SM Prime expands office space portfolio

MANILA, Philippines — SM Offices, the commercial leasing arm of the Sy family’s SM Prime Holdings Inc., is set to deliver this year its newest Philippine Economic Zone Authority (PEZA)-accredited office tower in Quezon City that will add 31,000 square meters of office space to its portfolio.

SM Offices said North Tower 3 at the SM North EDSA Complex is slated for completion in the second half.

It said the project, a 22-story office tower that forms part of the latest wing of the SM North EDSA Complex, is among the few remaining large-scale PEZA-registered office developments in Quezon City.

According to the company, North Tower 3 comes at a time when the pipeline of new PEZA-accredited office developments in Metro Manila remains limited.

“Companies today are becoming more intentional about where they locate their operations. Aside from office space, they are looking for environments that help improve efficiency, accessibility and overall business resilience. North Tower 3 brings these together in one highly connected and future-ready estate,” SM Offices head Alexis Ortiga said.

As a PEZA-accredited development, North Tower 3 enables qualified locators to avail themselves of fiscal and non-fiscal incentives that support business growth and expansion.

SM Offices said it is also continuing to work closely with the Quezon City local government to promote incentives under the Quezon City Economic Development Incentives Code, which provides qualified businesses with fiscal benefits for expansion, relocation and long-term investments within the city.

“The synergy between SM Prime’s ecosystem and Quezon City’s business-friendly climate makes a compelling case for locators. Removing day-to-day friction allows them to focus on long-term growth,” Ortiga said.