The Philippines is in the midst of a property boom that is shifting Manila’s skyline upwards and redefining its status in the world as a viable business hub after a drawn out and undesirable reign as the “sad-sack” of Southeast Asia.
Office space leasing this year is predicted to hit new heights, setting a record of 400,000 to 450,000 square meters, up 25 per cent from last year, according to property managers and consultancies Jones Lang LaSalle and CBRE Philippines, one of the country’s largest firms in that segment.
Pointedly, increased confidence in the rising Philippine economy, which enjoyed 6.1 per cent GDP growth the first half of 2012, has led to office space being snatched up even before completion.
“Pre-leasing is back,” said Rick Santos, chairman of CBRE was quoted by Reuters. “We are now experiencing the best real estate market in the Philippines in the last 20 years.”