Century Properties Group is offering to the market some 23,000 square meters of office spaces, valued at Php2.5 billion, at the Century Spire tower along Kalayaan Avenue, Makati.
“We are strengthening our commercial portfolio on top of our current concept residential projects,” said Century Properties chief operating officer Marco Antonio. “Diversifying to other product offerings, such as office space, is instrumental in sustaining the growth for the company.”
Century Spire’s single unit office spaces range from 50 to 90 square meters, with a price range of Php 185,000 to P205,000 per square meter. Units may be combined to form up to an entire floor of office space.
The company said that the units will be sold to end users seeking a prime location for their business, as well as to those seeking to lease out their purchased units upon completion. Current Makati rental rates for prime office range from Php900 to Php1,300 per month.
Century Properties said it is expanding its commercial assets on the back of a strong economy that fuels the demand for office space, especially for the sectors of business process outsourcing (BPO) and IT.
A Colliers report from 2014 confirms the strong demand for office space in Makati, with vacancy rates dropping to 1.9% because of demand from the “BPO and traditional office takers.”
The report included An announcement from global outsourcing advisory firm Tholons that the BPO industry “can become a USD48 billion industry by 2020”.
A 6.4% GDP growth rate and another investment grade rating upgrade from Standard & Poor’s Financial Services also boosted the Philippines’ attractiveness to foreign investment, drawing more international firms to capitalize in the country’s intelligent workforce.
Source: Manila Standard Today | February 13, 2015