The excess supply of office space will likely vanish by next year, Jones Lang LaSalle Leechiu (JLLL) said.
Lindsay Orr, JLLL chief operating officer, advised property developers to start building office projects this year since they would be ready for occupancy by 2012 when demand stabilizes.
“Next year, there may be a shortage of commercial space. It’s a signal for developers to pick up more office buildings,” Nando Camus, JLLL chairman, said on the sidelines of the press launch of the Asia CEO Awards.
Orr cited Fort Bonifacio as the most ideal place to build office buildings. He said demand has been “buoyant” in the area as tenants consider moving away from Makati.
The level of interest in Fort Bonifacio has increased significantly in the last five years, as shown by the counter bids of six other developers following SM Land Inc.’s unsolicited proposal to develop 33 hectares of prime lot in Bonifacio South lot, Orr said.
“We are seeing a movement towards Fort Bonifacio because rental rates are more competitive. The fact that it is master-planned and designed means all amenities haven’t grown in a more haphazard manner,” he said.
Besides JLLL, Ayala Land Inc., Filinvest Land Inc., Megaworld Corp., Robinsons Land Corp. and Rockwell Land Corp. purchased the Terms of Reference (TOR) for the eligibility requirements in the selection of BCDA’s joint venture partner for the project.
Even as tenants move to Fort Bonifacio, JLLL said the Ortigas area would still be a “very significant” business district because of its proximity to the Asian Development Bank.
“Ortigas will always be significant, but the thing is it’s sort of running out of space,” said Orr.
JLLL is one of the main presenters of the first Asia CEO Awards, which aims to recognize individuals and organizations that have contributed the most to develop the business capability of the Philippines on the international stage.
The awarding ceremony will be held on November 11 at the Dusit Thani Manila. –Krista Angela M. Montealegre, Reporter, Manila Times
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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