PH property sector on track for recovery this year
The Philippines’ real estate sector will inevitably recover this 2022 due to the positive economic outlook that the easing of restrictions is sure to bring, according to real estate services firm Santos Knight Frank (SKF).
In a briefing, SKF chairman and CEO Rick Santos said that they have an “optimistic outlook” for the real estate industry this year with the reopening of the economy.
Data centers and renewable energy are also expected to contribute largely to the sector as it is expected to double in terms of supply capacity in the medium term.
Meanwhile, SKF Senior Director of Occupier Solutions and Services Morgan McGilvray said that the office supply pipeline is “quite strong” with three million square meters of spaces being completed from now until 2025.
He also expects demand to increase this year, driven by the Business Process Outsourcing (BPO) sector.
McGilvray stated that usual locations — specifically the United States, Canada, Australia, New Zealand, and Europe — will provide most of the demand in the office market this 2022.
