Megaworld inks 122,000 sqm lease renewals in H1

MANILA, Philippines — Property giant Megaworld Corp. closed the lease renewal for more than 122,000 square meters office space in the first half, lifted by recovering demand from corporate clients.

Megaworld increased its office lease renewals by 46 percent to 122,000 sqm in the first semester, from 83,353 sqm a year ago.

Broken down, Eastwood City acquired roughly 30 percent of the renewals, followed by Uptown Bonifacio, McKinley Hill, Iloilo Business Park and Southwoods City.

Further, Megaworld booked renewals in its projects in Makati, Las Piñas, Arcovia in Pasig City and The Mactan Newtown in Lapu-Lapu City, Cebu. The developer is confident of pulling more renewals and signing new tenants with demand increasing.

Megaworld Premier Offices head Ronald Tiongson said the developer has established a pipeline of projects with a township model. This allows businesses to benefit from the privilege of being close to hospitality, residential, retail and transport developments.

“Our strong lease renewal performance reflects the trust and confidence that our tenants continue to place in us and in the long-term value of our office developments,” Tiongson said.

“These (township concepts) are advantages that continue to resonate with companies looking for stable and future-ready workplaces,” he added.

Recently, Megaworld fully leased 24 towers with a collective gross leaseable area of 430,000 sqm across its townships nationwide.

Based on its financial report, Megaworld booked P3.8 billion in revenues from office leasing in the first quarter. This came from the closing of almost 100,000 sqm in transactions.

To sustain revenue momentum, Megaworld is expediting the construction of new office projects spanning 51,000 sqm in several townships. The developer is putting up new towers in Northwin Global City in Marilao and Bocaue in Bulacan; The Upper East in Bacolod City and Davao Park District in Davao City.

These projects are scheduled for completion this year, opening up fresh revenue opportunities for the developer with at least 1.7 million sqm in GLA to date.

In 2025, Megaworld grew its office leasing revenues by 11 percent to P14.9 billion, driven by the completion of new assets and stable business process outsourcing demand.