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The Philippine real estate industry is rapidly booming due to the robust economic growth and driving demand in the property market. As for the office segment, the demand will continue to be driven by BPO, IT and offshore gaming companies. This surge turns to be most favourable for major CBD’s in the metropolis placing an upward pressure on rental rates. Considering the demand drawn by the office sector, prime locations such as Makati and Taguig undeniably attract tenants of start-up companies as well as established firms who have office space requirement- these bustling cities ensure accessibility and convenience. On the other hand, with the roaring growth and development in the business district of Pasig- the Ortigas Center, many office spaces are set for leasing in every corner possible. Ortigas was considered as the 2nd most important CBD, as it is a place of bustling industry and commerce. Seeing all signs of serious business that leads to progress, is an enough indication of a booming city. Among the top 3 CBD’s, Ortigas offers the lowest rental rates for grade A and grade B office spaces- a perfect opportunity for organizations to secure their office space in the country. As with PRIME Philippines expertise in providing sound real estate solution, we have established market influence with these major CBD’s across the metro. Setting up corporate office solutions help clients and organizations understand these emerging trends in the real estate escape particularly with the office sector. Pertaining to this, PRIME Philippines have secured listings that complement the usual requirements of the clients. High rise buildings such as the Robinson’s Equitable Tower, which is developed by Robinsons Land Corporation is a PEZA Accredited building with features like fibre optic- ready and full back up power ; and the Orient Square which is a first class property and the tallest building along Ortigas Center’s main road are some of the properties included in the current listing of office spaces in Ortigas. Amidst the competitive industry of real estate, PRIME Philippines plays its role as the leading commercial real estate consultancy firm recommending all the possible corporate workspace solutions to clients and organizations based on their needs and priorities.
A large number of companies who are mostly comprised of start-up businesses and BPOs are looking for offices that are ready to be occupied in Quezon City. They are looking for fitted offices or fully equipped (plug and play) which is very cost –effective. BPOs and IT firms are still leading when it comes to office spaces in the real estate market. In Quezon City alone, there are currently 300 IT or BPO firms and they have an annual revenue of $2 billion. As of 2015, Quezon City is still the number one choice when it comes to these offices and it houses some of the largest IT parks: Eastwood City Cyber Park and UP-Ayala Land Technohub. PEZA Accreditation in building are really important because it is one of the factors that tenants see before renting a space. Office spaces in Quezon City ranges from a minimum of Php450 per sq. m. to Php1,200 per sq. m. Location and facilities are also important factors of a building/space. Even though some buildings that are not PEZA accredited are better than PEZA ones, it is still a basic requirement most international companies are looking for. A 27% rental increase in office spaces occurred in 2015 as it rose to Php700/sqm from a Php500/sqm in the previous year. Quezon City will remain bullish because of its wide roads, access to all public transportation and availability of commercial spaces around. Source: Property Market Report: 2015 and 2016 Forecast PRIME Philippines Research 2015