Malta’s Supply Of Office Spaces ‘Outstripping Demand’, Real Estate Experts Warn
Malta’s real estate experts have sounded the alarm on an ongoing situation which is seeing the supply of office space on the island “outstripping demand”.
Speaking during a Malta Business Network panel last Monday, a number of leading property experts and business leaders all agreed that “while the supply of new office space was only increasing, the growth in demand for these commercial properties was waning”.
This, the experts predicted, would lead to more “shopping around” from prospective tenants, with a suggestion being made to “rethink the commercial property market”.
The increasing desire of employees to work from home (at times directly influences by undesirable office environments) was also brought up as yet another important factor in the ongoing saga.
PwC Malta Director Angelique Spina, one of the speakers in the hour-long discussion, noted that with around 250 commercial real estate transactions per year, Malta’s mark is relatively small.
From signs of an initial slowdown of large foreign entities setting up operations in Malta to the competitiveness of the market and struggles to attract and retain talent, a number of issues were highlighted by Spina.
Catherine Hurley, meanwhile, who’s the Head of Global Accounts at AIS Interior, said the “perfect office” is one that creates “serendipitous opportunities and meetings” that simply cannot happen at home.
A number of topics were covered in the discussion, covering everything from the future of the 40-hour week and 9-5 working day to what’s next for the office in Malta… but the experts’ warning on the island’s supply vs demand rang as a key point for many to keep in mind.
What do you make of this observation?
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