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Spain - Commercial Property

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Nightingale has established that the commercial demand for space in Malaga is extremely strong.   Rents have been rising steadily. Offices are now achieving E36/m2/month up 38% from 2003. Retail rents are now E185/m2/month up from up 34% since 2003 and industrial rents are E8.5/m2/month up 27% since 2003.

Major schemes presently underway, or on the drawing-board, on the Costa del Sol include the expansion of Málaga’s International Airport. This is undergoing a major redevelopment which will see passengers per hour increase from 4,500 to 9,000 handling more than 20 million passengers pa, increasing from a current 13m pa.  Gatwick, by comparison handles 34 million pa. Malaga handles flights to 120 other destinations including 23 UK airports.

New track to enable the arrival of the high-speed AVE train from Madrid is underway making journey time from Malaga to Madrid some 2 ½ hours.

A new Metro subway is under construction. An extension of the coastal railway from Málaga and Fuengirola to Marbella and San Pedro de Alcántara is planned as is a state-of-the-art Marina at La Sala de Mijas.

There are also new schools, hospitals, cultural centres, theatres, shopping malls and golf courses – either recently completed or in the pipeline.  With a plethora of pioneering advances in medicine, primary healthcare, science, technology, communications and environmental issues, Southern Spain is regularly making the news.

With the upgrade to the airport new roads are planned and with them new sites are being opened up for commercial development as business parks, retail and distribution.
Current office occupiers are surviving in outdated City centre mixed use buildings and there is no supply of new modern offices so these new sites are being snapped up by developers.

The investment market is very tight with developers tending to hang onto their projects after completion. However this market is changing with the upwards pressure on rents making investment sales of finished products and the consequent increase in liquidity more attractive for developers.

The only way into this healthy investment market is to tempt owners to sell by making offers as has been done in Madrid and Barcelona.  We can assist with potential purchases through our local agency colleagues.

If you have investment or occupational requirements please contact us with details.