How Innovation Quarter has evolved the business community in Winston-Salem
This article was written for our sponsor, CBRE Triad
Creating anything great sometimes means being in the right place at the right time. That definitely seems like what happened with the Innovation Quarter in Winston-Salem. Today the area is recognized as one of the most unique mixed-use developments in the world.
"With these amazing iconic buildings, you had a chance to create something very unique and the Innovation Quarter has really become a case study on how to create mixed-use environments with non-traditional real estate development. It’s been well received," said Graydon Pleasants, Head of Real Estate Development for the Innovation Quarter who is set to retire at the end of this month. "We continue to have companies approach us."
The Innovation Quarter helped transition the city from a tobacco industry to one now centered on technology, medical and education, located in some of the region’s most historical buildings.
Innovation Quarter includes more than 330 acres of development, 1.9 million square feet of real estate, highlighting 3,600 workers and 90 companies.
Operated by Wake Forest Baptist Medical Center, the Innovation Quarter includes a mix of research companies, businesses, education-centered organizations and various schools like Wake Forest School of Medicine and Winston-Salem State University.
Pleasants, who leads the site development and infrastructure for the Innovation Quarter, said the project has always punched above its weight class. "We’ve become a community centered around biotech and research and the Innovation Quarter showcases creativity and inclusion where daily activities create interaction with that community," Pleasants said. "We’re attracting large and small companies who are looking for an engaged workforce in an environment that younger employees are looking for."
Today, there are 770 apartments and lofts at Innovation Quarter that house many of those who are working or getting their education there. They’re attracted to the great dining, nightlife and access to their jobs and school.
Mark Owens, President and CEO of Greater Winston-Salem, Inc. is continuously working to find companies that are a good match for the Innovation Quarter. "We are doing all we can to expand the economic impact that the Innovation Quarter has on the community," he said. "With its ability to serve as a center for labs, business and startups while offering
lifestyle amenities that people are looking for today when they decide where to live, the Innovation Quarter is a jewel for Winston-Salem."
Pleasants, who works with numerous economic development professional organizations in Winston-Salem, said they expect Innovation Quarter to double in size over the next several years. "Vacancy could fill quickly," he said. "COVID had an impact that is hard to predict, but we are seeing a lot of interest from possible anchors, so we’re cautiously optimistic we’ll be able to fill up 2 million more square feet of space."
Because of the unique nature of the space, including the old Reynolds building, CBRE has been helping market the space. Part of that effort is to showcase not just a historical landmark but the many benefits that come with it like tenant-only events and activities, advanced telecommunications infrastructure and access to Biotech Place and Bailey Power Plant conference centers. "While the building has its uniqueness, it has availability for everyone," Owens said. "The different kinds of businesses in the Innovation Quarter have really grown and diversified. It’s home today for businesses that are looking for a sense of place, who want to be around other innovative companies." Dozens of business makeup the Innovation Quarter, but here are a few that offer pretty unique services:
- Fluree: Enterprise Data Management
- Clinical Ink: Clinical Trial Technology
- Renalytix™: Kidney Disease Prevention
- OnceLogix: Software Development
- The Variable: Innovative Advertising
"Innovation Quarter has excelled in attracting innovative companies in the biotech industry that have a tie to scientific research, as well as companies that want to use technology in the life science space," Owens said. "The Innovation Quarter has become much more than a place just for work. We are trying to choose companies and people who want to come here, not those that have to come."
With such a huge space, officials at the Innovation Quarter are taking steps to integrate and welcome everyone who calls it home. One of the newest companies announced includes Sparq, a small business launchpad that helps small businesses "get plugged into the vast resources, connections and opportunities in the district." Owens, who has worked in the chamber of commerce industry for a dozen years, recognizes that the Triad region working together has helped make great things happen, like Innovation Quarter. "There are so many great things happening in our region," he said. "If we can come together and promote each other, we can compete with the biggest metros across the country." He encourages people to come and experience Innovation Quarter. "Come to Winston-Salem for a day and see what it is all about," he said. "See it lit up at night, it’s truly a great story to experience how a former manufacturing area is now educating the students and leaders of the future."
Greg Wilson, an Executive Vice President with CBRE|Triad, has seen firsthand how Innovation Quarter has played a pivotal role in the commercial real estate market for the Triad through his work with both office and technology users. "The Innovation Quarter is a great example of how companies within like industries can create a community space in a piece of the market’s history. This area has transformed over the years, aiding in the growth of the Triad by giving these companies a place to flourish and grow," he said. According to CBRE|Triad, the Triad market holds a 13.4 percent office vacancy rate as companies continue to make long-term decisions in the post pandemic office world. "The Innovation Quarter is a great example of what could be done in an underutilized area of a downtown," Wilson said. "It provides an incubator for technology, jobs and a residential component."
This article was written for our sponsor, CBRE Triad
