Years later, after the PSE moved to another city and hybrid work reshaped the office sector, Ayala Land is giving Tower One a new mission: a chance to pioneer the future of the workplace.
A preview of plans was recently unveiled by the property giant, which announced it would build new amenities for next-generation offices while reinventing existing spaces.
New amenities
“We are renovating Tower One to pilot some of these new features such as fitness and wellness amenities, a day care center, unique dining outlets, and activated public spaces that promote convergence and collaboration,” said Ayala Land president and CEO Anna Ma. Margarita “Meean” B. Dy said in her report to stockholders.
The builder continues to hold office at the top of the 35-story Tower One while its parent company, Ayala Corp., and affiliates have moved to neighboring skyscrapers.
“Work can now be done anywhere and our offices need to be more than cubicles. Thus, we will depart from the traditional cookie cutter view of an office, starting with the renovation of our home base in Makati,” Dy said.
Offices remain a sizable portion of Ayala Land’s portfolio, contributing revenues of P12.9 billion last year or an annual increase of 9 percent.
Ayala offices stay resilient
While industry-wide vacancy rates remain elevated, Ayala has kept its vacancy at 9 percent, much lower than the 20 percent industry average.
“Even as we hold our own, we remain very deliberate and selective in our expansion. We are growing our footprint in winner sites in the main central business districts of Makati, BGC, Quezon City, and in our estates outside Metro Manila,” Dy said.
The office industry is slowly turning around after a multi-year slump.
Colliers Philippines said in a survey taken last year that 54 percent of businesses are back to full on-site operations, with just 5 percent fully remote, and 41 percent hybrid.
“As previously highlighted, a reimagined workspace is a must,” Colliers Philippines said.
Continued expansion
Ayala Land is also pursuing a strategy to expand its office footprint outside Metro Manila in response to rising investor interest beyond the capital.
“This year, we are opening our first Technohub offices in Nuvali and Atria, Iloilo. These are four-storey buildings within our regional estates. They are cost-effective, quick to build, and modular. We look forward to opening more of these in our other estates,” Dy explained.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
