MANILA, Philippines — Filinvest REIT Corp. (FILRT), the commercial real estate investment trust (REIT) of the Filinvest Group, is expanding its leasing portfolio to add over 12,000 square meters in new leases, as well as new co-working spaces designed to meet customer needs.
Co-working facility operators and new business process outsourcing (BPO) tenants of FILRT are looking to add about 7,000 square meters in new leases.
“We are glad to announce our fresh wins, as we strive to meet the renewed demand for high-quality office spaces from both new and existing tenants who recognize the value of our sustainability thrust. This will allow us to grow and diversify our portfolio of sustainable commercial properties that elevate the lives and well-being of our community,” said Maricel Brion-Lirio, FILRT president and CEO.
FILRT, she said, is also in advanced talks with two major BPO firms looking to expand their current leases with FILRT.
For one, a New York-headquartered American professional services firm with about 100,000 employees globally is about to sign for an additional two floors in one of FILRT’s 16 buildings in Northgate Cyberzone in Alabang while another BPO company headquartered in Europe with over 50,000 employees globally, is also looking at an additional 2,300 square meters of office space.
This brings FILRT’s expected new leases to 12,400 square meters, on top of the almost 10,300 square meters of new leases signed earlier this year.
FILRT is diversifying the office portfolio by reducing the concentration on large BPO names and increasing the share of co-working and traditional tenants in the mix. This will be done while continuing to service the needs of expanding and migrating BPOs.
Part of its strategy is to expand in key central business districts in Metro Manila and toward major regional hubs in the Philippines with high and stable occupancy and deliver additional value by driving more efficient and sustainable cost of operations.
New asset acquisitions will continue to focus on Grade A commercial properties and will expand beyond office leasing to include other asset classes such as retail, leisure, residential and industrial properties into its portfolio.
Brion-Lirio said FILRT’s growth is anchored on a pipeline of high-value and green-designed assets that attract tenants who share Filinvest’s sustainability goals. Energy, water and resource efficiency, as well as inclusive mobility, green spaces and the human experience are fundamental principles that are incorporated into the master planning of the district where FILRT properties are located.
In the first half of 2023, six FILRT properties namely Vector One, Vector Two, Plaza A, Plaza D, Filinvest Two and Filinvest Three were awarded certification under the Excellence in Design for Greater Efficiency, an international green building standard created by the International Finance Corporation.