook, Pinterest, and YouTube), and interacting with Fairfield County governmental and business websites.

Our messaging promoted the value of BIC in the following ways:

-24-hour access

-“Community” of businesses

-Variety of space styles and sizes

-Creative Spaces: Historic loft space features high ceilings, wood floors, and brick walls 

-Office Space: Use of conference room with internet access and large 20-seat conference table

-Warehousing/ Distribution: Convenience of being just .5miles from i95 at a fraction of the price per SF as Milford, Norwalk, Stratford, and other surrounding towns.

 

Within 4 months, occupancy has been increased by 35%, particularly amongst larger spaces of 2,500-5,000SF.

As of October 1, 2015 BIC has 15 available spaces (17,000SF), including one 10,000 SF warehouse and several small offices. Currently, the complex is at 92% occupancy.