Tuesday, 28 November 2023, 10:13
The availability of office space in Malaga city has been significantly reduced as more multinationals opt for the capital of the Costa del Sol as their working base, but four major projects currently under construction could correct the issue.
The city has attracted many big name companies, especially those in the tech industry such as Google and Vodafone. While it's caused exponential growth in Malaga, office space has become something extremely difficult to find and even caused one business to go under. But four buildings are under construction and about to receive building permits that could solve Malaga's office space dilemma. They are all expected to open in 2025 and will add close to 50,000 square metres to the Malaga office offer.
The spaces present the type of offices technology companies and multinationals interested in Malaga are demanding: large, open-plan, centrally located, well connected by public transport and built to the highest architectural standards.
Will they be enough to satisfy demand for high-end offices in Malaga?
José Félix Pérez Peña, Savills real estate director in Andalucía, said it is a promising start, but it is not enough. "With the projects that are going to come up in two or three years we are talking about adding just under 50,000 square metres to the city's office space. If there continues to be the same level of demand, Malaga would need to double that surface area within seven or eight years," he pointed out.
Where: On Paseo Martítimo Antonio Machado, 26, opposite the Port of Malaga, where the Cemauto dealership used to be located.
Developer: Merlin Properties, the largest listed Spanish real estate company, which specialises in offices, logistics, shopping centres and data centres, and is a leader in the office space market.
Size: 9,800 square metres.
Characteristics: Merlin is planning a seven-storey building plus a ground floor that will have capacity for 800 work stations, as well as an underground parking lot with 140 spaces. The building, designed by the architectural firm Ortiz.Leon, presents stunning views of the bay of Malaga thanks to a completely transparent glass facade, terraces on every floor and a rooftop that is 500-square-metres in size. The development is expected to cost 20 million euros.
Timetable: Merlin has already approved the detailed study and expects to receive the building permit during the first quarter of 2024. The works will take between 18 and 20 months, with an expected finish date at the end of 2025.
Market: It has not yet opened, but Merlin is already seeing the interest of large national and international companies that are already part of its client portfolio in Madrid and Barcelona.
Where: Calle Pacífico, 24. Next to Tabacalera.
Developer: Grupo Insur is a real estate company from Seville with more than 75 years of history and has been listed on the Stock Exchange since 1984.
Size: 9,500 square metres.
Characteristics: Spread over six floors plus ground floor, the Ágora building will accommodate 750 workers. The DPYA Arquitectura studio has deemed it an "intelligent" building with modular spaces that are flexible to the needs of each company, and with panoramic terraces overlooking the sea. The building will also have 200 underground parking spaces. The first floor of the building will be a plaza for public use, with gardens that open out to the seafront promenade. The project will cost 29 million euros.
Schedule: Work on the building is already under way, in the excavation phase, with building scheduled to start in December. The expected delivery date is the second quarter of 2025.
Marketing: Already open. The target tenant profile is top level companies, both international and Spanish, looking for quality space and location.
Where: Paseo de Martiricos.
Developer: Grupo Insur.
Size: 10,900 square metres.
Characteristics: Sustainability and energy efficiency are a priority in the construction of this building. The project will cost 33.7 million euros, of which 8.6 million euros have been earmarked for the land. Its 10,900 square metres will be spread over seven floors, as well as 327 underground parking spaces and electric vehicle charging points. It will have large terraces on all floors.
Schedule: The detailed study has already been approved and the developer is awaiting the "imminent" granting of the building permit, so it expects to begin construction before the end of the year. The expected opening date is the end of 2025.
Market: Already open.
Where: Between María Zambrano train station and Calle Poeta Muñoz Rojas.
Developer: AGP Málaga Socimi is a real estate company based in Malaga that manages more than 29,000 square metres of premises, warehouses, parking lots and offices in Malaga and Madrid. With more than 20 years of experience, it is also the owner of the Indocar office building, located about 300 metres from this new project.
Size: 7,000 square metres.
Characteristics: The building has been designed by Javier García Alba and Andrea García González, from the esteemed Madrid architecture firm AGAS. It will have eight floors, plus ground floor. There will be 131 underground parking spaces, a cafe on the first floor and a restaurant with a terrace on the top floor. The remaining seven floors will have open-plan rooms for office use. The architecture seeks to create "a garden office open to the outside". One difference, compared to most office buildings, is that will be possible to open the windows to provide workers with fresh air. The project is estimated at around 15 million euros.
Timetable: The target completion date is summer 2025.
Market: Already under way.
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