Hudson Pacific Properties and Blackstone have announced plans to build Sunset Glenoaks Studios, a 240,000-square-foot studio space in Sun Valley. The project represents a total investment of $170 million to $190 million. The project is already fully entitled and is expected to deliver in the third quarter 2023.

This is the first large-scale new construction studio project to break ground in Los Angeles in decades, and it reflects the rapidly rising demand for studio facilities amid the streaming wars and increased content consumption during the pandemic. According to research published in June from CBRE, there is currently a 1.2 million-square-foot pipeline of new studio space development and occupancy of existing studio spaces is above 95%. Content consumption is playing a major role. Eric Willett, regional director of research at CBRE, says that viewing minutes in the US and globally are up year-over-year. That is especially good news for Los Angeles, which Willett calls "ground zero" for studio space.

Sunset Glenoaks Studios will be top notch, featuring seven film- and TV-ready sound stages that will range from 15,000 to 21,000 square feet, nearly 120,000 square feet of highly efficient, stage-adjacent support space and truck loading and parking. In addition, Hudson and Blackstone are ensuring the property is "future proofed" with a technology infrastructure to support production needs. This will include virtual stages and high-speed fiber connectivity that will accommodate the Internet speed required by top production companies.