The Philippine property market to remain stable over the next two to three years, thanks to a solid underpinning from government and infrastructure spending, according to a recent overview of the sector by Colliers International, the Toronto-headquartered commercial real estate group. The realtor also highlighted the positive contribution the construction sector had made to the country’s rise in GDP growth to 10.4% in Q32019, with public developments up 11%, after a 27% decline in Q2, while private sector developments were up by 19.1% over the same period.
In light of this, the company said, it is clear that there remains robust demand for office towers, residential units, malls, hotels and industrial parks on a national basis. Based on these favorable soundings, the property agency called on landlords and tenants to take a more imaginative approach to the real estate sector and identify possible expansion sites for outsourcing and offshore gaming companies, while looking to develop co-living and mid-income projects, as well as sites suitable for flexible workspace providers. In particular, it urged landlords to assist outsourcing firms in identifying sites beyond Manila in accordance with the government’s commitment to developing the outsourcing industries in the country’s second and third-tier cities.