《世邦魏理仕:2023年英国电视和电影产业调查报告(英文版)(17页).pdf》由会员分享,可在线阅读,更多相关《世邦魏理仕:2023年英国电视和电影产业调查报告(英文版)(17页).pdf(17页珍藏版)》请在三个皮匠报告上搜索。
1、REPORTCBRE RESEARCHMay 2023Intelligent InvestmentUK TV and Film Industry Survey2CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry SurveyIntroductionThe TV and Film industry has been growing at a rapid pace in recent years.This partly reflects a surge in global video-on-demand
2、 platforms where global subscription revenues have nearly tripled since 2017 to 68.3bn.The UK has been a benefactor of this growth,with the gross value of its Creative Industry sector,which includes TV and Film,having increased more than twice as fast as the wider economy,growing by 44%compared with
3、 18%for the wider economy between 2010 and 2019.However,the market suffered a“COVID-related”dip in production activity,with a 25%fall in annual TV and Film production spend in 2020.This reflected social distancing and lockdown measures rather than consumer demand,which increased over the period.And
4、production activity subsequently recovered,with the total combined spend on Film and high-end TV(HETV)production in the UK reaching 6.27bn in 2022,meaning UK production spend has grown on average 15%per year since 2018.Going forward,we expect demand for studio space to remain robust.The UK has over
5、50 notable studio spaces which serve major feature film and HETV productions,as well as a growing number of independent studio spaces.The recent growth in the industry has meant the demand for production space is high and outweighs the available supply.However,the low information availability in an
6、industry of high confidentiality makes tracking occupier demand very difficult.As a result,we have conducted a survey of 100 industry professionals whose main responsibility it is to select production space in order to gain a greater understanding of the challenges they face.The findings reveal the
7、challenge for the industry is not just limited to meeting the current undersupply of space.The clear message for market participants and studio operators is that new space fulfils the demands occupiers want from their space.3CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry S
8、urvey01The amount of space being demanded by TV and Film production in the UK has increased significantly.There were 195 UK based high-end TV(HETV)productions in 2022,the second highest year behind 2021,and an 26%increase from 2018.02Our respondents expect this growth to continue,with over half of o
9、ur survey respondents wanting more space this year,and 52%of respondents expecting an increase in production budget in the next twelve months.03Filmmakers are finding it increasingly difficult to source quality production space.Only half of our respondents felt the quality of studio space was good.A
10、 fifth felt finding space would become more challenging over the next year.04While the quality of the associated amenity space was deemed good or adequate overall,there were significant areas of improvement required.A third of respondents felt the security was poor,and 25%rated the retail,accommodat
11、ion and leisure facilities as poor.05A large majority of occupiers felt sustainability was important,but 65%felt measures had not improved or had even worsened in the past five years.Recycling,reduction in energy consumption,and the use of sustainably sourced production materials were deemed specifi
12、c areas of weakness.Key findings01Survey results5CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry Survey84%used either more or the same amount of overall studio spaceSource:UK TV and Film Industry Survey,CBRE Research,May 2023.Question 3:In the space used this year,what did
13、you use more or less of compared to last year?An increasing amount of spacerequired in TV and FilmproductionThe TV and film industry recovered quickly from its COVID-related lull.In 2022,there were 415 film&HETV projects produced in the UK,with film spend up 21%on 2021 to 1.9bn.This buoyancy continu
14、ed at the start of 2023;in Q1,combined total spend on film and HETV was 922m from 88 productions.Half of our respondents used the same space,but a net balance of 18%used more.98%of respondents,used the same or more purpose built sound stages.34%37%51%27%34%31%28%31%50%61%39%60%50%47%48%43%16%2%10%13
15、%16%21%24%26%0%10%20%30%40%50%60%70%80%90%100%Overall studiospacePurpose builtsound stagesConversionstage spaceOffice spaceBacklot andunit basesDemountablestage spaceBroadcastStudioWorkshopUsed moreThe sameUsed less6CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry SurveyAnd
