METRO MANILA MARKETVIEW
Office assets enjoy brisk sales
‘Office is the new residential’
2015 GDP
6.3 % y-o-y
Average Inflation
1.1% (Mar 2016)
91-Day T-bill
1.5% (Mar 2016)
10yr T-bonds
3.62% (Jan 2016)
Ave. Bank Lending
5.37% (Feb 2016)
Makati CBD Photo by Ayala Land, Inc.
Philippine economic development is greatly
supported by the growth of real estate sector.
This is evident in the expansion of the country’s
skyline as new office skyscrapers, commercial
centers, and residential condominiums populate
Metro Manila and key urban locations in the
provinces.
Real estate development initially started to
become aggressive in the early 90s. The market
welcomed property developers’ scheme of preselling their residential developments. Take-up of
residential inventories was so high to the point
that entire stock is sold prior to the project
construction.
In terms of workplace buildings, Megaworld is the
first developer that ventured into pre-selling of
office units through Petron Megaplaza along Sen.
Gil Puyat Avenue and Union Bank Plaza in
Ortigas Center. The project launches were a
success but when the market succumbed to the
Asian Financial Crisis in 1997, the real estate
market slowed.
Fast forward to 2010 when the market had
stabilized, Ayala Land and Daiichi properties
ventured into pre-selling office developments.
Average prices started at PhP75,000-PhP80,000
per square meter (sq. m) for Bonifacio Global
City (BGC).
The results were very remarkable as Ayala
Land’s first office project launched in BGC
through the Alveo brand, High Street South
Corporate Tower 1. This project posted record
figures with about 95% of the units sold within a
year of launching. Tower 2 was launched in 2013
and followed suit with 93% of the units sold within
a year of launching. Turnover is expected in
2017 for both towers.
This was soon followed by its Park Triangle
project with the Park Triangle Plaza as the first
office building project. It is one of the recordsetting launches of Alveo with 82% of the total
units sold towards the end of Q1 2016. Turnover
for the building is expected towards the end of
2018.
Continued on page 2…
Q1 2016 CBRE Research
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1
M E T R O M A N I L A M A R K E T V I E W COVER
CONTINUED FROM PAGE 1 COVER STORY
The selling price movements of the Alveo
projects have been surprising. Its first projects in
High Street South were selling at around
PhP130,000 per sq. m back in 2012. By 2014,
the Park Triangle project was selling at
Php160,000 per sq. m which was further pushed
to PhP170,000 per sq. m in early 2015. The
current selling price is around PhP230,000 per
sq. m.
Not to be outdone is Ayala’s Avida brand with its
two office building projects namely One Park
Drive and Capital House. One Park Drive is
scheduled for turnover in 2017 and is
approximately 97% sold while Capital House is
set for turnover in 2018 and is around 87% sold.
Both buildings though are more modestly priced
compared to its Alveo counterparts with a selling
price at around PhP170,000 per sq. m.
Now, average pre-selling prices are at
PhP200,000 per sq. m for office projects of the
same developers in the same location. The price
jump for this segment has been well accepted by
the stakeholders. Market movement has been so
fast that local and foreign industry players are
surprised. From 2010 price levels to present,
average capital value appreciation is estimated at
18% in BGC. Office stocks continue to increase
in the past six years with all buildings considered
as new. Fresh supply of office buildings are
expected to be completed in 2015 to 2019 which
will further support the development of the area.
Ayala Land, encouraged by the success of its
BGC offerings, brought the office pre-selling
market activity to Makati City. Alveo Financial
Tower, which is slated for completion in 2020,
has been launched in the market in mid-2015.
Pre-selling prices fetched a high of PhP240,000
per sq. m before year-end 2015. Take-up from
the project has been brisk that signaled the office
market's bull run in Makati City.
Q1 2016 CBRE Research
Makati City, being the country's premier business
district, and BGC, the popular choice for office
occupiers and investors, will likely to continue to
experience the surge in both capital values and
rents. Demand mainly stems from the continued
expansion of the Business Process Outsourcing
sector. Likewise, demand for headquarter type
and front offices is also picking up.
Traditionally, office buildings were held by the
developers for their source of recurring income.
The returns generated were decent but the
attraction leaned towards earning long-term cash
flows. Office leases normally ranges 2- to 3-years
in the short-term and 5-years average lease term
for most multinationals. Clients committed to
build-to-suit projects and aims for large footprint
go for a 10-year lease term. Compared to most
residential lease term which averages from 1- to
2-years, office space seems to give investors the
longevity of guaranteed and recurring income.
