Bay Area, E-com centers prime for higher growth
After experiencing a lethargic phase during the pandemic period, the office sector is poised for a huge rebound.
Claro Cordero, director and head of research, consulting and advisory services at Cushman and Wakefield said positive rental will possibly emerge in 2023 as deferred projects are expected to get the green light, “giving confidence to developers and landlords to test resistance levels on the pre-pandemic published rates, while overall market vacancy tapers down.”
Meanwhile, Colliers Philippines associate director for research Joey Roi Bondoc recently pointed out in the company’s latest property outlook report that the Bay Area has a lot of potential in the office sector and poised to overtake Fort Bonifacio in the fourth spot in two years. This year, Bondoc noted the Bay Area will open 786 new business units, 22 percent of the total share. In 2025, the Bay Area will have 27percent share of the total pie of the office market
Return-to-office is back
Alexis ORTIGA, Business Unit Head for Commercial Properties group, sm Prime Holdings Inc. disclosed that the company is gearing up for the returnto-office (RTO) environment to enable tenants to achieve higher productivity.
“While hybrid work setup has gained traction, a majority of our tenant-partners have returned to the office and expect safe and secure environments that are meticulously designed for the convenience and welfare of their employees and operations,” Ortiga said.
He also pointed out that sm Offices of the Commercial Properties group, the commercial property development and management arm of sm Prime Holdings Inc. (sm Prime), has emphasized this facet as one of their top priorities as it offers functional workspaces that enable its tenant-partners and their employees to thrive in the postpandemic era.
sm Offices operates 34 office spaces in 23 strategic locations across the country. Over the years, it has focused on building an environment-friendly and socially conscious office portfolio. Among these are the e-com Centers in the Bay Area, Pasay City.
Ortiga said the e-com buildings provide a green environment for its tenants with its unique and expansive outdoor landscaped spaces. Moreover, workers are given to rejuvenate or recharge their mind through the greenery in the area.
Major business process outsourcing firm Alorica Philippines Inc. is one of the tenants of the e-com building.
sarah Marie salva, Facilities Director of Alorica Philippines, recalled that the e-com building played a big role in promoting the health and wellness of its employees especially during the pandemic. she said the e-com
Center was the perfect venue for the company’s health and wellness initiatives, including activities it plans to host that will promote work-life balance. “Additionally, the site is close to a mall, which gives our teams many options for entertainment, food, and rest. These are the things we consider when selecting a site and how we remain committed to being a certified great Place to Work,” she said.
“Threee-com Center building’s floor plan and configuration are well aligned to meet our business needs and allow us to integrate our branding and design so the space feels like an Alorica home. To top it all off, the location is easily accessible to public transportation, which gives our employees convenient and safe ways of getting to our
site,” salva added.
Ortiga said more tenants and employees will be able to enjoy a similar experience as sm Offices recently completed Foure-com Center, the latest pre-certified leadership in energy and environmental Design (leed) gold office building in Pasay City.
Foure-com Center has 89,100 square meters of leasable area, with 15 floors and 42 elevator units, designed to provide its tenant-partners and their employees convenience and accessibility to their workspaces.
The e-com buildings achieved the leed certification by complying with several rigid criteria to ensure businesses will be operating while minimizing the impact on the environment.
Meanwhile, the 50-storey Mega Tower has a core workspace of 84,000 sq m and is located in the sm Megamall Complex—the gateway to the bustling Ortigas Central Business District. It has an array of integrated green advancements, offering a holistic work experience and unparalleled connectivity for its tenant-partners and business community.
Furthermore, other innovative and sustainable office spaces managed by sm Offices include the Cyber Buildings in Makati, West Avenue, and Baguio, Fairview Towers and North Towers in Quezon City, south Towers in las Piñas City, skyline and Tech Hub in Clark, The Core at sta. Rosa, laguna, sm strata in Iloilo City, CDO Downtown Tower in Cagayan de Oro City, and various in-mall office spaces across the country.