The property giant booked nearly 100,000 sqm in fresh leases, while renewals accounted for another 150,000 sqm, with 90 percent of expiring leases renewed.
"The strong pace of new leases and renewals shows continued demand for strategically located, high-quality office spaces, particularly in the provinces where more businesses are expanding," Roland Tiongson, head of Megaworld Premier Offices, said in a statement on Monday.
Megworld is the real estate arm of tycoon Kevin Tan-led conglomerate Alliance Global Group.
Global firms drive demand
Metro Manila accounted for 63 percent of new leases and 76 percent of renewals, underscoring the capital's continued dominance despite efforts to attract more businesses to provincial cities.
New tenants included French banking giant BNP Paribas at Uptown Eastgate in Bonifacio Global City and global technology outsourcing firm Cognizant at McKinley Hill in Taguig.
Outside Metro Manila, leasing activity stretched across Pampanga, Laguna, Iloilo, Bacolod and Cebu, giving Megaworld a broader base of demand.
Expansion despite headwinds
The leasing momentum comes as artificial intelligence threatens to reshape the BPO industry, a major source of Philippine office demand, while slower economic growth raises questions about corporate expansion plans.
Megaworld currently operates more than 1.7 million sqm of office space across nearly 90 towers nationwide, serving more than 200 multinational tenants, including JPMorgan Chase, Google, Wells Fargo and Accenture.
The company aims to expand its portfolio to 2 million sqm by 2030, adding roughly 300,000 sqm as it courts more international companies and strengthens its regional business hubs.
Still, renewals made up about 60 percent of its latest leasing transactions, suggesting existing tenants are providing much of the stability while the market waits for a stronger wave of new demand.
—Edited by Miguel R. Camus
