University Located Venues Outpacing the Market
Meeting spaces in universities are generally showing a stronger recovery in volume levels, with half reporting event volumes of at least 80% of 2019 levels, compared to 29% of non-academic venues. This said, a marginally higher share of non-academic venues (13%) report surpassing pre-pandemic volume compared to academic venues (11%).
Figure 6: Projected 2022 volume levels compared to 2019 by academic/non-academic
Non-academic
Academic
0-20%
6% 6%
6%
21-40%
19%
11%
41-60%
20%
61-80%
28%
26%
39%
81-100%
16%
11%
Over 100%
13%
Looking forward, the majority (70%) of venues expect to reach or surpass 2019 volume levels no later than 2023. Supporting this trend, Knowland’s Meetings Recovery Forecast projects meeting levels to recover to 106% of pre-pandemic levels in 2023 and 129% in 2024. European venues are particularly optimistic, with more than a third expecting to fully recover in 2022, and only 6% expecting their recovery trajectory to extend to 2024 or beyond. In comparison, only 16% of venues in the Americas expect to recover completely in 2022, while 44% are expecting a long-haul recovery period extending to 2024 or beyond.
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