Commercial Real Estate in 2024
The year 2024 is shaping up to be a transformative one for Metro Manila’s commercial real estate landscape. Here are some key trends and developments you can expect:
Thriving on Hybrid Work: The rise of hybrid work arrangements is driving demand for new types of commercial spaces. We’ll see an increase in flexible workspace options, co-working facilities, and office spaces designed for collaboration and social interaction.
Prime Picks Remain Hot: While the focus might shift slightly, prime locations like Makati, BGC, and Ortigas will continue to see strong demand for Grade A+ office buildings. Expect rising rents and rapid occupancy in these areas, especially from expanding businesses.
Suburban Sprawl: The spotlight might not be solely on established business districts. As infrastructure projects like the Unified Central Terminal improve connectivity, there’s a growing interest in office spaces outside Metro Manila’s core. This could lead to development opportunities in fringe areas.
Retail Gets a Revamp: Malls are adapting to the evolving needs of consumers. Expect to see more activity-based retail spaces with experiential events and a focus on entertainment alongside shopping. This trend caters to the growing desire for engaging experiences.
Going Green is Key: Sustainability is no longer a fad; it’s a necessity. Developers are prioritizing green building certifications with energy-efficient features, eco-friendly design, and ample green spaces. Look out for a rise in LEED-certified buildings that prioritize the environment.
Tech Takes Center Stage: Technology is transforming the real estate industry. We’ll see a rise in proptech solutions, data-driven decision making, and the integration of smart building technologies for improved functionality and efficiency.
A Look Ahead: The future of Metro Manila’s commercial real estate is bright. With a growing economy, improving infrastructure, and a focus on innovation, this sector is poised for continued growth and exciting new developments.
