I wish I were excited, but it doesn't seem these new features do our cities much good. The elven AW are a disappointment since they cut into goods production so badly, and this looks like a pretty marginal benefit too.
I thought it looked like a really neat feature until I realized that one spell only boosts one building once. An additive 2-day 50% boost to one factory for 4 relics is not really worth tying up 20 city squares. Goods aren't that hard to get. You didn't show us the culture spell to evaluate. The workshop ones are a little better at 2 relics for 100% 4-day boost. I can boost one workshop for quite a while. If I make this, it seems I essentially get a zero population oversized 4x5 workshop that can't have a culture boost. Meh. If the magic academy ties up population and culture I'm not sure it's not worth building at all. Better to use the space for another factory and a workshop.
I hope you are adding another city expansion to the early tree so players have room to build the magic academy. Otherwise, there is no way my Act II human city could spare 4x5. It would cripple me to lose that much city space. I'm already struggling badly for supplies with the nerfed quests.
These spells are one-time, limited quantity items that are fairly costly at up to half a province each. Why are the effects so modest? Make them work on more buildings at once, and shrink the 4x5 size down to 3x3 so it doesn't cut into our cities so badly and you might have a fun new feature.