PROSPECTS on the country’s real estate industry is upbeat this year on the back of improved market conditions and performances across property segments, according to a top executive of a diversified professional services and investment management company.
Titled “Aiming for a strong finish: Philippine property recovery spills over into 2023”, the study shows a continued uptrend next year, with commitments on 338,600 sq m of office space, mostly from information technology-business process management firms and traditional corporate occupiers . “In our view, office developers should take advantage of a rebound in leasing within and outside Metro Manila by constructing new office towers and offering more flexible workspaces,” Bondoc recommended.GOOD business will be sustained in three consecutive years for the residential sector as Colliers sees an average completion of 8,100 units annually from 2022 to 2024, from the 7,800 units finished yearly from 2019 to 2021.
“As the Metro Manila pre-selling condominium market recovers, we urge real estate developers to integrate sustainable and green features into their projects, as well as highlight amenities such as open spaces and green areas,” the associate director for research said, referring to these factors as top concerns of housing unit buyers per Collier’s Third Quarter 2022 Residential Survey.
Given the improved conditions in the retail scene, Colliers suggests that mall operators reactivate their event spaces or activity centers by organizing events such as trade fairs, exhibits and concerts to attract more mallgoers. Food and beverage, as well as clothing and footwear retailers should also consider opening pop-up stores, especially those testing the feasibility of the local retail market.
Approximately 112 hectares of industrial supply are projected to become available in the CALABA corridor. Such ample space is expected to be taken up by expanding manufacturing and logistics firms in these areas. This trend will continue as 210 hectares of new industrial space are scheduled to be delivered from 2023 to 2024, particularly in Tarlac and Subic.THE relaxation of Covid-19 measures, including the optional mask removal, has also lured more visitors to the country.