UK must build more film and TV studio space to keep up with demand

More film and TV studio space must be developed if the UK is to keep up with demand. A survey of film and TV professionals by CBRE has revealed that 53% expect to require more studio space next year, while 83% of respondents said they needed the same amount or more space this year than last. The increased need will put additional pressure on a sub-sector that is already lagging a long way behind demand. While there are currently development proposals for 11.2m sq ft in the pipeline, CBRE said that only one scheme was likely to be available by the end of 2023, and so any stock is likely to be absorbed. Some 30% of those surveyed by CBRE said they expected to see an increase in demand for film and TV space, following a lull in activity during the pandemic. On-set office space, broadcast studio space and conversion stage space are expected to see the greatest increases, with 88%, 82% and 81% of respondents respectively saying they expect to use more or the same amount of these types of spaces over the coming year. Supply and demand imbalances are expected to remain an issue, with 21% of respondents suggesting it will become more challenging to find suitable studio space and 56% expecting it to remain the same in the coming year. Jennet Siebrits, head of UK research at CBRE, said: “This rise in demand follows rapid growth in the sector following the growth of video-on-demand platforms where global subscription revenue has nearly tripled since 2017 to £69bn. The UK has been a major beneficiary of this growth and, in 2022, there were a total of 415 film and high-end TV projects produced in the UK. This buoyancy has continued into Q1 2023, with combined total spend on film and HETV hitting £922m from 88 productions.” In addition, the UK’s existing stock poses problems, as much of it is tired and old, with some dating back to the dawn of cinema itself. Only half of CBRE’s respondents rated the quality of studio space as “good” in the last year, and 18% rated it as “poor”. Simon Calvert, CBRE’s studio occupier lead, warned that if the new space coming online fails to come up to spec, producers will simply move production to somewhere else. He added: “There is a real need for developers to ensure that new studios that are in the pipeline reach the quality standards demanded by occupiers if the UK is to maintain its position on the global production stage. Developments that are not well located or do not provide suitable stages, production spaces and amenities risk being under-occupied.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Photo © Tima Miroshnichenko/Pexels