Málaga is establishing itself as a technological hub, but its office park, with just over half a million square metres, is smaller than that of Valencia or Seville. The first new building in 15 years, Ágora, is already 80% occupied before opening.
The economic success of Málaga has a hidden downside: the lack of modern offices. Real estate consultancy Savills warns in its latest Office Pulse report that the capital of the Costa del Sol, despite its unstoppable growth as a tech hub, is facing a deficit of quality spaces that threatens to hinder the arrival of new companies.
According to Savills' data, Málaga has just over half a million square metres of offices, a size that places it behind cities like Valencia, Seville, or Zaragoza. This is paradoxical considering that the city is one of the most economically and demographically dynamic in Spain.
The problem is not new, but it has worsened in recent years. Since 2011, only four office projects have been added in the urban area, totalling around 35,000 square metres, just a 6% increase over the current stock. This pace is insufficient to absorb the demand generated by the arrival of multinationals and the growth of Málaga TechPark.
The clearest example of this pressure is the Ágora building, promoted by Grupo Insur. It is the first newly constructed office building in Málaga in over fifteen years. Even before its opening, it has already surpassed 80% occupancy. Most tenants are companies entering the city for the first time, seeking modern, efficient spaces larger than the average available.
“The availability of new offerings is attracting companies that were not previously in Málaga,” explained Aránzazu García, associate director of Offices at Savills Andalucía. The consultancy argues that the city needs to continue expanding its real estate stock to avoid missing out on economic transformation.
Against those who fear a potential oversupply, Savills maintains that Málaga still has ample room for growth. Prime office rents do not exceed 30 euros per square metre per month, a level that, according to the consultancy, allows for a sustained market evolution and makes new developments viable without the risk of oversupply.
However, not all news is positive. The scarcity of quality spaces contrasts with failed operations such as the auction of land for offices in the new Golden Mile, promoted by the Málaga City Council, which was left vacant due to a lack of interested developers. A cold shower that highlights the complexity of the market.
For Savills, the key lies in promoting both the construction of new buildings and the rehabilitation of the existing stock. Otherwise, the lack of modern offices could become a brake on the arrival of new companies and, ultimately, on the city’s economic growth.
Málaga has managed to position itself on the map of major Spanish cities for tech investment, with projects like the future IMEC semiconductor centre. But without spaces to accommodate the companies wanting to settle, that success risks being half-hearted. The market expects that the coming years will bring new developments that relieve the pressure and allow the Málaga capital to continue competing with other cities.
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