Overall market continues to be bullish due to the
re-development of Makati City and the continued
increase in new projects in BGC will further boost
capital value and rental growth levels. Building
owners are also seen to unload their office
buildings to big institutional buyers to realize
profits and seek to reinvest again. This trend was
noticed in 2012 when the market took a shift.
More investors are interested in this trend as
office development are good for recurring
income. With high liquidity in the market through
fresh foreign capital and local funds, office
buildings make up as the good tradeable
investment asset. Commercial real estate in
Metro Manila pivots towards the upside as more
foreign investors get interested in office buildings
as alternative asset to residential. 
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2
M E T R O M A N I L A M A R K E T V I E W OFFICE
Tenant representation continues to hustle
Pre-committed space speed
up building leases
Buildings slated for turnover in the next two years
continues to be traded at fast rates as more
companies, both business process outsourcing
(BPO) and non-BPO, help buildup this quarter’s
tenant representation sales. Development
pipeline show a total of 2.6 million square meters
(sq. m) of new supply for the years 2016-2020.
Majority of the major buildings that is fast getting
pre-leased are in Fort Bonifacio, Quezon City,
Makati CBD, and Alabang. Other commercial
business districts, meanwhile, are catching up
with Bay City and Ortigas securing contracts at a
stable pace.
Lease acquisition and renewal in Metro Manila’s
major commercial business district has been
characterized as ‘brisk’ by brokers and analysts.
Weighted-average asking lease has risen in
Makati and Alabang by an annual rate of 5.2% yo-y and 8.9% y-o-y, respectively. Weightedaverage asking lease in other CBDs, such as
Fort Bonifacio (6.9% y-o-y) and Quezon City (6%
y-o-y), has grown but at slower rates. Meanwhile,
a contraction in weighted-average asking lease
rate was noted for Bay City (-5.3% y-o-y) and
Ortigas (-3.4% y-o-y).
11th Corporate Center
Figure 1: Metro Manila Prime and Grade A Rents and Growth Rate
Rental Growth (RHS, % Y-o-Y))
900
Weighted Lease Rate (LHS, PhP)
12%
850
7%
800
750
2%
700
650
-3%
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
The fast occupancy performance of buildings
currently being constructed is an indication that
the Philippine market continuous to be healthy
amidst the gloomy outlook in the international
market. This growth also offsets the slowdown in
the domestic residential market for affordable and
mid-priced condominiums – giving investors
another haven for capital appreciation.
Source: CBRE Research
The mixed performance of weighted average
asking leases is due to the differences in the
current state of each CBD’s office market.
Q1 2016 CBRE Research
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3
M E T R O M A N I L A M A R K E T V I E W OFFICE
GDP growth still one of the strongest in Asia
Figure 2: Philippines’ GDP Growth Rate
The International Monetary Fund maintained its
forecast for the Philippines’ GDP growth rate at
6% in 2016 and 6.7% in 2017. The foreign lender
based its forecast on the country’s traditional
growth drivers: continued strong domestic
demand, stable monetary policy, and modest
fiscal stimulus.
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0
Positive Business Confidence Outlook
Quarter-on-quarter outlook data on the overall
business confidence index showed business
optimism on the economy continues in spite of
the concerns on the external front, the existing
El-Nino weather phenomenon and decline in
prices of global oil and commodities. Businesses
are also on a wait-and-see mode about the
upcoming results of the 2016 national and local
elections.
6.6
5.5
5.0
6.3
6.1
5.8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2014 2014 2014 2014 2015 2015 2015 2015
Source: Philippine Statistics Authority
Figure 3: Business Confidence Outlook
Current Quarter
Next Quarter
160
140
120
100
80
60
40
20
0
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Credit Ratings agency Standard & Poors (S&P)
estimated the Philippine economy to grow by 6%
and 6.3% for this year and the next. This growth
will be backed by the country’s bright spots such
as consumption and the business process
outsourcing (BPO) sector. S&P maintains a
‘stable’ outlook and a BBB long-term sovereign
credit rating.
6.7
5.6
Source: Bangko Sentral ng Pilipinas
Figure 4: Philippine IT-BPO Industry Direct and Indirect Employment
Q1 2016 CBRE Research
Road Map 2016
Baseline 2016
Low-end 2016
Indirect
2010
2009
Direct
3.5
3
2.5
2
1.5
1
0.5
0
2006
Full-time employment in the BPO industry is
expected to grow with more companies
expanding its operations in the Philippines. Total
employment is expected to reach 1.3 million
within
the
sector.
