COLLIERS Philippines said the market for industrial space in Central Luzon (Region III) remains underserved relative to the region’s economic potential.

In a statement on Tuesday, Colliers, a property consultancy, said that Central Luzon has the potential to attract job-generating manufacturing investment.

“Central Luzon is becoming a preferred hub for industrial park development,” it said.

Colliers Associate Director of Research Joey Roi Bondoc called Central Luzon a viable consumer base for manufactured goods, noting its high growth levels.

He added that developers with a significant industrial footprint in Central Luzon include Filinvest Land, Inc. and Ayala Land, Inc.

“Colliers believes that property firms should continue developing industrial parks and modernizing warehouses in Central Luzon to capture the region’s economic expansion and continued industrial space take up from manufacturing locators,” Mr. Bondoc said.

“We see more national and local developers following suit in Central Luzon,” he added.

“From 2022 to 2024, we see the completion of about 307 hectares of new industrial space particularly in Pampanga, Tarlac, and Zambales,” it said.

“The Department of Trade and Industry (DTI) is currently pitching Central Luzon as a manufacturing and logistics hub… Singapore firms are also keen on investing in the Filinvest Innovation Park in New Clark City. The first phase of the industrial hub is now accepting locators, particularly companies involved in logistics, e-commerce, light manufacturing, and data center operations,” it added.

Colliers added that the infrastructure in Central Luzon will help attract more manufacturing and logistics investment.

“The modernization of Clark International Airport should raise the attractiveness of Central Luzon for more manufacturing and logistics investment. The development of passenger railways such as the Manila–Clark Railway, as well as cargo railway systems should also support the expansion of industrial activity in the region,” it said.

“Other big-ticket infrastructure projects that will likely spur growth in Central Luzon include Skyway 3 and Central Luzon Link Expressway (CLLEX),” it added.  — Revin Mikhael D. Ochave