PricewaterhouseCoopers Reports Increase in Demand for Convention Centers
TAMPA, FL, October 13, 2006. According to the results of its annual survey of North American convention centers, PricewaterhouseCoopers reports that demand from conventions and trade shows continues to rebound following industry-wide declines from 2000 through 2002.
Convention center events experienced an increase of over 2 percent from 2005 to 2006, following a significantly higher increase of 16 percent in the prior year. Smaller convention centers (those with less than 100,000 square feet of exhibit space) led other size categories, with a 17 percent increase, while demand at medium centers (100,000 to 500,000 square feet) added 6 percent, and the largest halls (greater than 500,000 square feet) were stable, following a significant 19 percent increase in the prior year. Convention and trade show occupancy rates at the largest halls remained strong, at 44.4 percent, topping last year's 43.9 percent rate, with other size centers also showing improvement.
Growth in attendance at conventions and trade shows outperformed the demand for space, with all centers reporting a combined 3.2 percent increase over the prior year. The largest centers had the strongest attendance growth, with nearly a 9 percent increase over the prior year.
"The increase in convention center performance over the past three years reflects a positive outlook in the industry for events and attendance," said Robert Canton, a director in PricewaterhouseCoopers' Hospitality and Leisure practice. "Our research continues to show that, despite rising energy prices and continued concerns about travel, the industry has experienced a strong rebound in both demand for space and event attendance since 9/11, and this turnaround is expected to continue."
Following nearly two decades of growth, the period between 2000 and 2002 saw significant declines in demand for convention centers. During that time, several large technology events associated with the "dot-com" era ceased to exist and many others downsized as a result of general economic conditions and the reduction in travel following the
events of 9/11.
"It appears that many convention centers are already generating demand at or above their pre-9/11 levels. A review of convention centers that responded to both our 2000 and 2006 survey indicates that over 60 percent are currently generating reater levels of demand for exhibit space than they did in 1999-2000," said Canton.
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