Science Parks: Eventually a Real Estate Concept?

Given the increased importance of knowledge as a production factor in many companies it is not surprising that there is a growing interest in the development of science and technology parks. In many cases these parks are developed by the private sector or by the private sector in collaboration with an university. These parks often have a high quality. The question comes up whether a science park is a real estate concept or an ëengineí that stimulates the exchange of information and innovation. Research results (mainly in the United Kingdom) suggest that for entrepreneurs the importance of proximity to other firms and universities is limited when it comes to strategic knowledge. Being established on a science or technology park can nevertheless be interesting for firms: a stimulating informal circuit can occur and, moreover, the proximity of a university offers possibilities to attract young talent. With regard to attracting people in a labor market that will become more and more stressed in the coming decade, the high quality of the buildings and environment of a science park can be of importance. In that light a science park could be a real estate concept rather than an engine for innovation. If such a high quality development will have success attention has to be paid to, among others, location, market and target group identification, management and customer orientation. In this paper I will elaborate these ideas and I will present the results of research on some science parks in the Netherlands. Are these parks of importance for the regional economy (linkages, innovation) or are science parks mainly a real estate concept?