Rental Property Market Growing Due To Film And TV Productions

Hollywood & Entertainment Rental Property Market Growing Due To Film And TV Productions Josh Wilson Contributor Opinions expressed by Forbes Contributors are their own. I cover film, TV and entertainment through the lens of a producer. Following New! Follow this author to stay notified about their latest stories.

Got it! Sep 2, 2022, 05:07am EDT | New! Click on the conversation bubble to join the conversation Got it! Share to Facebook Share to Twitter Share to Linkedin BUKINGHAMSHIRE, UNITED KINGDOM – JULY 30: A general view of Pinewood studios on July 30, 2006 in . . .

[+] Bukinghamshire, England. Eight fire engines tackled a blaze at the renowned film studios at the set of the new James Bond film “Casino Royale” where filming has recently ended, which reportedly housed a replica of Venice. (Photo by Bruno Vincent/Getty Images) Getty Images With high-end TV production spend at a record high throughout the world, the film and TV industry is interestingly becoming an important sector for landlords.

In the U. K. , due to the pound being weaker and the well-known film industry tax breaks the country offers, Hollywood stars, production teams and crew are renting apartments and houses across London and its surrounding areas that are close to their respective studios.

Especially now as there are a growing number of TV productions with longer shoots. The same is happening across North America as production filming ramps up across the states. Amazon AMZN recently announced it will be moving the filming of its titular production The Rings Of Power from New Zealand to the U.

K. to take advantage of tax breaks and the currency. A mammoth production that will help see a swell in the rental property market in the territory.

“Demand is already through the roof,” said Harriet Gore, head of the film and media team at Knight Frank. “The ratio of prospective tenants to available properties is 10 to 1 and higher in some areas. My message to landlords is that if you can furnish your property to a good standard, you can charge a premium of between 20% and 30% compared to the long-let market.

” LONDON, ENGLAND – OCTOBER 26: Letting signs are seen outside properties in Maida Vale on October 26, . . .

[+] 2020 in London, England. As many young people renting rooms have left the capital due to the Coronavirus Pandemic, rents are dropping and in some places have fallen by a third. Aldgate has seen a 34% fall in price per room, whilst prices in Little Venice and Maida Vale dropped by 20%.

The average rent drop for a room in London’s Zone one dropped by 11% in comparison to this time last year. (Photo by Peter Summers/Getty Images) Getty Images The number of enquiries and deals agreed from the film and TV industry are on track to be more than a third higher this year than in 2019, Harriet said. MORE FOR YOU ‘Dune’ Tops Foreign Box Office With Promising $77M Cume ‘Shang-Chi’ Box Office: Marvel Movie Tops $360M Worldwide 4 Series Coming To Netflix In October That Are Worth The Binge Tenancies from the film and TV industry are usually in the six months to two years range because of production.

Due to the steady and growing nature of the sector, the tenants are also seen as very reliable. The pandemic caused a noticeable strain on productions with many being delayed as a result of restrictions. Budgets have taken a knock on some shows as a result.

Knight Frank’s data showed that in the first six months of this year, the average weekly budget for tenants in the film and TV industry fell 2% compared to the same period in 2019, from £2,870 ($3,346) to £2,810 ($3,277). “The pandemic means productions have been delayed or stretched over longer periods of time, which has reduced budgets,” said Harriet. “On top of that, more TV shows are shooting, which means a growing number of tenancies are being agreed on a long-let basis.

” According to figures published by the British Film Institute (BFI) , spend on films and high-end TV in the UK was £2. 84 billion ($3. 31 billion) in 2020, compared to 2019 the numbers are down by a fifth.

Even in light of this, however, £1. 19 billion ($1. 38 billion) was spent in the final quarter of 2021, the second highest ever figure over three months.

Close up general view of The British Film Institute (BFI) sign above the entrance to the building on . . .

[+] the South Bank, London. PA Photo. Picture date: Friday November 15, 2019.

See PA story . Photo credit should read: Jonathan Brady/PA Wire (Photo by Jonathan Brady/PA Images via Getty Images) PA Images via Getty Images Key insight John Seaman of JC Property Professionals saw success in turning his company into a one-stop-shop for all property needs, building the houses that were turned into tailored dream homes for their clients. Commenting on the growth of the sector through film and TV and other industries he said, “The current real estate demand issue stems back to this shortage of tradesman and people to build the homes, so the demand is incredible, and the monetary income is unlimited because of that.

” “Raising awareness about the financial possibilities that can come with getting into the blue-collar industry now should be a goal for all of us, it’s mutually beneficial for anyone who wants to keep a roof over their head. ” BRISTOL, ENGLAND – MAY 24: Crew build the set on stage for The Flying Lovers of Vitebsk which is . .

. [+] part of the Bristol Old Vic’s 250th anniversary season, on May 24, 2016 in Bristol, England. The Bristol Old Vic, which is the oldest continuously-working theatre in the country, is currently preparing to celebrate its 250th anniversary this May Bank Holiday weekend with a series of events planned over the three days.

Since the theatre’s opening production in 1766, when it was operating illegally as it didn’t have a Royal Patent, some of the biggest names in the acting world have performed on the stage including Sarah Siddons, Peter O’Toole, Daniel Day-Lewis, Pete Postlethwaite, Brian Blessed, Olivia Colman, Jeremy Irons, Patrick Stewart and Judi Dench. Over the past 250 years the building, which has survived rioting in the 19th century and bombing in World War II and nearly became a banana ripening warehouse after it was sold at auction in 1942, has been renovated and adapted several times and later this year a multi-million pound redevelopment will transform the theatre once again. The theatre’s production of King Lear, a collaboration with Bristol Old Vic Theatre School and stars Timothy West, Stephanie Cole and David Hargreaves, runs at Bristol Old Vic from June 18.

(Photo by Matt Cardy/Getty Images) Getty Images He continued, “We project to have 100+ units under management in the next two years. Additionally, we plan to do everything in our power to help with the current housing shortage due and the inflation it’s causing. Some specific projects include building specs, home flips, and the creation of more multi-family housing.

” As well as generating growth in real estate across the U. S. to help place people Seaman also saw an opportunity in growing the demolition end of his business.

With studios popping up, and other infrastructure in the creative industries and beyond, the opportunity for growth into other sectors to help facilitate these elements was a factor for the company. “We now are focusing our efforts in JC Grading and Demolition where we offer every aspect of site work from demolition, lot clearing, septic installs, retaining walls, drainage, driveways, commercial site preparation and more,” he said. “We want to continue to scale the grading and demolition business in the next 5 years until we completely dominate our market.

” John Seaman on one of JC Property Professionals building sites. JC Property Professionals Competing in the property market in the U. S.

– commercial or otherwise and in regards to the creative sectors or any other – is no small feat, with numerous players across the U. S. aiming to stake their claim and seeing that the growth opportunities are plentiful.

On his next steps Seaman concluded, “One of the most important lessons I learned on the road to becoming a successful business operator was that when it came to accomplishing your dreams, the most important thing you had to do was just start. ” “Overthinking the process would only kill your progress, and failures will come regardless of how hard you try to achieve perfection. The worst thing you can do is stop yourself from moving forward because of hindering doubt.

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