It seemed like the property market in the Philippines would get off to a good start this year. Despite ongoing sluggishness in the sector and a Covid-19 case tally of around half a million—the second-worst in Asia—transactions were beginning to increase as life returned to normal.
But as infections spiked in March, the government responded by imposing a second lockdown, limiting the mobility of millions in Metro Manila and nearby provinces and sending the property market back into its shell.
“The wave impacted the decision-making process for companies looking to take up office space. So they delayed their occupancy plans and rethought their requirements,” says Joey Bondoc, associate director for research at Colliers Philippines.
In the Philippines, where demand for office space is closely linked to the demand for housing, the second wave of infections has sparked questions over when, if ever, people will be back in the office.
In the first quarter of 2021, Colliers saw the completion of 199,900 square metres of new office space, with the Makati CBD and Bay Area (prime tracts of Metro Manila) accounting for 75% of new supply. Among the biggest projects launched were Ayala Triangle Gardens 2, a 40-storey office building by Ayala Land Inc., and the Armstrong Corporate Center, a 10-storey building comprising co-working spaces and private offices, both in Makati.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Singapore Starts To Swings
Generous stimulus has saved the Lion City’s economy from disaster, and a percolating post-pandemic boom looks set to send the residential sector into overdrive
Natural Highs
With people seeking safe ways of re-engaging with the outside world, the pandemic has steered investment in key ski markets back on-piste
It's In Hua Hin
A long-time favorite of Thai royalty and weekenders travelling from Bangkok, the famous beach town is adding some alluring new strings to its bow
Blues In The Blood
As China’s cities explode, its built heritage is often neglected. Hangzhou-based Bluetown Architects aims to redress that balance through its striking but functional work
Little Joy Soldiers
Real estate sales offices are reopening in Yangon, but banking problems, low confidence and oversupply mean a bleak outlook as the army seeks to entrench rule
Youth Movement
Young members of a storied family shift property development in Cebu forward with a smart, green commercial tower, rising tall above an heirloom estate
Gift From Above
Source Global is tapping into a renewable source— the sky—to supply drinking water to residential communities and commercial properties in Asia
Proptech Is Enhancing Efficiency And Human Experience
The pandemic has forced the real estate industry into a more meaningful embrace with technology after years of flirting with innovation
Legacy Of Handy, Individualistic Inventions
The global crisis has caused unprecedented pain, but its extraordinary nature has seen it spawn a legacy of handy, individualistic inventions
Wave Of Mutilation
Lockdown disruption, evolving working conditions and an exodus by offshore gaming operators have sent the vital office space sector in the Philippines into freefall
