Megaworld says office business 'most stable income generator' despite pandemic

MANILA - Megaworld Corp said Wednesday its office business "is the most stable" income generator after finalizing new office leases last year despite the impact of the COVID-19 pandemic.

Leases were made by mostly Business Process Outsourcing, e-commerce, logistics and finance firms, of which about 20 percent were booked in its Iloilo Business Park, said Megaworld strategy officer Kevin Tan.Megaworld Premier Offices ended 2020 with a P10.4 billion in rental revenues, the company said.

Despite slower growth, office space demand remains positive in the first quarter buoyed by BPOs and the booming e-commerce segment, Leechiu Property Consultants earlier said. Signs of "remarkable recovery" were seen in the mall, hotel and residential businesses in the fourth quarter as quarantine measures eased around the holiday season.

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