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NEWS UPDATES Asean Affairs   20 December 2012 

Demand for Philippines office space breaks record


The office space market in the Philippines is setting new records, led by demand from business process outsourcing (BPO) companies and multinationals, indicating growing business confidence, according to one of the country’s largest property consulting firms.

In a briefing on Monday, Jones Lang LaSalle Leechiu’s (JLLL) director for project leasing, Sheila Lobien, said that from January to November 2012, demand for office space rose to a total 425,000 square metres, and may rise further by yearend.

This level is at least 18 per cent higher than the annual average demand of 360,000 sqm recorded in 2011.

Non-BPO firms consisting of multinational and local companies accounted for 100,000 sqm, or 25 per cent of current demand, she said.

More importantly, companies are already committing to take up space even before office buildings are completed, indicating strong optimism and higher business activity projected for 2013.

Pre-commitments are backed up by signed lease agreements between parties, and advanced rent and security deposits are paid by the lessee.
Lobien said pre-commitments more than doubled in January to November 2012 as compared to the same period last year.

“In the 11 months of 2011, we recorded pre-commitments of 68,358 square metres,” said Lobien. “In 2012, the figure over the same period shot up to 175,922 square metres.”

JLLL studies also noted that a number of companies pre-committed to office space that would be completed as far forward as 2014.

The consulting firm’s findings confirmed a recent study of 22 cities in the Asia-Pacific region conducted by the Urban Land Institute entitled “2013 Emerging Trends in Real Estate”.

The study noted the increased attractiveness of Manila in terms of both investment and development prospects vis-a-vis investors, developers, property company representatives, lenders, brokers and consultants.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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