The Philippines is experiencing the best days of 1990 has been in real estate Ramos, the country is driven by strong demand and investment, and that becomes a favorite of the region, with Vietnam and Indonesia, according to management groups properties of CB Richard Ellis Philippines.
Rick M. Santos, president and founder of CBRE Philippines, announced that occupy office space this year is 250,000 square meters and is expected to increase by 10 percent in 2011 in Fort Bonifacio and Ortigas be the preferred options for the office space.
“Due to high demand, developers are churning out the new office, hotel, retail and residential projects. Argentina is benefiting from a good infrastructure Aquino administration, the position of leadership in good governance, ” said Santos.
Banks are also lending and real estate companies are showing higher income and growth.
Santos believes that the market is back because of very good economic fundamentals since 1996. He said the key areas of office space and not only in Makati, Global City, Ortigas, Eastwood, Cebu Business Park, Clark and other cities in the region that houses the operations of BPO. While other sectors, as a global city, Ortigas and Alabang are throwing a lot of new buildings next year, one important building inherent in Makati in 2011, Zuellig LEED certified building on Paseo de Roxas.
There are currently about 6.7 million square feet of existing office in Metro Manila and 397,000 square feet.
Rental rates are P850 per square meter Makati, however, because the rents declined in 2008, there could be some upward pressure on rental rates in Makati.