Things are looking up for the cash-strapped Western Sarnia-Lambton Research Park.
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Occupancy is up five percentage points – to 71 per cent – at the park since September, when it was about two-thirds fullsaid executive director Katherine Albion.
Hopes are the park will hit the financial break-even point – low 90s occupancy – sooner than expected, she said.
“Based on our current financial model and . . . the recent leasing trend, it could be as early as 2026,” she said.
The research park, founded in 2003 as an incubator for emerging companies, was hit hard financially as people vacated offices and worked from home amid the COVID-19 pandemic.
Lambton County council authorized $675,000 for the park last May, amid concerns then that the park could run out of cash within four months.
Several companies have joined since, Albion said.
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“We’ve actually got another new company that will be joining us here in February, which will increase our occupancy to 72 per cent,” she said.
Efforts to recruit more tenants – including a targeted digital marketing campaign, formalizing stakeholder relationships and working on a new strategic plan – are part of a turnaround recovery plan, she said.
The goal, announced in May, was to get back to 95 per cent occupancy within 18 to 36 months.
“We do anticipate, based on our recent leasing trend, that we could reach our break-even point earlier than that three-year mark,” Albion said.
More funding will be needed in the interim, she said. The agency’s tax year runs May 1 to April 30.
“We will be submitting a request to (Lambton County) council for the next year as part of the budgeting process in March,” Albion said.
There are about 30 tenants at the park, some with multiple leases, she said, noting many value the collaboration they get working in close proximity.
“We’ve got some great, innovative companies expressing interest in coming to the park and leasing space,” she said. “So we do have a bright future that we see ahead of us.”
There’s also still a plan to convert unused office space into lab spaceshe said, “and we continue to review all of the opportunities to do this as they become available.”
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