Property consultant Colliers said the local office leasing market may rebound by next year as the economy further reopens and more employees are expected to return to their physical offices.
Joey Bondoc, Colliers’ head of research, said there are positive signs for the office leasing market that signal a recovery.
“Definitely 2022 will be a period of recovery in the office market,” Bondoc said during the topping off ceremony of Makati Commerce Tower.
For January to September, office transactions in Metro Manila reached 303,000 square meters, up from the 295,800 square meters last year. In the third quarter alone, 156,600 square meters of new office space came online, double the 77,700 sq.m. a year ago.
“In our opinion, occupiers should take advantage of the rental discounts of between 10 percent to 30 percent in business districts such as Makati CBD [central business district], Fort Bonifacio and Ortigas Center and implement flight-for-quality measures. Colliers encourages occupiers to take advantage of the attractive lease rates,” it said.
Makati Commerce Tower is a LEED Gold-certified building developed by Empresas Diesel Development Inc. located along Sen. Gil Puyat Ave. It will feature more than 58,000 square meters of sustainable, premium office space once completed by next year.
The 36-storey building will have a total of 25 floors of office space, two floors with retail units and a dedicated food court. It will also have eight podium parking levels and two basement parking levels, with a total of 784 parking slots.
The building is targeted towards business process outsourcing firms that are looking for sustainability and wellness in office spaces.
“The building will become a landmark for innovation and sustainability when it officially welcomes its first tenants in the third quarter of 2022,” the property consultant said.
“In keeping with its sustainable features, the Makati Commerce Tower will also boast ultraviolet systems to sanitize indoor air quality, energy-saving features that will help tenants save approximately 22 percent on electricity consumption, and double-glazed, Low-E glass facade to minimize heat in indoor spaces while allowing more natural light to come in.”
Colliers said the base of the building will feature a 10-storey high living green wall to emphasize its green features while supporting the local air quality.
Lyndon Lim, principal at BPEA Real Estate, parent company of developer Empresas Diesel, said the Makati Commerce Tower will set a new benchmark in terms of what occupiers can expect from their office space in the Philippines.
“BPEA Real Estate and the entire team behind this outstanding project have put careful thought and planning into the design and execution to future-proof this development with market leading sustainability, health and wellness features.”
The Makati Commerce Tower reached its structural top last November 25. Construction of the building is expected to be completed in 2022, adding more than a third of the approximately 146,000 square meters of new office supply that will be delivered in Makati next year.