The Costa del Sol has been attracting international audiences for years, but now not only are second homes and luxury villas the region's most attractive asset, but offices are picking up a run to take the lead.
With the entry of companies such as Vodafone, Google or Telefónica, the city is seeing the fruits of a strategy that has been underway for years with initiatives supported by the City Council such as Malaga WorkBay or Malaga Valley.
Among them, the so-called National Digital Content Pole stands out, a project incubator linked to the creation of video games that has promoted more than 260 start-ups in the last three years. "The clear trigger has been that before the talent went where the companies were and now they are the companies that go where the talent is," explains Rosa Madrid, regional director of Andalusia at CBRE.
The directive points out that investments such as that of Insur, which will allocate 29 million to reform the old Tabacalera de Málaga in offices, are a sign of the change. "Beyond retail, there have not been large investments in the tertiary sector outside Madrid and Barcelona, but now they are reaching Malaga," says the directive.
The rents of offices in the city are currently between seventeen or eighteen euros per square meter, although in some prime locations it can reach twenty euros, but from CBRE they point out that the price will rise with the arrival of new companies. On the other hand, the yields of the city offices are between 6.5% and 7%, "we should go down to 6% in 2022", says the directive.
Currently, there are about sixty foreign companies established in Malaga, many of them in the Andalusian Technology Park, baptized as Malaga Tech Park, which has 621 companies and more than 20,000 workers.