Boasting some of the highest quality film studio space in the country, as well as a highly qualified talent pool and attractive tax credits, the New York Tri-State region has emerged as a hub for the content creation industry, says a new report by CBRE.
As a result of the Covid-19 pandemic, demand for more streaming video content for televisions, tablets, computers, and smart phones skyrocketed. Studios and major networks are intent on holding viewers' attention with fresh content, necessitating additional studio space.
"New York is one of the largest media centers in the world with more than 150 production and post-production firms occupying two million sq. ft. of space in Manhattan alone," said CBRE Executive Vice President Rocco Laginestra. "Additionally, Brooklyn and Queens boast large soundstage facilities that have been purpose-built or occupy large converted industrial facilities. The Tri-State region is ideally positioned to be a major player as the film industry continues to restart, grow and evolve."
The report highlights several factors that make the New York Tri-State region a welcoming environment for the booming content creation industry, including:
Voracious demand for content has also spurred big mergers and blockbuster acquisitions over the past several years. Hackman Capital Partners and Square Mile Capital's acquisition of storied Silvercup Studios for $500 million made waves in September 2020, and several other deals involving studios and production firms with a New York presence have occurred in recent years. These include Lupa Systems' and Attention Capital's acquisition of Tribeca Enterprises, and the acquisition of Big Fish Entertainment by MGM.
"The film industry, which returned to work in the summer of 2020, is ideally positioned for success and is a true bright spot for the region as a whole," continued Laginestra. "The Tri-State region is assuming more ownership over the aspects of production that take place indoors on movie sets and in front of green screens, further raising the region's profile as a global center of motion picture production."