Office building acquired by NWG in Malaga
The property is located on Avenida de la Aurora number 69 and known since its construction as the Aries Building. It has an area of 3,441 sqm in a strategic location, a few minutes from the María Zambrano train station, the multipurpose building of the Andalucía council and the Larios and Málaga Plaza shopping centers, also enjoying excellent public transport communications by metro and bus.
The asset, 100% occupied, is intended for offices and has a commercial premises on the ground floor and provision of parking spaces in the garage.
This new operation in the midst of a pandemic highlights the interest in the city office segment for the specialized investor, as it is the second investment in offices in this period, which demonstrates the growth potential of the Malaga office market.
According to data from Savills Aguirre Newman, Malaga has the most active office market in Andalusia with a maximum rental value sqm/month recorded at 18.5 euros. Malaga has about half a million sqm and an occupancy of 95%, which has resulted in only less than 5% of the stock available. This leaves evidence that the size of the park is insufficient, especially when compared with other cities such as Seville (with 1,3 million sqm), Zaragoza (1,08 million sqm) or Valencia (728,000 sqm). In addition, requiring the incorporation of new projects is also “limited” because the market is obsolete, with few buildings of recent construction or rehabilitation in the urban fabric.