Monday, 24 July 2023, 12:21
Demand for coworking spaces in Malaga is surging with 92% of the city's flexible working desks occupied.
Malaga is third in Spain, behind Madrid and Barcelona, where demand for coworking spaces is growing at such a rate.
The city, according to sources at CBRE, global leader in commercial real estate services and investment, is one of the main locations where coworking operators are expanding into. However it notes a lack of suitable spaces available, which must have a size of more than 1,500 square metres.
Real estate firm Savills pointed out that this lack of availability is a challenge, and is forcing coworking spaces to be created in commercial premises or in areas designed for other types of uses.
Currently, there are four major coworking operators in Malaga. Regus was the first to establish itself in the city, specifically in the Plaza de la Solidaridad. First Workplaces, in Calle Larios, then arrived after the Covid-19 pandemic, as well as Monday, located in Muelle Uno, and Impact Hub, which is located in the Callejones del Perchel, in addition to the Explanada de la Estación, and its new facility in Calle Hilera.
Director of CBRE in Andalucía, Rosa Madrid, said the growth of coworking spaces comes down to companies deciding to locate to destinations where their workers want to live; or allowing their employees to move to other locations.
Their main objective is to retain talent, she said. Malaga city is at an advantage because of its highly sought-after quality of life and the strong connections to Malaga Airport, which now has a direct flight route with New York, an advantage to the technology sector, Madrid added.
The cost of companies setting up in Malaga are also lower than in other cities. The best office in Malaga city is cheaper than a medium-sized one in Madrid and Barcelona.
350 per desk per month
This is the average price asked for rent in Malaga for flexible working spaces, according to CBRE, below the average of 376 euros in Spain as a whole. But in Malaga they can be rented for up to 500 euros.
This is the average number of employees companies have before they start to seek out flexible working offices. After 30 workers, companies usually opt for conventional offices.
According to a study by Savills, by 2030, 30% of the workspace demanded by companies in Europe will be in a flexible format.
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