Global Cities 2018 report launched
Rick Santos, chairman and CEO of Santos Knight Frank, launched Global Cities: The 2018 Report at Manila House, Bonifacio Global City recently with leading real estate executives and captains of business in attendance.
The 52-page 4th edition of the report highlights the continuous trends in the real estate industry across 40 Global Cities, including Manila, equipping developers, occupiers, and investors with critical insights for future real estate decisions.
Santos Knight Frank in Manila is the first office within the Knight Frank global network to launch Global Cities: The 2018 Report, underscoring the growing importance of Manila.
Santos highlighted, “We have all witnessed the unprecedented growth of Manila in the last two decades. Manila is a rapidly rising Global City, and we expect it to continue its momentum in the upcoming years.”
Santos was joined by Knight Frank Asia Pacific head of research Nicholas Holt, who presented the key findings and the implications for the Philippines.
Holt said, “On a regional basis, the performance and fundamentals of the Manila office market look solid and the market has one of the tightest vacancy rates in the region and looks set for a strong 2018.”
Manila is forecasted to see the strongest growth in prime office rents in the Asia Pacific region, with a projected cumulative increase of nearly 20 percent over the next three years. Strong occupier demand from the offshoring and outsourcing market is expected to be the key factor in driving rental levels upwards.
“In the next four years, Manila will see more than three million sqm. of office space, three million sqm. of residential space and one million sqm. of retail space added to the existing supply,” concluded Santos.