Offshoring, outsourcing firms keep Philippine property afloat
Retail also a strong suit for Filipino developers
From the capital Manila to the provinces, offshoring and outsourcing (O&O) firms are propping up investment in commercial Philippine real estate, JLL Philippines execs tell Business Mirror.
The Filipino contact centre industry is slated to grow seven percent to eight percent this year, the consultancy reported in its latest property monitor, citing figures from the Contact Centre Association of the Philippines. Investor sentiment for Manila’s commercial property segment is likely to keep positive in the short term.
Expansive O&O firms, online gaming companies, and English as second language schools have propped up office demand not only in the capital but also in Metro Cebu, according to Janlo de los Reyes, head of research of JLL Philippines.
More: The Philippines’ richest man leaves behind a ‘nation of homeowners’
Meanwhile, JLL Philippines country head Christophe Vicic tells the Mirror that O&O expansion in Davao City has led to a boom in the local office markets.
Retail markets across the islands are also in the ascendant, with developers set to add 673,500 square metres to the retail segment by 2022, predicts de los Reyes. Average vacancy in the retail market is expected to hover at only three percent, with F&B and fashion brands continuing to take up space in the country’s swanky shopping malls.
Popular retail developer Ayala Land Malls plans to redevelop their famed Greenbelt and Glorietta shopping centres in the Makati CBD, JLL notes in its latest property monitor.
Recommended
How joining BRICS could give Thailand and Malaysia a new economic edge
Thailand and Malaysia are eyeing membership in the bloc of emerging nations
How Modi’s real estate reforms are transforming India’s housing market – and what’s next
A coalition led by the strongman prime minister Narendra Modi is looking to consolidate gains in the property market
Why Japan’s new interest rates might spark a transformation in Niseko’s property market
A new era for Niseko’s wintry property market dawns with the sunset of Japan’s negative rates regime
China’s property market shows signs of life as new government stimulus kicks in
The country’s property slump has been gruelling, but stimulus measures appear to be breathing life into the market