MREIT capitalizes on IT-BPM to expand office space portfolio
MANILA, PHILIPPINES — The Megaworld Real Estate Investment Trust (MREIT) is leveraging the robust expansion of the Information Technology and Business Process Management (IT-BPM) industry in the Philippines for the continued growth of its office property portfolio.
MREIT President Kevin Tan said that their office space portfolio would continue to grow as the IT-BPM sector taps into Filipino talents for its labor needs.
“The BPO (business process outsourcing) industry remains stable, and we think challenges, if any, are only temporary, based on our conversations with our customers. Market occupancy will likely stabilize and improve in the long term,” he added.
Tan also noted that the Philippine IT-BPM market would help the company map out its expansion plans to prime areas in the country, including Megaworld’s prime township properties in and outside Metro Manila.
Aside from expanding its office space portfolio, the real estate investment trust also wants to diversify by incorporating Megaworld Corp.’s retail spaces into its assets, bolstering its leasable area.
Tenant sales at Megaworld Lifestyle malls have already exceeded pre-pandemic levels, showcasing their potential value.
MREIT and Megaworld have a memorandum of understanding (MoU) for possibly acquiring seven more Grade A office spaces, increasing MREIT’s portfolio by 46%. These properties maintained a high % occupancy rate of 94% last year, promising sustained growth and investor value.
The strategic acquisitions aim to bring MREIT close to its end-2024 target of 500,000 square meters of managed assets.
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