A new report; Reel Estate – Film and TV Studios as an Investment has found that an increased appetite for film and TV content across a growing number of platforms is creating demand for further significant studio capacity in the UK.
The report from JLL, which includes contributions from the British Film Commission, Hoare Lea and Scott Brownrigg, highlights that the demand for new studio capacity, services and facilities has never been greater, with up to 4.5m sq ft of new development under consideration in order to meet it. This is more than double the current amount of permanent stage space in the UK.
The drivers for this increase in demand are a result of the impressive growth trajectory for the UK film and TV industries. Inward Investment film production spend in the UK increased by 30.6% over the five years to financial year 2019/20; with inward investment High-End TV spend increasing by 265.5% in the same time-frame. Most significantly, the sector has the potential to reach £6bn by 2024/25. The report cited that one of the key challenges to ensuring the UK can fully harness this untapped potential is the
need to develop additional studio and stage space capacity across the UK.
The report features our new BREEAM excellent design for Shinfield Studios in Reading as a case study, which once complete, will feature 18 new purpose-built sound stages within a development exceeding 1 million sq ft, together with workshops and a flexible contemporary office environment.
Adrian Wootton OBE, CEO of the British Film Commission said “I believe our industry has the potential to lead, develop, and sustain growth clusters around the UK, driving new revenues across the nations and regions by building sustainable infrastructure and creating highly skilled jobs with long-term careers for literally thousands of people. It’s an incredibly exciting moment, and one we at the British Film Commission are focused on maximising, to ensure studio and stage space capacity in the UK continues to expand, driving the growth and success of the screen.”