Fla. CRE Tenants Are Ready for Their Close-Up
Tampa Bay area commercial real estate tenants and their landlords are enjoying the spotlight as an increasing number of production companies have been scouting office building and shopping center locations to film commercials and movies. The Tampa Hillsborough Film and Digital Media Commission has been reaching out to commercial real estate brokers and property owners in an effort to connect them with movie and commercial producers. Production companies pay top dollar for the space, benefiting buildings and centers that can use the extra cash flow. Florida grocery chain Publix and local cable provider Bright House Networks have paid upwards of several hundred thousand dollars to use a location to film commercials.
Although tenants are affected by filming, the lease deals for the use of the space are short term and, especially with movies, tenants get a lot of notice before shooting begins. Film crews often work at night or on weekends, cutting down on some of the inconvenience. There are other issues to consider, including insurance and signage. Production companies typically provide general liability insurance, but it should be agreed in advance whether signage should appear in the final cut.
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