Thursday, July 16, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
NEW COMMERCIAL buildings in Bonifacio Global City will likely continue to benefit from the influx of multinational companies looking for cheaper rents and accessibility, property consultant Jones Lang LaSalle Leechiu said yesterday.
"As most companies seek to weather the current economic crisis by reducing expenses on a number of fronts including rentals, top-end office buildings in Bonifacio Global City in Taguig are finding themselves the beneficiaries of these corporate consolidations," Lindsay Orr, chief operating officer of Jones Lang LaSalle Leechiu, said in a statement.
Mr. Orr said a total of 575,446 square meters (sq.m.) of space would come "onstream" this year and an additional 315,221 sq.m. would become available in the first half of next year, creating an oversupply.
Because of this, clients are making the most of the situation by seeking more flexible rental terms as well as relocating to newer and more efficient buildings in locations like Bonifacio Global City, he said.
An example is the Fort Legend Towers, near St. Luke’s Medical Center, the proposed Shangri-La hotel, and other landmarks of the emerging business district. The 29-storey building is already over 40% committed to a number of multinationals, foreign firms doing business in the country, and outsourcing outfits, he said.
"Almost everything is within walking distance in Bonifacio Global City — office and residential buildings, restaurants and malls, schools. That counts a lot to corporate executives and expats who dislike traffic and long car rides," Mr. Orr said.
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