THE OFFICE UNIT of Ayala Land, Inc. (ALI) continues to sign new leasing agreements as it sees sustained demand from companies and business process outsourcing (BPO) firms.
In a statement, Ayala Land Offices, Inc. said a multinational firm recently signed a large pre-commitment of office space at its One Ayala Avenue building in Makati City.
The deal increases the property’s total lease-out rate to 67%. One Ayala Avenue will have 74,000 square meters of gross leasable area, with its first office tower to be completed next year and the second in 2022.
“BPOs are a significant job generator for the country. Hence, we remain supportive of this sector and service our clients’ needs,” Ayala Land Offices Head Carol Mills said in the statement.
Ayala Land Offices currently has a gross leasable area of 1.2 million square meters, with an average occupancy rate of 95% for its properties.
Office leasing was ALI’s most resilient sector in the first semester as its residential, commercial and hospitality sectors all declined due to the coronavirus pandemic. Ayala Land Offices posted a 7% revenue growth during the period.
ALI’s attributable net income fell 70% to P4.52 billion, and consolidated revenues were halved to P41.2 billion.
Shares in ALI at the stock exchange slid 10 centavos or 0.37% to P26.90 apiece on Thursday. — Denise A. Valdez
