LA Soundstage Occupancy Plummets as Studios Retool or Sell

Soundstage occupancy in Los Angeles has fallen from 93% in 2019 to 62% in 2024, according to FilmLA. The decline follows a spending pullback that began in 2023 after a boom during the Streaming Wars. Many complexes are repurposing: Sunset Las Palmas Studios now hosts influencer shoots and vertical microdramas, while Radford Studio Center is in talks to sell to Netflix. BoxCar Studios (formerly 3030 Studios) at 3030 Andrita Street in Atwater Village is on the market, listed by CBRE. The four-acre campus features three soundstages totaling 34,500 square feet and has undergone $18.6 million in renovations. Past tenants include ABC's All My Children, Netflix productions like Lady Dynamite and W/ Bob & David, Capitol Records (as a vault), and Playboy (with an office for Hugh Hefner). Private equity fund Gaw Capital acquired it in 2018 for $31 million. The property is zoned for M1 industrial uses and is available for sale or lease. CBRE's Michael Longo highlights its flexible layout and proximity to over 60 production facilities within 10 miles. California's tax incentive program, doubled by Governor Gavin Newsom from $330 million to $750 million annually, has brought projects like Fox's Baywatch reboot to the state. Production spend in California reached $1.4 billion in Q1 2024, per ProdPro. Longo sees the listing as a chance for investors to capitalize on a rebound.