As cities spring back to life following the easing of movement restrictions, bilyonaryo Andrew Tan’s property arm Megaworld Corp. has seen a surge in office takeups.
Megaworld’s office take-up accelerated in the first nine months of the year to 214,000 square meters or 12 percent above the company’s conservative target of 191,000 sqm.
Around 79 percent of the new lease contracts booked came from the IT-BPM (information technology and business process management) sector.
Megaworld said about 36 percent of the new signups was mostly in Uptown Bonifacio, McKinley Hill, Southwoods City and Davao Park District.
“It is exciting to note that several tenants opted to retain their spaces, and even expanded during the pandemic. The demand still remains despite earlier speculations that the work-from-home arrangements will lead to massive vacancies,” said Roland Tiongson, first vice president at Megaworld Premier Offices.
“With the eased restrictions and the re-opening of our borders for international travelers, we are optimistic that we will be able to achieve a better full-year performance of our office leasing business this year,” Tiongson added.
Megaworld claims to be the largest office landlord in the country with around 1.4 million square meters of leasable office space inventory.
It has PEZA-accredited office properties in its various integrated urban townships nationwide such as Eastwood City in Quezon City; Uptown Bonifacio, McKinley Hill, and McKinley West in Taguig City; Iloilo Business Park in Iloilo City; Davao Park District in Lanang, Davao City; Southwoods City in Biñan, Laguna; The Mactan Newtown in Cebu and Arcovia City in Pasig City.
SOURCE: Bilyonaryo
