December 16, 2015 | Sharon Cheong
While both Makati City and Manila remain strong in terms of the viable real estate for lease, prices are gradually rising due to demand. Many international companies are choosing the Philippines as their offshore home because of its incredible natural resources, and plentiful workforce. Organizations have also found this region to be highly desirable because of its geographic location and good access to seaport and shipping lanes.
Modernizing Manila Through New Commercial Projects
New and more efficient malls, hotels and office buildings are planned for Manila as entrepreneurs and business people find their way to this region each year. In spite of the move toward shopping online, research has found that many consumers still enjoy getting out to a lovely shopping mall. This, along with the tourist trade, has encouraged builders to move forward with large planned commercial projects. Leasing office space in Manila and surrounding areas is on the rise with many new startups searching for adequate office space in an affordable price range.
National Land Bill Moves Forward
Another important factor in commercial real estate is a pending national land use bill, which would better organize the entire industry. Investors see this as a positive sign that Manila's economic structure will continue to escalate. The country's commercial property development is set to intensify as the nation prepares for a strong economic future. Developers believe that this new bill will have multiple beneficial effects. For instance, the land use act will work to build a robust infrastructure throughout the Philippines and make the commercial and residential property more readily available. As builders develop new projects, the experts trust this will draw new investors into the region.
Leasing Commercial Property Now to Save in the Future
As these and other forms of economic stimulus continue to kick-start the commercial real estate market in Manila, developers believe this an excellent time to lease commercial property. For business owners, this may be an excellent time to expand, moving into a larger facility and growing for a brighter future. With prices lower than normal and a good supply on hand, business owners can get locked into lower rates on commercial space.
Good Selection of Commercial Property Available
Commercial real estate for lease in Manila appears to be plentiful with good selections in size and price range. Despite economic slowdowns in some areas, the industrial and commercial business sectors remain robust. New construction is up in Makati City with an emphasis on skyscrapers and industrial property for the manufacturing sector. International and domestic retail business organizations are currently interested in expanding the business into suburban areas according to the CBRE. New construction has started in a number of these suburban areas and is due to be completed by 2017.
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