Philippine realty industry to expand outside Manila
The real estate industry in the Philippines will continue to expand outside Metro Manila due to ongoing initiatives to relocate some business operations to the regions, according to property firm Lobien Realty Group Inc. Sheila Lobien, the firm’s chief executive officer, said popular areas outside the National Capital Region, such as Pampanga, Cebu and Davao, will continue to grow and expand their economic activities.
Lobien explained that Clark has seen a continuous development of office spaces and business hubs aimed at BPO and multinational companies, Cebu hosts the largest master-planned projects in the Visayas offering many office, commercial and residential space options, while Davao has several available areas for development. Meanwhile, new office stock in Metro Manila stands at 1.07 million square meters as of the third quarter, with 51% already rented out. The capital’s office market is expected to grow by 2.4 million square meters in the next three years due to the presence of offshore gaming operators, Lobien said earlier.
