A film and television production company has snapped up the last three units totalling 335,430ft2 at developer Panattoni’s Panattoni Park Borehamwood warehouse scheme in the Southeast.
Film and television production companies have now taken up in excess of 3 million ft2 in the last three years in the UK and according to research by Knight Frank will require a further 6 million ft2 of space by 2026.
Tony Watkins, Development Director at Panattoni, said: “Letting the space to a film production company is a first for us and reflects the breadth of occupier demand. There was strong competition for the space from other occupiers, which justifies the quality of the location and the fact the Park is now fully let before practical completion”.
Panattoni was advised by JLL, the tenant by Cushman & Wakefield and UK Power Networks by Lambert Smith Hampton.
Knight Frank’s 2022 UK Film and TV Studio Market Report revealed that spending on UK film and television production rose from £2.85 billion in 2016 to £5.64 billion in 2021.
BBC and ITV remain the powerhouses of UK TV production. However, Netflix, Amazon Prime and Disney+ have all pledged to continue to invest in British TV and filmmaking and this is evidenced by such companies taking huge amounts of studio space in the UK.
This growing demand for UK studio space by the largest content producers has meant that existing UK studios such as Pinewood, Shepperton, Elstree, and Leavesden are booked out for years in advance. The shortage of space is driving the case for development and is placing sustained upward pressure on rents.
Strong demand coupled with the shortage of existing space has triggered a wave of plans and proposals for new purpose-built and temporary studio space, particularly in London and the South East, though some developments are yet to secure funding and may not materialise due to high development costs and planning obstacles.
