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Home Home & Design Commercial

BPOs, e-commerce, logistics are top space demand drivers

Manila StandardbyManila Standard
July 29, 2022, 8:55 pm
in Commercial, Home & Design
Reading Time: 3 mins read
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Sustained positive market sentiment carried the local real estate sector over to the 2nd quarter of 2022, according to real estate consultancy firm JLL Philippines.

In a recent market overview for the second quarter of 2022, the firm presented trends in the office, retail, residential, and hospitality sectors, as well as an overview of logistics and industrial opportunities in Metro Manila.

Metro Manila office overview

“Sustained positive market sentiment carried real estate momentum in the second quarter of 2022,” said Janlo de los Reyes, JLL head of research and strategic consulting.

In Metro Manila, office leasing volumes continue to climb, with a 21.2% increase compared to the previous quarter. Demand in the second quarter of 2022 is diversified, meaning there are different sectors leasing spaces, compared to the IT-BPM-driven first quarter. Non-IT-BPM services account for 45% of demand, while IT-BPM and POGO players represent 42.7% and 12%, respectively.

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Retail, residential, hospitality

Move-ins are gradually outpacing move-outs in the retail industry. The food and beverage sector continue to lead both move-ins (22.1%) and move-outs (23.6%). “The improving demand and the absence of supply saw vacancy ease,” said de los Reyes. “Rents are gradually climbing, and lease terms are returning to pre- pandemic arrangements,” he added.

In the residential sector, return-to-office and soft rentals continue to drive leasing demand, as people are moving back from the province to stay in units near their workplaces. Residential sales continue to move sideways, while prices maintain growth uptick behind flexible terms.

In the hospitality sector, occupancy levels decline as demand slows down. Room rates are picking up, but the average as of the second quarter of 2022 (PHP6,100 per room per night) is still far from pre-pandemic rates (PHP 9,100 per room per night in 2019). The luxury segment continues to lead room rates, averaging PHP 15,390 per room per night in the last quarter, owing to reopening of club rooms and exclusive access areas. Economy rates closed at an average of P2,280 per room per night.

Investing in logistics

Charlie McNaught, director for logistics and industrial, observed that “the strong demand from e-commerce, third party logistics (3PLs) and fast-moving consumer goods (FMCGs) is being met with a critical lack of modern logistics supply, suitable for the occupational needs of these occupiers.”

He also touched on growing subsectors such as cold storage and urban logistics. “We are seeing demand from sub-sectors such as cold storage and urban logistics to supplement the backlog of requirements due to increased demand from grocery and next day delivery,” he said.

Outlook

JLL expects the Metro Manila real estate market to see continued market recovery, and sustained momentum in the third quarter, owing to increasing return-to-office (RTO) by occupiers.

De los Reyes also presented highlights from the recent State of the Nation Address (SONA) by President Ferdinand Marcos Jr. which may affect the real estate market. These include increased incentives outside Metro Manila, focus on infrastructure—specifically on transport and railway, and digital business expansion, which is seen to affect data centers.

Tags: JLL Philippines
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