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During the summer season we rent a 30,000sq. ft. old industrial warehouse across town for production. Its in a somewhat crappy neighbourhood, has no heat/water - so we get it for a helluva price. The owner simply uses the place as a tax write-off and it sits empty much of the time anyways.
The second floor has skylights (great natural lighting), exposed brick and peeling paint on the walls. Ideal for our type of photography.
I recommend finding a place in a low-rent neighbourhood - perhaps a location that's not much good for anything else but for a studio. Don't be shy about haggling over prices.
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