16、this trend is expected tocontinueSource:UK TV and Film Industry Survey,CBRE Research,May 2023.Question 11:In the next twelve months,do you expect an increase or decrease in your number of productions located in the UK?;Question 13:In the next twelve months,are you expecting an increase or decrease t
17、o your overall production budget?-30%-20%-10%0%10%20%30%40%More than 5%changeLess than 5%changeExpect an increaseExpect a decrease-30%-20%-10%0%10%20%30%40%More than 5%changeLess than 5%changeExpect an increaseExpect a decrease73%of respondents expect budgets to remain the same or increase in the co
18、ming year.Over half of our respondents expect an increase in their budgets this year,offsetting those who expect budgets to fall,a net balance of 25%expect to have a higher production budget to spend.This reflects the UKs capacity to attract high-budget productions.Respondents also expect the number
19、 of productions located in the UK to increase next year,with 74%expecting either an increase or to retain the same number.74%expect either an increase or to retain the number of productions located in the UK52%expect to have an increase to their production budget7CBRE RESEARCH 2023 CBRE,INC.Intellig
20、ent InvestmentUK TV and Film Industry SurveyWhich will lead to increased demand forspaceSource:UK TV and Film Industry Survey,CBRE Research,May 2023.Question 12:Compared to the last twelve months,are you expecting in the next twelve months,an increase or decrease in the average type of space?The exp
21、ected growth in UK TV and Film production will translate to an increase in the demand for space.Overall,78%of our respondents expect to use more or the same amount of studio space next year.Over a half said they would use more space.,with around a fifth expecting to use less space.Leaving a net bala
22、nce of 30%expecting to see an increase in demand.Demand for office space was deemed strongest,with 88%expecting to use more or the same amount.All types of studio space scored strongly,yet respondents expect to use more conversion stage space than purpose built sound stages.This likely reflects the
23、recent trend for studio owners opting to convert stage space rather than build purpose built stage space.68%70%76%80%81%82%88%78%0%10%20%30%40%50%60%70%80%90%100%Purpose built sound stagesDemountable stage spaceBacklot and unit basesWorkshopConversion stage spaceBroadcast StudioOffice spaceOverall s
24、tudio spaceExpect to use more or the same8CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry Survey0%10%20%30%40%50%60%More difficultAbout the sameEasierNot sureIt will become even more challenging to find suitable production spaceFrom our client conversations,we understand th
25、at it has been challenging to find suitable space.Developers and operators have recognised this,and currently there are development proposals for 44 new studio spaces,totalling over 11.2 million sq ft,in the pipeline.Despite the proposals,we only expect the 1 million sq ft at Shepperton to become av
26、ailable in 2023.And given this new stock will be absorbed quickly into the market,it is not surprising 56%of our respondents expect it to remain a challenge to to find suitable space,while 21%expect it to become even more challenging.Source:UK TV and Film Industry Survey,CBRE Research,May 2023.Quest
27、ion 14:In the next twelve months,are you expecting it to become easier or more challenging to secure suitable production space?Thus Studio Map77%expect it to either become more challenging or not get easier to secure suitable studio space9CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and F
28、ilm Industry SurveyThe quality ofspace wasmixedOnly half of those surveyed ranked the quality of current studio space good or very good and 18%thought the quality of space was poor.Respondents views on stage space varied by stage type.There was a clear preference for purpose built sound stages,with
29、63%of respondents rating them good or very good;only half deemed conversion stages good;and demountable stages fared unfavourably,with 23%deeming it poor.The varying degrees in popularity reflects the fact demountable stages are typically used as temporary stage space,while conversion stages are typ
30、ically repurposed from industrial units.Source:UK TV and Film Industry Survey,CBRE Research,May 2023.Question 4:How would you rate the quality of the space used?52%47%46%51%56%52%46%63%31%29%31%29%25%33%39%29%18%23%23%20%19%15%15%8%0%10%20%30%40%50%60%70%80%90%100%Overall studiospaceDemountablestage
31、 spaceWorkshopOffice spaceConversionstage spaceBroadcastStudioBacklot andunit basesPurpose builtsound stagesGood or very goodNeutralPoor or very poor10CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry SurveyAnd studio space needs to better support post-production and virtual
