Demand for PEZA-registered buildings remains high

THE DEMAND for Philippine Economic Zone Authority- (PEZA) registered office buildings, especially those located in Bonifacio Global City (BGC), remain high despite the pandemic.

In a press release, Leechiu Property Consultants (LPC) said BGC buildings that are registered with the PEZA have a 4% vacancy rate, as compared with the 18% vacancy rate in other business districts.

Alpha Plus Property Holdings, Inc., owner of the 32-storey Ecoprime tower on the corner of 32^nd and Ninth Avenue, is confident that the high vacancy in Metro Manila’s business districts will be “temporary.”

LPC executive director for Investment Sales Henry Cabrera said BGC now has the largest concentration of multinationals after they migrated to new buildings in Taguig such as Ecoprime, from older buildings in Makati.

“There are only two PEZA-accredited buildings in BGC available right now that can offer 10,000 square meters (sq.m.) or more of contiguous space, and Ecoprime is one of them,” he said in a statement.

Ecoprime offers 15,000 sq.m. of contiguous space suitable for large tenants, attractive business destinations.

“BGC has limited new office space supply coming in the next three years and demand will continue to grow as we recover from the pandemic,” Mr. Cabrera said.

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The article was originally published in Business World.