Demand for film and TV studio space is anticipated to climb in 2023 and next year in the UK as the industry moves quickly to satisfy consumer appetite for plenty of shows, according to a new survey.
Real estate consultancy CBRE questioned 100 senior film and TV professionals and found that 30% are expecting to see an increase in demand for space, following a lull in activity during the pandemic.
More than four fifths (84%) of respondents required the same amount or more real estate space this year, compared with last year to keep up with production growth.
Two fifths envisage an increase in the number of UK productions next year, which will result in further need for property.
But supply and demand imbalances are expected to be an issue with 21% of respondents suggesting it will become more challenging to find suitable studio space. Quality of real estate is also problematic, with only half rating the quality of studio space good in the last year.
Simon Calvert, senior director and studio occupier lead at CBRE said there is a “real need for developers to ensure that new studios which are in the pipeline reach the quality standards demanded by occupiers if the UK is to maintain its position on the global production stage”.
Jennet Siebrits, the firm’s head of UK research, said there has been rapid growth in the sector following the boom of global video-on-demand platforms where global subscription revenues have nearly tripled since 2017 to £69 billion.
Property deals inked last year included BBC Studioworks, a commercial subsidiary of the corporation providing studios and post production services to all the major TV broadcasters and production companies, extending its lease at Elstree Studios where shows such as Strictly Come Dancing have been filmed.
In Surrey Amazon’s Prime Video agreed a long-term contract with Shepperton Studios for use of new production facilities at the site.
The US online behemoth has invested more than £1 billion in UK TV, films and live sport since 2018, and is working on The Rings of Power season two at Bray Studios in Berkshire.
