Office market offers broker opportunities
Brokers can tap into various business opportunities in the tenant-leaning office market.
This is one of the key topics discussed at Lamudi Link, Lamudi’s business networking night recently at Acceler8 Legazpi Makati.
The office sector provides promising opportunities for brokers this year. Property consultancy firm Colliers noted a recent increase in commercial property inquiries and market transactions, as well as a surge in the number of condominiums completed last year.
Since the office landscape is a tenant-leaning market, it’s the perfect time to consolidate offices or relocate, she said. This presents an opportunity for brokers to strengthen marketing efforts on office listings, capturing businesses looking for a new commercial space for expanded or downsized operations.
Colliers projects new supply in Metro Manila to reach 900,000 square meters in 2022. Most of these completions will come from Ortigas, a prime location that saw new infrastructure and green buildings amid the pandemic. More real estate activities can be expected in this business district, contributing to a rise in property values in the next coming months.
In terms of the existing supply, there are two million square meters of available office stock overall. Of this, one million square meters of office space registered under the Philippine Economic Zone Authority is available.