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
Nov 16 – International Day for Tolerance
“No more toleration of corruption!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
November
Nov 2 – Intl Day to End Impunity for
Crimes Against Journalists
Nov 9 – World Science Day for Peace
and Development
Nov 16 – International Day for Tolerance
Nov 19 – World Toilet Day
Nov 20 – World Children’s Day
Nov 25 – Intl Day for the Elimination of
Violence Against Women
Monthly Observances:
Homes Safety Month
Filipino Values Month
National Rice Awareness Month
National Consciousness Month
for Punctuality and Civility
Environmental Awareness Month
National Children’s Month
Organic Agriculture Month
Weekly Observances:
Nov 19-25: Global Warming and
Climate Change Consciousness Week
Nov 23-29: National Girls’ Week
Population and Development Week
Nov 25 – Dec 12: Social Welfare Week
18-Day Campaign to End
Violence against Women
Week 2: Week 3: Drug Abuse Prevention
and Control Week
Last Week: Safety and Accident
Prevention Week
Daily Observances:
Last Saturday: Career Executive Service
Day
Nov 19: National Child Health Day
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