Recruitment
Process
Outsourcing and Healthcare BPO providers are
the two fast emerging sub-sectors in the in BPO
industry. The major growth driver of these sectors
are based on the need for cost reduction and the
ample supply of labor pool which are available in
the country.
Millions
BPO employment still robust
Source: BPAP, Everest Global, Outsource2Philippines
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4
M E T R O M A N I L A M A R K E T V I E W OFFICE
More offices to rise in Fort Bonifacio
More new office buildings is expected to rise in
Fort Bonifacio with 491,726 sq. m of space
estimated to be completed by the end of 2016.
Next is Quezon City with 205,889 sq. m and
Alabang with 156,607 sq. m. Upcoming spaces in
Metro Manila is able to fill in the strong demand
which is driven by expansion of multinational
Business Process Outsourcing firms into the
country.
Makati City lead in urban resilience to disaster
risk
Vacancy Rate (RHS)
200,000
13%
8%
150,000
100,000
3%
50,000
0
-2%
Source: CBRE Research
Figure 6: Development Pipeline (sq. m)
1,200
1,000
800
600
400
200
0
2016
2017
Makati
Quezon City
2018
2019
2020
Fort Bonifacio
Alabang
Ortigas
Bay City
Source: CBRE Research
Figure 7: Other CBD Key Indicators
Makati City government was among the three city
governments in Asia chosen as pilot testing
location for the implementation of the Sendai
Framework and the New Ten Essentials for
Making Cities Disaster-Resilient Urban Indicator
tools. This was a collaborative project between
the United Nations Office for Disaster Risk
Reduction and the Makati Disaster Risk
Reduction and Management office. The pilot
testing was conducted in March 30-April 1, 2016.
The goal is to implement the framework and tools
in each city in the country to help lessen disaster
risk to stakeholders such as property owners,
citizens, businesses, government and nongovernment organizations.
CBD
Q4 2015
Lease Rate
Q4 2015
Vacancy
Rate
Q1 2016
Lease Rate
Q1 2016
Vacancy
Rate
Makati
PhP 1,116
3.42%*
PhP 1,139
3.06%
Prime
PhP 1,288
5.25%*
PhP 1,307
5.52%
Grade A
PhP 978
1.42%
PhP 1,006
1.05%
Fort
Bonifacio
PhP 911
3.68%
PhP 912
2.71%
Alabang
PhP 656
1.79%
PhP 661
1.42%
Quezon
City
PhP 689
0.78%
PhP 688
3.27%
Ortigas
PhP 635
1.63%
PhP 587
1.59%
Bay Area
PhP 648
0.12%
PhP 648
0.12%
* Revised
Source: CBRE Research
Q1 2016 CBRE Research
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5
Vacancy Rate (%)
Net Absorption (LHS)
Q4 2007
Q3 2008
Q2 2009
Q1 2010
Q4 2010
Q3 2011
Q2 2012
Q1 2013
Q4 2013
Q3 2014
Q2 2015
Q1 2016
Metro Manila occupancies and average asking
lease continue to rise as companies expand their
offices. In fact, in the past 21 quarters, Metro
Manila average asking lease has grown at an
average rate of 5.77% on an annual basis.
Meanwhile, occupancy rates remain above 95%
across commercial business districts.
250,000
Net Absorption (sq. m)
Good times continue in the office market as
vacancy rates in Metro Manila remained flat at
2.6% in the first quarter from the previous period.
That is down from 3.28% a year ago.
Figure 5: Metro Manila Office Gross Absorption and Vacancy Rate
Thousands of sq. m
Low vacancy rates
M E T R O M A N I L A M A R K E T V I E W INDUSTRIAL
Govt signs new Japanese manufacturing firms
Investments in industry
sector spawn new ecozones
Earlier in the year PEZA has also signed a deal
with Japan to accommodate the demand of
manufacturing facilities from small and medium
enterprises from Osaka, Japan. The deal is
expected to increase the number of Japanese
locators into the various industrial parks. The
agreement includes special privileges for these
SMEs that otherwise wouldn't pose much
concern for large enterprises. PEZA intends to
allocate a special area of 450 hectares in the
First Philippine Industrial Park (FPIP) called SME
parks which is mainly for Osaka investors.
