COMMERCIAL PROPERTY values in Metro Manila’s central business districts (CBDs) have remained steady despite a slowdown in office space take-up amid the pandemic, Lobien Realty Group (LRG) said.

In a statement, LRG said it has not seen any significant decline in land values in CBDs, mainly due to the “low and finite supply of land in these locations.”

Selling prices in Makati and Taguig business districts range from P400,000 to P1 million per square meter (sq.m.), while the so-called Bay City area commands selling rates of P300,000 to P500,000.

Selling prices in Pasig CBD range from P280,000 to P350,000 per sq.m., while Alabang CBD rates range from P250,000 to P400,000. Properties in Quezon City can sell from between P170,000 to P230,000 per sq.m.

LRG CEO Sheila G. Lobien said capital values will likely bounce back to pre-pandemic levels once the economy recovers.

While there are some landowners who may need to sell properties at lower prices for debt servicing, she noted these are few and “not yet currently in the radar.”