Megaworld Premier Offices, the office leasing arm of township developer Megaworld, expanded its office lease target by 12 percent in the first nine months, reflecting continued demand despite the pandemic restrictions imposed during the period.
Office take-ups reached 214,000 square meters from January to September, up from the modest target of 191,000 square meters, which is what was achieved during the same period last year.
“It is exciting to note that several tenants opted to retain their spaces and even expanded during the pandemic. The demand still remains despite earlier speculations that the work-from-home arrangements will lead to massive vacancies,” said Roland Tiongson, first vice president of Megaworld Premier Offices and president of MREIT Fund Managers Inc., in a statement.
Thirty-six percent of the leases were new deals mostly in Uptown Bonifacio, McKinley Hill, Southwoods City, and Davao Park District. Around 79 percent of the new sign-ups are from the information technology and business process management sector.