Moreover, German manufacturer Stithl Holding
Group also opened its PhP 2.5 Billion
manufacturing plant. The plant is also located
within the FPIP and amounts to about 6 hectares
in total area. The company expects to further
expand its operations in the coming year in the
country.
Continued on page 10…
Q1 2016 CBRE Research
Figure 8: Industrial Production vs Retail Prices (% y-o-y)
.
40
VoPI (LHS)
4
Retail Prices (RHS)
30
3
20
2
10
1
0
(10)
0
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
The Philippine industrial sector has piqued the
interest of more and more global partners in
doing business in the country. The Philippine
Economic Zoning Authority (PEZA) approved
approximately PhP 295 Billion worth of
investments in 2015 an increase compared to the
PhP 279.48 Billion in 2014, whereas the Board if
Investments (BOI) approved PhP 366.74 Billion
in 2015 also higher than the PhP 354.76 Billion in
the previous year. Furthermore, with the country’s
young and educated labor force industrial
companies have minimal concerns when it
comes to labor pool. The first 10 months of 2015
registered over 1.243 million employees
employed directly within the PEZA approved
zones. PEZA alone had approved 598 projects in
the past year and is highly optimistic in further
improving its numbers in the current year.
Source: Philippine Statistics Authority
SUBIC BAY FREEPORT
Metro-Manila : 130 kms (68 Miles) / 2 – 2.5 Hours
Size : 67,000 hectares / 165,560 acres
Power : 130 mws
Water : 33,000 cubic meters/day
Telco Provider: Subictel (PLDT)
Lease Rate : US$0.40 -US$1.70 /sq. m*
US$3.00 -US$6.00/sq. m (SFB)*
CLARK FREEPORT ZONE
Metro Manila : 80 kms (50 Miles) / 1+Hour
Size : 33,653 Hectare / 83,158 Acres
Power : 50mws + External
Water : Max 40k cubic meters/day (2010)
Telco Providers : PLDT & Digitel
Lease Rate :
US$ 0.30 -US$ 2.00/sq. m (Main Zone Lot)*
PhP5,500 -PhP25,000 /ha (Sub Zone Lot)*
US$3.00-US$5.00 /sq. m (SFB)*
CALABARZON
Metro-Manila :110 kms (68 Miles) /
2 Hour Drive to Batangas
Power : Varies by Location
Water : Varies by Location
Telco Providers : Varies by Location (PLDT etc.)
Selling Rate : PhP4,600 –PhP6,000 /sq. m (Lot)
Lease Rate : PhP50 – PhP80 /sq. m (Lot)*
US$4 –US$6 /sq. m (SFB)*
* Lease rate per month
SFB (Standard Factory Building)
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6
M E T R O M A N I L A M A R K E T V I E W RETAIL
New coffee shops & restaurants take up space
PH fundamentals bolster
retail growth
The country’s growing office sector has spurred
demand for convenience stores as evidenced by
the numerous branches of which found presently
within the vicinity of office developments. More so
in buildings that cater to Business Process
Outsourcing (BPO) companies. Established
foreign convenience stores in the country include
7 Eleven, Family Mart, Ministop and a recent
entrant to the market, Lawson. Japanese
convenient store Lawson has opened its first
store in Makati and is set to open 50 more within
the year and a total of over 500 stores by 2020.
The venture is in partnership with local retailer
Puregold Price Club.
Figure 9: Headline Inflation (% y-o-y)
3
2.5
2
1.5
1
0.5
0
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
The Philippine market continues to be an
attractive investment destination for foreign
companies. Strong macroeconomic fundamentals
and demographics provide a solid base for
retailers to come into the country. Moreover, most
if not all of its upcoming and recent real estate
developments be it office or residential includes a
standard amount of space dedicated for retail.
Source: Bangko Sentral ng Pilipinas
Figure 10: Overseas Filipinos’ Remittances (In USD million)
25,000
20,000
15,000
10,000
5,000
0
Various other food and beverage brands have
entered the market debuting in the Metro’s
numerous recent retail developments in the
central business districts. Japanese coffee and
restaurants have made its presence known in the
Philippine market with several of its brands
coming into operations early this year. Several
Japanese food retailers such as Hot Star, Gyoza
Bar, Osaka Osho, Kumori Cafe, and Dohtonbori
have debuted in malls such as SM Megamall,
Glorietta, SM North EDSA, and Circuit Makati.
