The UK must double its film and television production space by 2026 if it wants to keep pace with growing demand.
According to the latest research from global real estate advisor Knight Frank, this means that the UK will need an additional 6 million square ft of space.
It comes as spending on UK film and television production rises from £2.85bn in 2016 to £5.64bn in 2021, a compound annual growth rate of 14.6 per cent.
A large factor behind the UK’s established status on the big screen has been its generous and transparent tax incentives, highly skilled workforce, historic buildings and natural scenery.
Netflix, Amazon and Disney have all pledged to continue to invest in British TV and film production, driving demand for more studio space.
However, both international and UK film and TV production companies are finding it increasingly difficult to secure space, particularly around production hotspots in London and the South East; existing UK studios are booked out for years in advance and turning away film and TV productions.
This has triggered a wave of plans for new studio space across the UK and the number of planning consents for film studios has increased by 45 per cent between 2018 and 2021, while applications are up 35 per cent.
Investors and developers who can bring high-quality, well-located developments to the market in the next few years will be well-positioned to benefit from surging demand for space.
Claire Williams, Industrial & Logistics Research Lead at Knight Frank, commented: “With global video subscription revenue expected to continue to rise in the long-term and requirements for production space in the UK growing, investors and film studio platform operators who are able to deliver fit-for-purpose production space in good locations stand to benefit from robust occupier demand and a dependable income stream.”