Though much of the world is facing a rising amount of inflation, market experts forecast that the real estate development sector will be largely unaffected as it continues to advance in 2022.
According to the Vancouver Economic Commission, CAD 3.4 billion was spent in British Colombia through 2020 across production and post-production on film and TV projects.
However, there is still a sizable demand for studio space in the region which conjunctively has decreased the amount of work that the industry could generate. Because of the current lack of space productions have had to relocate to other territories such as Ontario and Georgia, that have similar film and TV tax credits.
Michael J. Newell, founder and CEO of Standard Land Development & MJ Newell Homes, is an expert in real estate, and a seasoned veteran with over 14 years of experience. Newell still believes that to advance in the real estate land development business, it is vital to anticipate various economic scenarios, especially amid an active pandemic.
A strong team of subcontractors is said to be crucial to this from his perspective, “To be a formidable and prosperous real estate land development business in 2022, it’s essential now more than ever to create and foster a trusted and respected bond between every team member in the company and our subcontractors. The bond is foundational to an optimal work environment and a loyal workforce,” explains Newell, who has now built over 1,950 residential dwellings and several notable commercial/industrial projects with his horizontal and vertical development company.
“A good relationship among employees in a real estate development business sets a precedence of respect between other builders in the industry, as well as cultivating longevity and loyalty within the office.”
“Not only should we prioritize our customers, but we also must give precedence to our employees,” urges Newell.
The pandemic has certainly not slowed down studio development as several notable projects across the U.K, U.S, Canada and Europe have begun to capitalize on the increase in production, specifically from streaming services.
Broadcasters and platforms have also made long term rental deals with studios for sound stages in their facilities. The production boom that has captivated the industry over the last couple of years is set to continue for the time being.