2010
2011
2012
2013
2014
2015
Jan-16
Source: Bangko Sentral ng Pilipinas
Figure 11: Q1 2016 Retail Openings by Sector
Luxury and
Business
12%
Other
8%
Coffee and
Restaurants
38%
Mid-range Fashion
31%
Continued on page 10…
Q1 2016 CBRE Research
Source: CBRE Research
Specialist Clothing
11%
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7
M E T R O M A N I L A M A R K E T V I E W RESIDENTIAL
Investors bank on the country’s bright spots
Residential sector strong
amidst challenges
Demand for residential condominium is still
positive in spite of the lackluster performance of
overseas Filipino (OF) remittances. Recorded
growth on remittances is still positive but on a
slower rate with 3.4% in Q1 2016 from 4.9% y-oy. The slowing down of remittances is mainly due
to the state of the global economy. This is
mirrored by the weakening of economies located
in the Middle East due to the drop in oil prices.
But still, there has been a growth in demand for
residential properties and also a high number of
monthly take-up rates for Q1.
The expansion of several industries particularly
the Business Process Outsourcing (BPO)
continues to drive the demand for local
condominiums around Metro Manila particularly
in Makati and Bonifacio Global City (BGC)
Central Business Districts in which heightened
number of people is expected to join the labor
force.
IT and Business Process Association Philippines
(IBPAP) stated that the Philippines, at present, is
the top voice outsourcing destination in the world.
Furthermore, it is in chase in terms of overall ITBPM (Information Technology – Business
Process Management) revenues and number of
people employed. Consequently, it makes the
Philippines an excellent place for real estate
investments with a great return on funds and it is
relatively cheaper as to compare with other
neighboring Asian countries.
The aggressiveness in OF sales slowed down for
the past few quarters and it is generally caused
by global economic issues which made them
holdback, thus made tremendous effect to sales.
The expansion of BPOs and the increase in
foreign investors shall play a major part in raising
the demand for residential scene in the Metro.
Q1 2016 CBRE Research
Two Maridien
Most developers still consider BGC and Makati
CBD to be the top destination when it comes to
luxury condominium investments given their
proximity to major commercial areas such as
Greenbelt Park, Glorietta, Uptown Mall, Venice
Piazza, Bonifacio High Street, etc. The increase
in population of the BPO this year will hopefully
drive the demand in the residential market.
At the start of 2016, strong demand and
prevailing prices for residential properties are
justified by sound macroeconomic fundamentals
making luxury and high-end condominiums
display a bullish movement when it comes to
take-up rate from the previous quarter.
Residential properties in Makati and Taguig
stand-out among all the rest of CBDs with an
average take-up rate per month of 22.12 units for
Makati and 15.44 units for Taguig, showing the
increase in interest from investors. This outcome
is mainly caused by the sales in Air Residences
in Makati and Madison Square Park in Taguig.
Continued on page 9…
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8
METRO MANILA MARKETVIEW
CONTINUED FROM PAGE 8 RESIDENTIAL
In Q1 2016 selling prices for 2 BR luxury
condominiums in Makati is above PhP 180,000
per sq. m. while in BGC it is over PhP 236,000
per sq. m.
High-end condominiums, on the other hand, are
small in quantity but feature large floor area units
per storey and high-end facilities. The rental rates
are
steady
for
3BR
Premium
Grade
condominiums in Makati and it ranges from
PhP180,000-280,000 while 3-BR in BGC ranges
from
PhP170,000-240,000.
For
new
condominium units, selling price starts from
PhP185,000 for Makati CBD and BGC
respectively.
The reported residential property which is open
for occupancy this year is the Sandstone in
Portico developed by Alveo Land with 149 units
still available out of 398 units floated in total. 1BR
unit is approximately 57 sq. m, 2BR unit is 110
sq. m, 3BR unit is 110 sq. m and Courtyard Villas
and Penthouse units are 209 sq. m. Other
residential properties which are soon to open for
turnover are The Sequoia at Two Serendra, One
Maridien,
Two
Maridien,
Park
Triangle
Residences, Verve Residences One and Verve
Residences Two. 
