Via Malaya Business Insight: Influx Of Office Supply Seen This Year
Ruelle Castro of the Malaya Business Insight wrote about Pronove Tai International Property Consultants 2019 Outlook. In the article published on January 24, 2019, he covered the topics of Office Supply, Offshore Gaming, and vacancy in Quezon City.
Last year, Quezon City posted the highest vacancy rate at 13 percent, followed by Mandaluyong City at 10 percent.
Pronove said the high vacancy in Quezon is particularly notable on areas that are far from the major thoroughfares like EDSA.
“We have to look at it from several perspective, the ones on EDSA are taken up quickly. The vacancy is focused in areas that are outside of main thoroughfare,” said Pronove.
Pronove said stand-alone office developments have to have complimentary products — office, retail and residential. “Those developers that are a one-stop shop will be the most attractive,” Pronove added.
Pronove said lack of ample transportation-related infrastructure in Quezon City also makes the city less competitive compared to other office districts in Metro Manila.
Rent in Quezon City currently stands at P850 per sq.m., compared to the nearby Ortigas Center’s P720 per sq.m., and Mandaluyong City’s P710 per sq.m. Makati rent currently stands at P1,570 per sq.m.
Philippine offshore gaming operators (POGO) which take up office spaces need accessibility but also homes, Pronove said.
Read the full story here: https://www.malaya.com.ph/business-news/special-features/influx-office-supply-seen-year