A few months ago, Marina de Empresas announced that it would build a new space on a plot of land acquired a few meters from the Port of València, transforming a 1,700 square meter space. The entrepreneurship hub created by Juan Roig had been behind Shed number 4 for some time, but the deadlines of the Valencia City Council were not theirs and they preferred to look for an alternative in the vicinity of what has already become the entrepreneurial space par excellence in the Valencian capital.
“Projects such as Insomnia or Lanzadera and the entire ecosystem of La Marina are promoting the recognition of València and, therefore, the interest of foreign companies in positioning themselves in the city,” points out the real estate consulting firm CBRE. That is why the example of Marina de Empresas serves to highlight the situation that the consultancy warns about when it assures that the hiring of offices in Valencia is being “very limited” due to the low availability of spaces. They point out that the availability rate continues to decline and is “at historical lows”: around 3% in the third quarter of 2023, according to the data managed by the company.
The situation is not new, since CBRE has already noted for some time that there is an unsatisfied demand. But now it also indicates that a critical situation is being generated. “We are losing the opportunity for these companies – referring mainly to multinationals in the technology sector – to establish themselves in the city, with the lack of offices being the biggest obstacle. It is a critical issue,” declares Katrina Molina, from the offices team in Valencia. from CBRE.
It is the tech companies that are demanding more space: they already account for 55% of contracted space of more than 400 square meters. And the problem lies, according to CBRE, in the lack of supply of surfaces above 1,000 square meters, a scenario that “is forcing” companies to make the decision to set up shop in several locations, waiting for “the emergence of “in the market an opportunity to unify spaces.
“Public-private collaboration is necessary to give rise to projects such as the PAI del Grao with an important tertiary component, to satisfy the growing demand for new companies that strengthen the Valencian ecosystem,” considers Belén Patiño, director of CBRE’s Valencia offices.
Meanwhile, a companion in this process is the flexible space, coworking, since it facilitates entry and growth without ties in the market. By 2024, CBRE estimates the entry of two new Flex operators in Valencia, where there are currently more than 1,320 jobs in spaces of this type and a stock of 13,200 square meters with an average occupancy of 78%, according to data from the third quarter.
