CIC's Record Breaking 2022 Performance Offers Signal of Optimism For The Innovation Economy in 2023

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The Global Network of Innovation Campuses Anticipates Strong Demand for Shared Office and Lab Space Across Life Sciences, Health, Climate Solutions, Robotics and Other Key Industries 

CAMBRIDGE, Mass. - January 10, 2023 – CIC, the global leader in building and operating innovation campuses, exceeded pre-pandemic performance with record-breaking inquiries and sales in shared and private offices, and lab space across its global innovation campuses in 2022. As economic insecurities continue to negatively impact the commercial office and shared spaces industry and have business leaders, industry analysts and media questioning the future of work, CIC’s success offers a view into the hybrid future. CIC’s response to the pandemic and strategic business model, which was built to solve the question of hybrid work, resulted in a record-breaking 2022 with revenue growth reaching nearly 10% over pre-pandemic levels. 

“What sets CIC apart is our commitment to building community through globally connected campuses that inspire innovation and ignite ideas that turn into viable businesses; this attracts top entrepreneurs and innovators,” said Tim Rowe, CIC founder and CEO. 

“CIC's dedication to our mission inspired us to invest in and expand our communities over the past two years, which positioned the organization for success. We not only retained more than 50% of our clients at the height of the pandemic, but ended 2022 nearly 10% above pre-pandemic revenue levels,” said Rowe. 

CIC Experiences Record Growth & Expansion 

“Since CIC’s inception more than 20 years ago, our model was built to embrace hybrid and flexible work options. The fact that we were so far ahead of the industry when the pandemic changed work as we know it ultimately benefited us as an organization,” said Camilla Jensen, CIC CFO and Marriott International veteran. 

At the height of the pandemic, CIC doubled down on international expansion, opening new campuses in Warsaw and Tokyo. Both outposts now exceed 80 percent occupancy for small and midsize clients, setting CIC up for continued expansion in Europe and Asia in 2023. 

The company’s US campuses also rebounded, with occupancy across the board at or above 75 percent and 20 straight months of increases in inquiries and tours. One standout example is the Philadelphia campus, which features the world’s largest commercial shared wet lab and saw record-breaking inquiries and subsequent sales in September and October 2022. 

Driving Innovation & Investment for Clients Globally 

“It’s easy to have a grim outlook on 2023 with the myriad of macroeconomic factors driving fear and uncertainty around the world. However, the trends we’re seeing at CIC, where startups and enterprise companies are driving immense demand for our offerings, paints an optimistic picture as to what we can expect in the world of life sciences, health, tech, sustainability and many other industries,” said Rowe. 

CIC’s success is rooted in its focus on building communities at scale and going far beyond shared workspace. The focus on building collaborative work environments, high staff-to-client ratios, and “all-inclusive” amenities allow CIC to enable nearly 3,000 companies globally in for- and nonprofit sectors to focus on innovating solutions to local and global challenges. 

In 2022 alone, CIC campuses around the world hosted more than 1,770 events with 70,000 attendees, and the organization continues to invest in innovative programs including Venture Café, Japan Desk, and International Soft Landing that leverage its unique outlook and experience.  

CIC’s global ecosystem has seen the benefits of this approach. In 2022, CIC clients surpassed $1.5 billion in VC funding bringing total investment for CIC clients above $16 billion. This success was seen in critical industries, including lab clients which secured numerous investments, initiated clinical trials, debuted on the stock market and launched partnerships with leading pharmaceutical companies. 

About CIC

CIC is a global leader in building and operating innovation campuses that support the growth of entrepreneurs and startups. Founded in 1999 with a single location in Kendall Square, the company now operates more than 1 million square feet of shared workspace, wet labs, and event space in the US, Europe, and Asia. Its collaborative work environments support thousands of individuals in the for-profit and nonprofit sectors who are focused on innovating solutions to local and global problems. In June 2020, CIC launched CIC Health, a wholly owned subsidiary, which has provided COVID-19 testing and vaccination services to millions of individuals, schools, and organizations. Learn more at cic.com.