2023 Fall Issue of Urban Land - 67

new film studios in Hollywood, alongside joint
venture partner Bardas Investment Group.
The soundstage market accounts for tens
of millions of square feet of real estate. Los
Angeles leads the world in the number of
soundstage facilities, and from a squarefootage
perspective as well, with 445 certified
soundstages, 64 certified production facilities,
and a total of 6.2 million square feet of
certified stage space, according to FilmLA's
most recent Sound Stage Study. To put that in
perspective, the entire United Kingdom has a
total of 5.4 million square feet, Ontario has 3.8
million square feet, and New York has 2.8 million
square feet of soundstage space.
Stay-at-home orders during the first several
months of the pandemic pushed the growth
of streaming platforms significantly. In 2020,
for the first time ever, the number of subscriptions
to streaming services surpassed 1 billion
to reach 1.1 billion globally, marking a growth
of 26 percent year-over-year, according to a
report from the Motion Picture Association. As
a result, production facilities have been a boon
to commercial real estate markets. In most of
the major markets for filming, vacancy rates
have persistently stayed in the single digits,
and production companies are increasingly
looking to lock down longer-term leases. " The
advent of streaming has created seemingly
insatiable demand for content with downstream
effects for real estate, " CBRE wrote in
the fall of 2020. " The top five streaming companies
invested a staggering $25 billion in new
productions in 2019 alone. "
However, as more people have chosen
subscription streaming services over cable, it
hasn't necessarily meant more profit for the
companies that make streaming content. Many
traditional media and entertainment companies
have reported losses since early 2020 on
their streaming platform businesses, according
to the Wall Street Journal. Earlier this year,
before the strikes in Hollywood began, the
struggles with profitability, coupled with a
weakened ad market, had led many companies
to institute layoffs.
The surge in demand for studio space led
to a hike in rental rates. Among soundstages
owned by Hudson Pacific Properties, rents
rose 20 percent between 2017 and 2020. At
the firm's Sunset Las Palmas property, average
rent per square foot was $51.84 ($556 per
sq m) in 2020, an increase of nearly $10 per
square foot from 2017.
As film studios look to build more soundstages
to meet the increased demand from
streaming networks, the neighborhoods where
they are rising could experience major transformations.
That was certainly the case for
Long Island City, a formerly industrial waterfront
neighborhood in Queens, New York.
In the 1980s, brothers Stuart and Alan Suna
turned a former bread factory there into Silvercup
Studios, a major production facility
that has been the primary filming spot for
some of TV's most popular shows over the
last 40 years, including The Sopranos and Sex
and the City. The facility has helped turn the
neighborhood into a hip area, with numerous
luxury rental towers popping up along the
waterfront during the last decade.
Improving on the past
Modernizing film and production studios has
meant moving away from massive facilities,
built to resemble factories for moviemaking, to
buildings that, while still large and capable of
providing for all the typical production needs,
are designed to make quality of life at the studios
more integral.
" Traditionally, studios were fortified worlds
for production, " says Andy Lantz, partner
and creative director at RIOS, a Los Angeles-
based global design studio that is currently
involved in designing several Hollywood film
studios. " Our main emphasis when we get
brought in is the human component of how it
can be much more than just a black box. "
Advances in technology and production
needs have changed in the decades since
Hollywood's early days, and that means how
studio complexes are designed will need to
change, too. " There's a lot of inefficiencies
with studios constructed a long time ago, "
says Chris Barton, executive vice president for
development & capital investments at Hudson
Pacific. " They weren't necessarily built with the
ratios in mind that we see today. "
It can all boil down to ratios and demand,
Barton further explains: if four shows want to
come in and use a studio, each would have a
FALL 2023
URBAN LAND
67
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2023 Fall Issue of Urban Land

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