PRIME Philippines, a homegrown real estate consultancy company, said it expects its Chinese clients to increase to 40%, with the opening of its satellite office in Shanghai in October. Jettson Yu, PRIME Philippines founder and chief executive, said this move makes it the first local or Pinoy real estate consultancy firm to expand globally. Currently, 20% of PRIME’s clients are mainland Chinese, but Yu said he expects their number to double in the near future. At the moment, they mainly occupy industrial and office space in Bulacan, Cavite, Laguna and Pampanga, he said.
This year, PRIME has so far sealed leasing deals with Philippine offshore gaming operators (POGOs) for 30,000 square meters of office space, Yu noted, with another 70,000 square meters expected to be rented out before yearend. The 100,000 square meters of space for POGOs will be in Makati, Mandaluyong, Quezon City and Clark. Yu revealed that POGO companies pay a premium to lease space, but urged other real estate firms to put a 50% cap on POGO occupancy to secure a good tenant mix.