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Industrial Demand is Emerging from B.C.’s Film and TV Production Industry
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(Posted on Jun 17, 2016 at 01:00PM by Michelle Bogle)
While logistics and distribution companies remain a key driver of industrial growth in Vancouver, additional demand is emerging from the province’s well-established film and television production industry.Â
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According to recent industry reports, direct spending on film and television production in British Columbia surpassed $2 billion in 2014, which makes the province the third-largest production center in North America.Â
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Vancouver is already home to a number of studios, including Mammoth Studios, Vancouver Film Studios, North Shore Studios, Ironwood Studios, Bridge Studios and Canadian Motion Picture Park. As demand from U.S.-based production companies has exceeded the local studio infrastructure, film and television production groups are now signing some of the most impressive industrial leases in the area.
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While leasing industrial space to production companies is not new, the current size of the leases and associated terms are. Once an industry dominated by month-to-month leases, now many production companies are signing on in years. The rental market for industrial film and television space has also started to expand from within Vancouver to parts of surrounding Surrey and Coquitlam.Â
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This renewed source of demand for industrial space is having a direct impact on the market. For other smaller tenants looking to secure industrial space, they are presented with fewer options; many commercial landlords are enticed by the higher rents that production companies are willing to fork out for more permanent leases. As a result, demand in industrial submarkets south of the Fraser River and Pitt Meadows is growing.
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With the weakened loonie, it is anticipated that more production studios will be migrating north to Canadian soil in search of industrial space in our region. To stay abreast of investment opportunities in this competitive asset class, please contact our Vancouver office to speak with one of our advisors.
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