The fully leased buildings span about 430,000 square meters across Metro Manila, Cebu, Iloilo, Pampanga and Davao, underscoring the continued appetite of business process outsourcing firms, multinational companies and corporate tenants for township-based office locations.
Leasing momentum holds
The strong take-up helped generate P3.8 billion in office leasing revenues during the quarter, while nearly 100,000 square meters of office space were leased to new and existing tenants.
Megaworld also secured almost 80 percent of lease renewals due this year, giving the company greater visibility over one of its largest recurring income streams.
Tenants in the fully occupied towers include JPMorganChase, Wells Fargo, Coca-Cola, Reckitt and Mead Johnson, highlighting demand from large global occupiers.
Expansion continues
The performance reinforces Megaworld’s position as the country’s largest office landlord at a time when companies are increasingly gravitating toward integrated developments that combine offices with residential, retail and lifestyle components.
CBRE Philippines ranked Megaworld as the top office developer by lease transactions during the first quarter and the best-performing office developer over the past three years.
Rather than slowing down, the company is adding another 51,000 square meters of office inventory this year through projects in Bulacan, Bacolod and Davao.
—Edited by Miguel R. Camus
