Co-working Offices: The new property investment concept in Malta

MaltaToday met with SOHO Office directors Michael Steen Pedersen and Kris Jes Petersen to learn more about this trend of co-working spaces - a trend that has received a lot of attention abroad and, recently, in Malta.

Kris Petersen (left) and Michael Pedersen (right), the directors of SOHO Office

Can you give us a brief introduction to the idea and meaning of ‘co-working offices’?

Michael: In its simplest form, co-working offices are spaces where you have people from different companies working within the same environment, sharing the common spaces and naturally meeting up with employees of companies that could be in the same or a completely different industry as one another. Co-working offices also present fully serviced workspace solutions for businesses that may require a solitary workstation, an office or offices with shared areas.

Co-working offices offer scalability - companies are able to rent space for employees according to their needs.

Why has this concept became so successful around the globe?

Kris: Co-working offices offer scalability - companies are able to rent space for employees according to their needs, on flexible contracts, instead of investing into a working environment that is too big or costly. Small businesses up to medium businesses would not normally have access to the facilities co-working offices offer, such as a reception desk, board and meeting rooms, kitchen, parking areas, and so on.

Michael: I think another part of the success is from the change in the way people work. The digital age has led to more solo-workers, entrepreneurs and flexibility in the working environment, meaning companies can cut rental costs without cutting quality by utilising co-working offices on shorter, more dynamic contracts.

Where do co-working offices exist today, globally and in Malta?

Michael: They exist basically in every major city, and they have also started popping up in more suburban areas, creating business hubs not only in the centre of major cities but also in more populated areas.

Kris: The concept has so far been mostly popular in North America and in Europe - New York, London, Toronto, Silicon Valley and Copenhagen - but we are also seeing their popularity in China, where start-ups and even hardware firms are taking advantage of the flexibility and affordability of co-working offices.

Michael: As for Malta, we already have our SOHO Office Hotel on Triq Elia Zammit, in the heart of Paceville. After expanding our team, in 2013 we hired an office and realised the space was too big - so taking inspiration from these co-working offices across the globe, we decided to find some other entrepreneurs to join us. We quickly reached full occupancy and realised that this was exactly what expats in Malta needed.

We are building a top-notch, high level and prestigious co-working office space in a prime location, right next to the Intercontinental in St Julian’s

What is the next stage for SOHO co-working in Malta?

Kris: We are building a top-notch, high level and prestigious co-working office space in a prime location, right next to the Intercontinental in St Julian’s. We offer the opportunity for investors to buy the office space, as well as rental options. The upcoming redevelopment of the Paceville area means a totally new block will be built, featuring our office space, including all of the best features and facilities an office can have.

Michael: We will see modern design, silent booths for people to conduct private calls, comfortable social areas and a private chef to cater healthy, fresh food. The redevelopment also means there will be cafés, restaurants and retail outlets within walking distance to complement the offerings.

So, how can interested small businesses and investors get involved with this project in Malta?

Michael: Basically, it’s very simple. We already have all of the plans, so we have investment opportunities for as low as €25,000, with up to 11.50% yield on your investment which is very good for property. You have the option to buy or buy-to-let the office space, while leaving the maintaining of the office space to the SOHO Office team.

Kris: Sales start on Thursday at 09:00am, and you can request an investment prospect through our website, on www.sohomalta.com/next-stage, or pick one up at SOHO Office Hotel, Triq Elia Zammit, St Julian’s. If you have any questions, call us on 9933 4333, email at [email protected], or stay updated on our Facebook page at https://www.facebook.com/SohoOfficeHotel/