Real estate outlook remains rosy in 2013 CBRE

Share

The Philippine Star

07 Dec 2012

http://www.philstar.com/business/2012/12/07/881979/real-estate-outlook-remains-rosy-2013-–-cbre

MANILA, Philippines – Leading real estate advisory firm CBRE Philippines shared in their recent briefing that the Philippine real estate sector shows no signs of slowdown and a positive outlook will still be seen in 2013.

“We are now experiencing the best real estate market in the last 20 years. It took two decades to get the stars aligned, but now, we’re looking at sustained growth and success. The challenge is how to cope with this unprecedented success. Suffice it to say that If you build it, they will come – be it office, residential, or leisure properties,” Rick Santos, CBRE chairman and founder, said.

In the office/commercial sector, CBRE said the country is in a unique position in Southeast Asia. Santos said the phenomenal growth of the BPO sector is akin to India’s experience in the early 90s. The Philippines is one of the top BPO providers in the world, surpassing India in voice operations and coming in second in non-voice operations. Santos mentioned that there is a lot of room for expansion in other areas such as software and web/graphics development, information technology and engineering services, and healthcare BPO. BPO revenues are expected to grow by 10-15 percent in 2016 (source: BPAP).

Santos adds that “the Philippines is one of the most cost effective outsourcing destinations in Asia, providing conducive environment for foreign investors through its excellent pool of skilled labor and customer service, one of the cheapest rents, and highest yields in Asia. The Philippines is becoming the lifeboat for many European and US companies that need to outsource in order to survive and preserve jobs in their homeland.” This is evident from global banks that are now relocating in the country for back office support. “We are a multinational player without leaving our shores. Manila is the gateway of the world – we are running the world’s businesses out of Manila.”

In the residential front, the country will also experience increased real demand across all market segments, spurred in large part by the BPO sector.

Multiple credit rating upgrades, the support of the government, and positive outlook are encouraging more businesses to expand and relocate in the country creating demand in luxury destinations and leisure properties.

However, 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 psqm range, reflecting the demand created from the growing population of families and young professionals and supported by the record-low interest rates. The Philippines has the lowest interest rates and best financing schemes for home ownership today.

Rick Santos

rick

Rick M. Santos

CHAIRMAN, FOUNDER AND MANAGING PARTNER

Manila, Philippines
T. 632.752.2580
F: 632.752.2571

 

CURRENT ROLE AT CBRE PHILIPPINES

Rick Santos is the Chairman, Founder, and Managing Partner of CB Richard Ellis Philippines. Mr. Santos set up the CB Richard Ellis operation in the Philippines—playing a major role in establishing the company as the leading real estate advisory firm in the country. (The CB Richard Ellis Group is the largest US listed Global Real Estate Services Corporation and a member of the Fortune 500.)

In addition to driving the company’s business lines forward, Rick also takes charge of the cross-border investment team focusing on the in-bound and out-bound movement of Institutional and Private Investment Capital. Mr. Santos and his team were the pioneers in the real estate/BPO industry and were also responsible for bringing many of the largest institutional and private real estate investors into the Philippines.

Previously, Mr. Santos served as the Managing Director of CB Richard Ellis Hong Kong and as the Head of Institutional Investment Properties for Asia. He has been involved with the Hong Kong, China and Pan Asia business as a former Asian and Asia Pacific Board Member and has served as the link partner to the emerging market countries of India, Thailand, Indonesia and Vietnam. Mr. Santos joined CB Richard Ellis in 1994 and is a graduate of UC Berkeley, the London School of Economics and Oxford University.

PROFESSIONAL AFFILIATIONS AND ACCREDITATIONS

  • American Chamber of Commerce of the Philippines-Vice President
  • American Chamber of Commerce of the Philippines-Past President (Years 2004-2006, 2008)
  • American Chamber of Commerce of Hong Kong – Real Estate Committee Chairman
  • Young President’s Organization
  • Financial Executives
  • Management Association of the Philippines
  • Urban Land Institute
  • Asia Pacific Real Estate Association – Philippine Board
  • Philippine Rugby Football Union – Secretary General

EDUCATION

  • BA (Honors) Bachelor of Arts in Economics and Political Science
  • U.C. Berkeley California
  • MSC ( Econ ) Masters in Economics with emphasis in Real Estate Finance and Urban Development
  • London School of Economics
  • D (Oxon) Post Master degree in International Relations and Management
  • Oxford University

For inquiries, fill up the form below.

Name

Email Address

Subject

Message

For inquiries, fill up the form below.

Name

Email Address

Subject

Message

For inquiries, fill up the form below.

Name

Email Address

Subject

Message

We would like to hear from you on how we can serve you better. Please fill out the form below and we will get back to you as soon as we can.

Name

Email Address

Subject

Message

Captcha

CAPTCHA code

Share