Bay Area set to become next office destination

MANILA, Philippines - The Bay Area in Pasay City is looming as the next prime office destination in the country with the Makati central business district (CBD) fast running out of office space, real estate services firm Colliers International Philippines said.

Colliers International said developers have started shifting their office projects to other parts of Metro Manila as Makati CBD is now low on available office supply for the business process outsourcing (BPO) market.

Jie Espinosa, Colliers International director for office services, said the Bay Area is fast becoming an office hub due to the area’s ample supply of land for development.

In addition, he said most of all the leading developers are starting to make their presence felt in the area not only in the residential market, but also in the office sector.

Espinosa said Colliers International sees continued clamor for office spaces in the Bay Area with demand to be driven primarily by market conditions of other central business districts.

“Cost and location are important for BPO companies. By 2016 to early 2017, BPOs will gravitate towards the Bay Area due to the lack of new office supply in Ortigas and Makati and soaring lease rates in Fort Bonifacio,” Espinosa said.

Colliers International said Federal Land’s iMET BPO is the first of a series of office buildings that will take advantage of the burgeoning office sector in the Bay Area.

“Federal Land is taking advantage of an already established township that will support its upcoming office buildings. It already has a retail strip called Blue Bay Walk and several condominiums that cater to various markets. Proximate to transport hubs like buses, LRT/MRT, shuttle and jeepneys, the complex is ideal location for all BPO expansion and even for new locators,” the real estate services firm said.

The office building is targeted for completion by the third quarter of 2016 and has a total of 10 office floors with a 2,029-square meter floor plate.