Malaga is becoming the third hottest coworking market in Spain.
The flex workspace demand is so high nowadays in the city that the average occupation rate has reached a record 92%, according to CBRE numbers.
Director of CBRE in Andalucía, Rosa Madrid Racero, says “The growth of coworking spaces comes down to companies deciding to locate to destinations where their workers want to live, or allowing their employees to move to other locations. Their main objective is to retain talent”, she adds. “Malaga city is at an advantage because of its highly sought-after quality of life and the strong connections to Malaga Airport, which now has a direct flight route with New York, an advantage to the technology sector.”
That being said, Real estate professionals observe that the city has to deal with a scarcity of proper facilities to set up new coworking capacities. Individual Coworking spaces have to be at least 1,500 square meters big to be economically sustainable.
Real estate firm Savills points out that this lack of availability is a challenge, and is forcing coworking spaces to be created in commercial premises or in areas designed for other types of uses.
Among the most important players in Malaga, as of today, are Regus, First workplaces, Monday Working Spaces by Urbania, and Impact Hub Málaga.