EThe office market in Málaga is already showing signs of recovery. The main parameters have hardly shifted and the city is starting to capture investor interest in office buildings.
Aranzazu García | Associate. Offices. Leasing
The city should get ready and continue to project itself as an alternative location to Madrid, Barcelona and other European capitals.
Despite the pandemic and the effects of remote working, the office market in Málaga is already showing signs of recovery following months of paralysis. The main parameters have hardly shifted. The only observation was a rise in vacancy rates, which returned to 2019 levels and have now fallen, showing the good health of the office market. Rental income has remained stable, with slight rises in some locations due to a lack of current availability and some minimal adjustments for agreements formalised during the worst times of uncertainty. The pandemic has not deterred interest that is starting to arise regarding investment in office buildings in the city. Three new transactions have emerged relating to national and international funds specialising in offices. The recent news of Google’s commitment to the city and the acquisition of land adjacent to the Tabacalera are undoubtedly a sign of optimism for the future and of the potential of the office market. As a very attractive city in which to live and work, Málaga must continue to work on and commit to the development of new-builds in order to meet the growing demand.