In a sign that competition among streaming entertainment providers will stay heated in the years ahead, Apple announced Friday that it will roughly double its office presence in the Culver City area where Apple TV+ is based.
The expansion of more than 550,000 square feet in two adjoining buildings is larger than expected by real estate industry observers. Apple, Netflix, Amazon, HBO and other streaming services have been gobbling up office and production space in recent years to help churn out movies and television series for their subscribers.
“It’s a bold expansion,” said Petra Durnin, head of market analytics at Raise Commercial Real Estate. “These streaming giants are betting on the strength of demand for content even after the pandemic is over” and more people leave their homes again for entertainment.
Apple said it would erect two new mid-rise buildings connected by a shared wall on multiple parcels in Culver City and Los Angeles surrounded by Venice, National and Washington boulevards. The parcels are now mostly occupied by small retail and light industrial buildings.
Read the full story on LATimes.com.