Property


Office seekers said spilling into south




Posted on October 15, 2015


WITH limited office space options in established Metro Manila business districts, more companies are now searching for locations with more affordable rates, Filinvest City said in a press statement this week.

A DIGITAL rendering of Parkway Corporate Center -- FILINVEST
“According to studies, the demand for new office spaces across congested Metro Manila is projected to remain consistently strong until 2020,” the statement read.

“This means that values in the South -- where there is still room for expansion and rates remain affordable -- are bound to increase further.”

Filinvest City Business Development Head said in the statement that, besides the business process outsourcing firms that have been driving demand for the past decade, office occupiers like professionals and entrepreneurs in finance and trading are creating demand for “Premium Grade A” office towers.

Thus, Filinvest City -- a project of Filinvest Development Corp. -- saw the launch of the 32-storey Parkway Corporate Center earlier this year.

“It is a purely office condominium investment for end-user enterprises and has been warmly received by the market,” the statement read.

Filinvest City, a 244-hectare mixed-use complex in Alabang, Muntinlupa City, saw its stock of office spaces quickly taken up in the last two years as executives “committed to residing in the South” of Metro Manila, according to the statement.

Parkway Corporate Center, the statement continued, “will represent the next generation of office buildings in the South” with 100% genset power, a fiber optic backbone, and a security system with radio-frequency identification (RFID) access.

“Most small office buildings in the South were constructed over 10 years ago and have yet to upgrade both building management and security systems,” the statement read.

Property consultancy firm KMC Mag Group, Inc. said in a report on Monday that the growth in Metro Manila’s office rental rates will be among the fastest in Asia in the next 12 months. It projected rents and capital values to grow by 5-7% in the period.