Renting an Office In Malta is not a simple task. A process which might be arduous since there is a high demand for such properties. It is of utmost importance that one has a clear picture of the office requirements suiting his business needs. Using a dedicated and specialized commercial real estate professional for the job will maximize your chances of finding the best fit for your company. A specialized real estate agent will be able to assist you with some valuable insights on any popular industry trends and preferences. Having an up to date database of commercial properties, such an agent can provide you with accurate advice on the commercial property market. The most important factors to consider when moving your office to Malta are: Budget, Location, Size, Starting Date, Duration and any other specific Requirements.
Budgeting for Office Space in Malta
Budgeting for your office needs is the first and most important factor. The price for office space is typically calculated in €’s per sqm yearly. This will dictate what sort of office you can acquire and in which locations. Furthermore it will dictate what sqm you can afford as well style, class and finishes. Prices vary all across Malta and that is why we have provided some guidelines to follow on office rental prices in Malta.
Office Size & Sqm Requirements
Depending on the nature of business one will expect different sqm considerations. (For the sake of clarification, sqm means “square metres”). General office guidelines generally require that for every employee, one would calculate circa 10sqm of office area. Hence for example, a net working office area of 100sqm would be ideal for a team of around 8-10. This would not include the extra sqm required for kitchen and bathrooms. To better help assist with Size requirements we have devised an office area calculator for offices in Malta.
Location is a vital role player when renting an office in Malta. If you’re business needs exposure and necessarily needs to be in a prime area this will affect your budget requirements. However if this is not of such importance once can gain from lower costs by renting in more affordable area. Location also depends mostly if your employees are Maltese national or foreign employees. You will need to provide office space which is within walking distance or close proximity for your employees. If you will have foreign employees it would be highly advisable to consider also accommodation options to let in the nearby vicinity. Follow this link to learn more on residential properties to let in Malta. When deciding on a location, make sure that you choose a location that is in line with your corporate strategy.
Starting Date & Duration
Since there is quite a high demand for offices in Malta, it is important to set a specific timeline for moving in. For example a vacant office requires a contract to be signed within 1-2 months time. Other offices may not be available until a certain date. At other times a space may not be needed before a specific date. Hence its a crucial factor to communicate with your real estate agent. This way he can provide you more insights. One must also consider the duration. Landlords of offices larger than 100sqm usually would require a 5 year term with a minimum 2 year period and an optional 3 years out which a tenant can move out. The minimum rent period is refereed to ‘di fermo’ period whilst the optional years are refereed to as the ‘di rispetto’ period. During the ‘di fermo’ period a tenant has to uphold payment of rent for the entire mentioned period, regardless of the business’s situation. A ‘di rispetto’ period will give the tenant the opportunity to terminate the agreement during that period given a pre-stipulated notice as per agreement.
Consider also if your business requires extra hi-tech office set ups. The might vary from fiber optic cabling, high speed internet access as well as back up generator. Other requirements might vary from reserved parking spaces, surrounding amenities in the area such as public transport.
Start Up Companies
A common practice for start up companies or even 2-3 employee office to rent out flexible serviced office spaces in Malta. This may allow space for expansion without having to go through a complete relocation. This helps in reducing downtime as well as an easier way of focusing on your way in a productive manner.