The property consultancy firm believes that this is crucial for the sector’s survival amid pandemic
As the pandemic takes a toll on the Philippine economy, property consultancy firm Colliers International Philippines recommends property owners and landlords to consider repurposing their assets based on consumers’ evolving behaviour, reported Business World.
Though asset adjustments would depend on the real estate category, they believe that the evolving needs and financial capabilities of consumers should still be recognised.
This is particularly crucial for businesses that plan to establish a hub-and-spoke model, which means “occupiers reduce the reliance of a single headquarters location for a more dispersed occupancy strategy,” they explained in the report.
For developers that lease mall spaces, the firm suggests transforming vacant spaces into co-working venues or additional space for warehouses, particularly since movement restrictions have been keeping the foot traffic in malls low.
Hotel operators, which is expected to receive only 30 percent occupancy in 2020, can also turn their leasing spaces into co-working spaces, as well as co-living facilities. Meanwhile, residential developers are advised to offer more appealing payment terms to continue luring investors and tenants.
As for warehousing companies, Colliers proposes digitising its operations to cater to the growing needs of the e-commerce industry.
“The Philippine economy continues to reel from the impact of the pandemic and lockdowns, officially entering into a recession. Colliers believes that conversion and repurposing of assets are crucial amid the pandemic and global economic downturn,” the report concluded.
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