32、productionFor the type of space used,did it meet your on-site virtual production requirements?Source:UK TV and Film Industry Survey,CBRE Research,May 2023.Question 7:For the type of space used,does it meet your on-site virtual production requirements?;Question 8:For the type of space used,did it mee
33、t your on-site post-production requirements?.79%found overall studio space was not compatible with their virtual production needs and 77%found overall studio space did not meet their post-production requirements.While the rating for virtual production is surprising,this is perhaps reflective of the
34、rising number of converted stage space,which often cannot provide the ideal virtual production facilities compared to purpose built stage space.For the type of space used,did it meet your on-site post-production requirements?21%79%0%20%40%60%80%100%Did meet virtual productionneedsDid not meet virtua
35、lproduction needs23%77%0%20%40%60%80%100%Did meet post productionneedsDid not meet postproduction needsDid meet virtual production needsDid meet post productionneeds11CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry SurveyAssociated amenity offer could also be improvedIt is
36、not just direct studio space that is needed on productions.There is significant overlap with other real estate sectors,such as accommodation,catering,and retail,which are vital for providing support to productions.Despite this,many of our respondents found typical amenity offerings to be weak.Only 3
37、9%rated catering and food offering as good;a third rated security as poor;and over a quarter rated each of toilets,retail and accommodation poor.Source:UK TV and Film Industry Survey,CBRE Research,May 2023.Question 5:How would you rate the quality of amenities in supporting your productions?49%39%42
38、%48%45%41%51%32%37%34%26%29%32%19%19%23%24%26%27%27%30%0%20%40%60%80%100%ParkingCatering,food and beverageLeisure(e.g.gyms)AccommodationRetailToilets/honey wagonsSecurityGoodAdequatePoor12CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry Survey3%7%13%50%27%0%20%40%60%Very uni
39、mportantSomewhat unimportantNeither important norunimportantSomewhat importantVery ImportantSustainability isimportant tooccupiersCBREs recent ESG survey revealed that 77%of UK occupiers have a public net zero pledge.So it is unsurprising that 77%of TV and Film occupiers report sustainability creden
40、tials as important,given the buildings they work in will play a significant role in their journey to reaching net zero emissions.The occupier focus on sustainability may also reflect the proposed 2030 uplift to minimum legal EPC ratings.If enforced,this would take energy inefficient space off the ma
41、rket,exacerbating existing supply problems.Despite the importance to occupiers,only 29%of respondents report an improvement in sustainability measures in the last five years.Source:UK TV and Film Industry Survey,CBRE Research,May 2023.Question 17:When selecting production space,how important are the
42、 sustainability credentials of the buildings you use?;Question 18:Compared to the previous five years,do you feel production sustainability measures have improved or worsened in the last twelve months?77%Feel sustainability credentials of the buildings they use are important when selecting space65%F
43、eel sustainability measures on productions havent improved or have worsened from five years ago5%21%44%29%0%20%40%60%Not sureWorsenedStay the sameImproved13CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry SurveyCareful space selection improves sustainability Two-thirds of re
44、spondents report no improvement or a worsening across all production sustainability issues.While this response does not refer specifically to buildings,the appropriate choice of space can play a critical role in improving sustainability.This is especially the case for reducing energy consumption and
45、 carbon emissions,important for both achieving net zero emissions and reducing costs.To achieve this,aim to occupy space with good energy efficiency,indicated by a high EPC or BREEAM rating.Additionally,introducing recycling facilities and sustainably sourced materials is an easy way for occupiers t
46、o be more sustainable and,unlike energy efficiency measures,is less reliant on the co-operation of landlords.Source:UK TV and Film Industry Survey,CBRE Research,May 2023.Question 19:Which sustainability measures do you feel have improved or worsened compared to the previous five years?34%32%30%31%29
47、%49%51%46%44%42%17%18%24%26%29%0%20%40%60%80%100%Protection of local wildlifeReducing greenhouse gas emissions(carbon emissions)Reducing energy(electricity,water,gas)consumptionIncreasing the use of sustainably sourced production materialsIncreasing facilities to sort,store and recycle wasteImproved