Q1 2016 CBRE Research
Bonifacio Global City
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9
METRO MANILA MARKETVIEW
CONTINUED FROM PAGE 6 INDUSTRIAL
CONTINUED FROM PAGE 7 RETAIL
At present PEZA has a total of 68 economic zones
Other foreign food retailers from other countries in Asia,
dedicated to manufacturing activities, 21 zones for agro-
Europe and the Americas have started operations in the
industrial farms, 19 tourism zones, 2 medical tourism
metropolis. These include Singapore-based Morganfields
zones and 216 zones for Information Technology and
and Italy-based Pepperoni Pizzeria in Uptown Place Mall,
Business Process Outsourcing. Exports from these zones
Hong Kong franchise The Dessert Kitchen in Rockwell,
lightly decreased in the first 10 months of 2015 but is still
and Toby’s Estate fron the United States in Legaspi
seen pick up when the numbers for the full year come in.
Village to name a few. Upcoming restaurants that are set
PEZA contributes to approximately 70 percent of the total
to open in the metro are Fatburger in Glorietta and Circuit
exports
current
Makati, Wolfgang Steakhouse in Newport Mall,and Mo’s
performance shows that the country is directed towards
Southwest Grill and Texas Roadhouse in Uptown Place
substantial growth in the coming quarters.
Mall to name a few.
Another sector which is in need of expansion is the
The
warehousing and logistics sector. The aforementioned
demographic has proven to be one of the main driving
increase in investments will be coming by way of the
forces that bolster the retail market in the country. Foreign
manufacturing sector.
The increase in manufacturing
brands continue to increase steadily and is seen to further
activities will be requiring additional facilities for both
expand in the coming years. Backed by the country’s
storage and handling of raw and finished products.
growing
in
the
country.
The
Philippines
CHANGE
Philippines‘
young
economy
and
and
confident
stable
consumer
macroeconomic
fundamentals, retail establishments are seen to continue
At present, some manufacturing companies are on the
to grow substantially.
lookout for available warehouse spaces. The increase in
domestic
consumption
these
The Philippine retail market has seen over 200 foreign
manufacturing companies to ramp up their operations to
retail brands enter the market in the past decade and is
keep up with the demand.
This increase in inventory
still posed to absorb more in the next few years. Majority
would require additional facilities for both storage and
of the recently opened brands fall under coffee and
handling. For this reason, some of the industrial property
restaurants followed by mid-range fashion. Upcoming
developers are looking for sites for new industrial facilities
retail establishments in Metro Manila includes several
within close proximity to major roads and thoroughfares at
developments from Filinvest Land in Muntinlupa City, SM
the fringe areas of Metro Manila and nearby provinces. If
Prime Holdings and Ayala Land in Pasay, Ortigas and Co.
a sale option is not available these developers are
in Pasig and several others. Metro Manila is expected to
amenable to go on long term leases on potential sites as
see an increase of approximately 840,000 sq. m. in net
well as joint venture developments. 
floor area. 
Q1 2016 CBRE Research
has
led
some
of
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BEST REAL ESTATE
AGENCY MARKETING,
PHILIPPINES
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PHILIPPINES
BEST REAL ESTATE
AGENCY PHILIPPINES
HIGHLY COMMENDED
PROPERTY
CONSULTANCY,
PHILIPPINES
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BEST REAL ESTATE
AGENCY, PHILIPPINES
BEST LETTINGS AGENCY,
PHILIPPINES
BEST PROPERTY
CONSULTANCY,
PHILIPPINES
BEST PROPERTY
CONSULTANCY
MARKETING FOR
ESTANCIA CAPITOL
COMMONS
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Chairman
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JOEY RADOVAN
Vice Chairman
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Senior Director/ Director
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[email protected]
CALVIN JAVINIAR
Senior Director
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Director
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YVETTE ACEBEDO
Director
Residential Services
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NELSON DEL MUNDO
Vice President
Asset Services
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ALLAN NAPOLES
Executive Director
Project Management
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CBRE PHILIPPINES RESEARCH TEAM
ALRIA VENTANILLA Research Manager
JOAN MAE LEE Research Analyst  CHRISTOPHER ARGAMINO Junior Research Analyst
This report was prepared by the CBRE Philippines Research Team which forms part of CBRE Global
Research and Consulting – a network of preeminent researchers and consultants who collaborate to
provide real estate market research, econometric forecasting and consulting solutions to real estate
investors and occupiers around the globe.
Disclaimer: ©2016 CBRE Philippines. Part of the CBRE Affiliate Network. CBRE Philippines confirms that information contained herein, including projections, has
been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or
representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented exclusively for use by
CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.