Real estate demand to stay robust next year

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By Franz Jonathan F. dela Fuente

Business World

November 20, 2012

http://www.bworldonline.com/content.php?section=Economy&title=Real-estate-demand-to-stay-robust-next-year&id=61717

SUPPLY AND DEMAND levels for the country’s residential and office sectors are expected to continue to grow next year on the back of a bullish local investment climate, particularly in the growing BPO (business process outsourcing) sector, local real estate services firm CB Richard Ellis Philippines, Inc. (CBRE Philippines) said yesterday.

“We are now experiencing the best real estate market in the last 20 years. Suffice it to say that if you build it, they [the buyers]will come — be it office, residential, or leisure properties,” Rick M. Santos, CBRE Philippines chairman and chief executive, said during the firm’s year-end briefing at the Makati Shangri-La yesterday.Optimism in the local property sector is being driven by the numerous investments coming in as a result of an attractive business climate.

“The confidence in the Philippines from an investment standpoint is very high, and will pervade in 2013. The Philippine real estate sector will have bright prospects in 2013,” Mr. Santos said.

Joey M. Radovan, CBRE Philippines global corporate services vice-chairman, said that the office market, for one, continued to enjoy robust pre-leasing commitments across major locations, with demand coming from BPOs.

Earlier this year, CBRE Philippines noted that pre-leasing activity, defined as initial payments between tenant and landlord prior to the payment of actual rent, was beginning to grow to pre-Asian Crisis levels due to the economy’s stability.

CBRE Philippines identified Quezon City, particularly Eastwood City and the UP-Ayala Land TechnoHub, as the next emerging office growth district in Metro Manila.

“The office sector will continue to perform well in Asia Pacific as it is one of the most cost-effective outsourcing destinations in the region. The country provides a conducive environment for foreign investors,” Mr. Santos explained.

An optimistic outlook is also seen for residential sector: “While demand for the high-end market will be sustained in 2013, developers will focus more on mid-income residential market segment within the P45,000- to P80,000-square meter range, reflecting the demand created from the growing population of families and young professionals,” CBRE Philippines said in its statement.

The Hershey Company Philippines

The Hershey Company Philippine Office
Is pleased to award this
Certificate of Appreciation

To
MS. JUNNIE CAMU-ANGELO
CBRE Lead Project Manager
(10th Floor 6750 Building Fit Out Project)

For providing excellent leadership and technical expertise in enabling the Hershey Office Move Team and its design and build contractor to complete the project in a Timely and cost-effective manner with high quality results. Her passionate dedication and attention to details were critical in the successful project completion.

Given this 12th day of August, 20122 at 6750 Office Tower, Makati City, Philippines

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