With summer in full swing and an increasing number of companies showing interest in renting offices in Malta, spaces that have been newly completed, upgraded, renovated and refurbished post pandemic, are at the top of many wish lists.
Popular locations
The demand for commercial and retail space in areas of Malta such as St Julian’s, Sliema, Gzira and Valletta are currently experiencing a significant surge in popularity. These areas are reaffirming their status as preferred and sought-after locations for companies, organisations, businesses and retailers, not least because of the lifestyle choices they offer due to the amenities for tenants, their employees and on-site visitors. Central locations are also attracting a fair share of interest, especially the Mriehel business hub which offers a diverse choice of commercial office space and already hosts the head offices of some of Malta’s most iconic companies.
The importance of staying relevant
Rita Schembri, the Head of the Commercial Division of Frank Salt Real Estate who comes with impressive financial and real estate acumen and an impeccable reputation as one of Malta’s most knowledgeable figures in the field of commercial real estate, had this to say:
“Local business owners anticipated that in 2023 the business and retail office landscape would have undergone a significant transformation, driven by the past two years’ technological advancement, the change in consumer behaviour and the need for more immersive and more personalised office and retail experiences. The latest ‘Emerging Trends in Real Estate Europe 2023 Report’ by PriceWaterhouseCoopers and the Urban Land Institute states that the hybrid work model is here to stay. We are experiencing this fully in Malta and many of Malta’s commercial property owners adapted swiftly to this shift ahead of time. They thus not only succeeded in remaining relevant, but also came out tops in creating far more engaging environments for both office workers and shoppers.
Fully sensitized to their environmental obligations
“Another trending concept particularly among the younger employee cohort is that of ‘hot desking’ where office workers are not allocated a dedicated space but rather rotate their office space on a ‘when needed’ basis” she says. “We will see how this pans out in the medium term though as not all employees rave about this option. We are however seeing a surge in requests for fully serviced offices, again mostly in the St Julian’s area as location continuously dictates choice, so investors cannot go wrong in St Julian’s, even though they pay top notch money when acquiring land,” she continued.
AI and technology
When it comes to stores and retail space, smart store technology such as devices and sensors have been integrated into retail spaces to not only offer personalized recommendations, but also to track inventory levels in real-time and to create seamless checkout experiences for consumers. Retailers are also interested in creating a memorable experience to not only attract but also to retain customers and foster customer loyalty.
With AI now playing a role in almost everything we do and touch, AI is fast integrating with social media to become an integral part of many retail spaces in Malta. This requires of sought-after commercial and retail spaces, to have access to the very best of technology and IT infrastructure.
Sustainability
With the ever-growing and unavoidable subject of environmental consciousness, commer-cial and retail properties and office spaces have to have a large measure of self-sustainability. This is what Schembri had to say: “Ethically acceptable practices need to be built-in when it comes to physical commercial environments. Eco-friendly materials, energy-efficient lighting and recycling initiatives are becoming commonplace in all office and retail spaces, aligning with consumer preferences. This responsibility is already commonplace in many of the commercial spaces we have on offer and will be run of the mill in all future commercial properties as companies are becoming fully sensitized to their environmental obligations and make their rental property choices accordingly.”
Conclusion
When it comes to the reinvented world of today’s commercial property, it is all about embracing the positive: excellent locations, brilliant design, well-managed buildings and the running of these spaces productively while having minimal impact on emissions and as little as possible consumption of fossil fuels. All of today’s up-to-date commercial spaces focus on convenience and enhancing the in-person experiences of employees and shoppers alike to provide a truly integrated journey.
Malta has an emerging reputation as being the ideal commercial and retail space for countless companies and operators, bang in the middle of the Mediterranean, thus helping to make a success out of any commercial venture which relies heavily on location, not forgetting, of course, the most important element in the equation, the cost of the acquired land! This is where the assistance of a knowledgeable and professional commercial agent is invaluable.