December 28, 2012, 4:54pm
Property specialists see that the strong remittances sent home by overseas Filipino workers (OFWs) and the booming business process outsourcing (BPO) industry, complemented by a healthy investment climate and low interest rates, will remain the drivers of the Philippine real estate sector in 2013.
Global property managers Jones Lang LaSalle and CBRE Group, both based in the United States but doing business in the Philippines, said sales and leases will remain strong next year, driven by demand for commercial space. “We are now experiencing the best real estate market in the last 20 years. We are looking at sustained growth and success,” they said. The take up of new office space this year may hit a record 400,000 to 450,000 square meters, up by 25% last year.
The BPO sector accounts for 90 percent of office space take up in the country, and is a major source of employment for Filipinos. It is forecast to double the current employee base of over 600,000 by 2016 as multinationals send more jobs to the Philippines. CBRE said that while demand for high-end market will be sustained in 2013, developers will also focus on the mid-income residential market, reflecting the demand from the growing population of families and young professionals.
Ayala Land, one of the country’s biggest property developers, described as “unprecedented” the construction boom that is transforming the skyline of Metro Manila as well as other urban centers. The National Statistical Coordination Board reported that in the first quarter of 2012, the real estate sector posted a growth of 28.1 percent, outpacing major Philippine industries.
We wish Jones Lang LaSalle International Director David T. Leechiu and CBRE Philippines Chairman Rick M. Santos, all the best and success in their efforts to provide insight and foresight, market research, and investment inputs to help in the further growth of the Philippine real estate sector. CONGRATULATIONS AND MABUHAY!
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