Anemic enrollment, reduced funding, and rising costs are forcing colleges and universities to find alternative ways to generate funds. Thirty-five percent of higher ed institutions expect budget decreases of more than 2% over the next three years. Also, 3.4% expect a YOY operating cost increase that will outpace revenue increases. Following an ongoing series of budget cuts, many universities feel they have nothing left to cut. Meeting upcoming budget demands will require institutions to turn to new sources of income. Better campus event space utilization can unlock those sources.
Unused space on college campuses can be an untapped asset to increase annual revenue. But the hassles of handling campus event management can outweigh the benefits when conflicting manual processes lead to poor event performance and underutilized spaces. Room reservation data, collected from reservation software, can help colleges address the challenges of campus space utilization to drive new revenue opportunities.
The Untapped Opportunity of Summer Campus Utilization
With lower enrollment rates and varying student attendance across different semesters, campus space is often underutilized throughout the year. About 40% of spaces are unutilized during the fall and spring semesters. The issue is even more prevalent during the summer, when a 63% decline in campus utilization plummets space usage to an average of 25%. Schools that find a way to increase campus use can simultaneously address wasted space and budget concerns. For many, providing event venues offers the perfect solution.
The global events industry market is growing at a CAGR of 6.8%, and is expected to reach $2.5 trillion by 2035. Event attendance is projected to rise in 2025 and beyond, with 65% of event planners expecting increased attendance in 2026. This growth presents an ideal opportunity for higher ed institutions to meet the demand with facilities naturally optimized for event use.
University campuses have the means to offer:
- State-of-the-art conference facilities
- Lecture halls with AV capabilities
- Breakout rooms
- Green spaces
- Tech support
- On-site catering
They’re typically conveniently located, making them easily accessible to attendees, and many can provide lodging options. The availability of campus event teams that help coordinate venue selection, technology setup, catering, and other logistics reduces burdens for event planners. They can ensure every detail is taken care of. The existing resources on college and university campuses make them the ideal venue for a broad range of one-day or multi-day events. With this market, schools can maximize the value of campus assets and amenities to drive revenue.
Why Room Reservation Data Matters
While dropping enrollment rates are driving current changes, space underutilization on college campuses isn’t a new problem. Unfortunately, a range of issues can arise that restrict administrative teams’ ability to utilize campus space effectively. Outdated manual reservation and reporting processes, as well as error-prone invoicing, lead to wasted time and money. Limited access controls undermine security, and inefficient coordination and communication lead to scheduling conflicts that damage the institution’s reputation. The end result is a frustrating and fragmented user experience that disappoints event hosts and attendees.
Room reservation data is the missing link that connects actionable information with available space, creating a seamless approach to campus event space utilization. Factual data shows true usage rates instead of assumed rates (or scheduled occupancy vs actual occupancy). Data on space usage patterns offers insights into how spaces are used and which spaces are underutilized. Over time, teams can spot patterns in space usage, including seasonal dips, high-demand categories, and repeat requests. This insight will improve forecasting efforts and offer insight into revenue trends.
What Room Reservation Data Reveals for Conference and Event Leaders
Room reservation data provides insight into how and how often people use various spaces. Occupancy rates and space utilization data help event planners improve campus event space utilization to achieve higher revenue generation and repeatable success.
Over time, room reservation data helps event leaders learn:
- Which rooms drive the most revenue. Understanding which rooms drive the most conference services revenue per square foot can provide insight into specific demand factors and how you can capitalize on them. For example, demand can stem from available resources, room size, or the setting. Understanding trends can help teams find ways to market underutilized spaces.
- Peak vs. off-peak demand windows. Predictable demand patterns allow event teams to adjust pricing and other factors to improve space usage during peak and off-peak cycles. For example, lower pricing on off-peak seasons or days of the week can lead to higher usage rates, generating more income over time.
- Missed opportunities. A combination of scheduling and occupancy data can provide essential insight into the frequency of unfulfilled requests. Such issues can stem from manual practices that fail to show real-time data, such as cancellations. These create a scenario in which a request was denied when the desired room was actually available.
- Demand for staffing and services. Data that gives insight into resource usage and staffing at events helps event teams forecast future needs. They can also craft pricing models for easy event venue selection.
How can campuses increase event revenue with existing facilities?
Using reservation data to align space availability with conference demand allows campuses to make a profit on spaces that would otherwise go unused. Schools can increase their earnings by using available tools to bundle services like audiovisual options, catering, and housing. Advertising online and in national publications brings the added advantage of attracting external groups to use campus space.
Best Practices for Leveraging Room Reservation Data
Room reservation data offers vital insight into how rooms are used to promote successful event reservations and increase space usage across campus. Leveraging data to streamline specific tasks can increase campus event space utilization, leading to higher success rates.
- Centralize requests and approvals to reduce double-bookings. A unified booking system provides a single source of truth, increasing transparency, reducing conflicts, and streamlining room reservations across campus. When a global view of events is included, teams can eliminate double bookings, avoid scheduling conflicting events, and reduce missed opportunities due to communication delays.
- Use analytics to forecast high-demand periods. Data collected over time can help you recognize seasonal trends and other factors to forecast high-demand periods and match room availability when possible. Understanding these trends will help you make informed decisions that help maximize revenue.
- Market open spaces proactively during low-utilization months. Marketing is critical to driving awareness about available event spaces. Colleges and universities can promote their event spaces (including outdoor areas) during the summer by posting on social media platforms, sending email newsletters, and publishing in print publications. Leveraging student ambassadors or influencers to promote events can lead to higher participation rates and increased awareness of available event space.
What tools help improve campus event space utilization?
Platforms with analytics dashboards and central scheduling reduce friction. They also provide actionable data that leaders can use to maximize space utilization and revenue. When users can access real-time information about space availability, and campus officials have insight into space usage patterns, schools can avoid scheduling conflicts that lead to missed opportunities.
The ROI of Data-Driven Campus Event Space Management
Event revenue has the potential for a major impact when campus event space utilization grows as much as 10-15%. For example, the Rhode Island School of Design earned $206,000 in 2024 by renting out gallery space, dorms, and a beachfront farm for high-end events. Whittier College in California raised $700,000 in 2023 from weddings, yoga retreats, and film shoots. This was a 40% increase from the previous year. Even while these schools only utilize a fraction of the space on campus, they achieve significant revenue increases.
But the ROI of successful campus events isn’t limited strictly to event and conference services revenue. Streamlined campus space management simplifies the event registration process. It creates a dependable venue for event planners and enhances your school’s reputation as a vital part of the community. These events increase foot traffic on your campus and extend your marketing reach through event promotion. Aligning event promotion with student enrollment and experience goals can support ongoing admissions goals.
Connect With Concept3D to Leverage Your School’s Most Underutilized Asset
At least 20 colleges closed during 2024, and more are set to shut down after the academic year. Even the most well-resourced institutions aren’t immune to the impact of growing budget deficiencies. As much as 75% of space on college campuses goes unused during the summer, making the campus itself an underleveraged asset. Schools that use room reservation data to boost campus event space utilization can eliminate the common issues with room reservation management to streamline event scheduling and host successful events, generating much-needed conference services income.
Room Reservations from Concept3D offers a smarter way to manage campus utilization, preventing double bookings, reducing redundant work, and streamlining event registration to meet the campus event space utilization needs of higher education facilities. With a global view of all events at any given time and automation to simplify reservation procedures, event teams can avoid frustrations that interfere with event success. Ready to learn how Concept3D can help you successfully manage campus event space utilization to drive new revenue opportunities? Request a demo today.