Film-production facilities have continued to thrive in the NY/NJ metro, with the total amount of soundstage footage increasing across the region by 14% since January 2021, according to a new report by CBRE's film-studio valuation practice.
Generous tax credits and surging demand for streaming content during the pandemic have lifted growing demand, in a dense market with very little supply of the large-volume spaces that studios require.
According to the CBRE report, there is still room for rent growth in the NY/NJ market. The report cited statistics from the Motion Picture Association showing the number of global subscribers for streaming services surging from less than 400M in 2016 to more than 1.3B at the end of 2021.
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