48、Stayed the sameWorsened14CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry SurveyOur survey findings confirm that occupier demand looks strong,with 53%of respondents expecting to use more studio space next year.However,occupiers find it challenging to secure suitable space an
49、d,of the existing space,only half of respondents rated the quality as good.With the knowledge only one new large fully functioning studio development at Shenfield was completed last year,it is clear that if this situation does not improve,the UK will continue to have an undersupply in production spa
50、ce,with risks that productions will look elsewhere for space.Still,the UK is attempting to satisfy the demand,with a huge prospective development pipeline of over 11.2 million sq ft.However,it is imperative that supply is correct to what occupiers are demanding.Developments which are not well locate
51、d and do not provide suitable production space,including purpose built stage space,risk being under occupied.As our respondents have made clear,future developmentneeds to ensure studios are of the quality in standards that occupiers are asking for.This includes specific purpose built studio space,bu
52、t also ensuring an amenity offering that can fully support productions.Moreover,developers need to factor in sustainability credentials into their decision making.Delivering space with good energy efficiency,indicated by a high EPC or BREEAM rating will be essential in meeting sustainability targets
53、.What can the industry learn?Key asks from occupiers4Improved sustainability5Virtual production compatibility6More office space1Quality of overall studio space2More workshopspace3Quality of stagespaceSource:UK TV and Film Industry Survey,CBRE Research,May 2023.Question 20:When considering your futur
54、e spatial requirements,what improvements to studio facilities would you ask investors to consider?02Appendix16CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentUK TV and Film Industry SurveyRespondents job titleRespondent profileWe surveyed 100 senior industry professionals based in the UK whose mai
55、n responsibilities are to select production space.67%said the UK was the most common location they filmed in globally last year.The average real estate expenditure for each production was 4.9m last year,which is c12%of the overall production budget.Source:UK TV and Film Industry Survey,CBRE Research
56、,May 2023.Question 9:In the last year,where in the UK were your productions most commonly located?;Question 1:What studio space do you typically use most often?;Question 10:In the last year,which continent were your productions most commonly located in?;Question 15:In the last year,what was the real
57、 estate cost incurred on your productions?;Question 16:In the last year,what was the real estate cost incurred as a percentage of total budget?31%29%21%20%19%20%1%8%13%14%16%20%21%Office Space42%Sound,conversion,demountable stages14%Broadcast Studio12%Backlot and unit bases12%WorkshopDirector23%Prod
58、ucer20%Cinematographer15%Location manager12%Production Designer12%Line Producer10%Unit Producer8%Respondents were asked their top three most common UK production locationsRespondents were asked what space they use most often Copyright 2023.All rights reserved.This report has been prepared in good fa
59、ith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on the date of this presentation,they are subject tosignificant uncertainties and contingencies,many of which are beyond CBREs control.In addi
60、tion,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyses,andactual market conditions inthe future maycause CBREscurrent viewsto later beincorrect.CBREhasno obligation to
61、 update itsviewshereinifits opinions,projections,analyses ormarket circumstances laterchange.Nothing in this report should be construed as an indicator of the future performance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CB
62、RE or any other companybased on the views herein.CBRE disclaims all liability forsecurities purchased or sold based on information herein,and by viewing this report,you waive all claims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives
63、arising out of the accuracy,completeness,adequacy or your use of theinformationherein.Research ContactsJennet SiebritsHead of UK RBen LinseyAnalyst,UK Operational Real Estate RToby RadcliffeSenior Analyst,UK RBusiness ContactsSimon CalvertSenior Director,Advisory&Transaction SMatt HopwoodSenior Director,Operational Real EJames StageDirector,Operational Real EContacts