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6.9% y-o-y
Average Inflation
91-Day T-bill
10yr T-bonds
Rockwell
The strong economy remains the pillar of support
for the on-going expansion of the real estate
sector. Domestic demand is the biggest driver of
the growth in the countrys gross domestic
product (GDP). The combined expenditure from
household and government as well as
investments by local and foreign companies in
the country is seen to have grown. Much of the
expected growth is due to the low inflation
environment, good business climate and the
government spending ahead of the upcoming
elections next year.
Domestic demand sustained its expansion by
4.1% in 2014 from 10.3% the previous year. We
expect this positive growth to continue into 2015
and the real estate sector to benefit from this
momentum. There has been brisk activities in
residential properties, office spaces and
commercial areas. Retail sector is expected to
grow further with additional supermarkets,
convenience stores and community malls being
constructed in the whole country.
M E T R O M A N I L A M A R K E T V I E W OFFICE
Uptown Bonifacio
B U I L D IN G O C C U P AN CY R I S E S
PhP/Sq. m./mo.
FROM PAGE 2
828.11
800
750
700
650
600
M E T R O M A N I L A M A R K E T V I E W RESIDENTIAL
Residential condominium
activity expands
The unwavering services sector further propels
the active residential market of Metro Manila
during the first quarter of the year. Growth in
Overseas Filipino Workers (OFWs) remittances
and heightened local income through the
expansion of the IT-BPO industry continues to
stimulate the take-up of residential properties.
Repeat condominium buyers also provided the
added boost to the sustained demand for multiunit dwellings. Correspondingly, launches of
residential condominiums remained consistent in
order to accommodate the increasing demand.
Strong local and foreign interest was witnessed
as Metro Manilas economy gained international
recognition. At the beginning of the quarter, the
capital region was still regarded by the Urban
Land Institute to have one of the top real estate
market for foreign investors. Due to the strong
macroeconomic fundamentals of the country,
Metro Manila placed fourth in the residential
apartment prospects among the 22 urban centers
being considered. This led to robust sales of
vertical subdivision units.
With the continuous uptick in the demand, the
Bangko Sentral ng Pilipinas (BSP) has closely
monitored the property sector in order to sustain
its firm growth. One of the measures that will be
implemented by the government agency is the
real estate price index which will be available by
the third quarter of the year. This will be a tool in
determining if the residential property values in
Metro Manila is backed by the economic
performance of the country. Despite this, growth
in property values remains sound and in
accordance with the economic indicators of the
country.
Lease rates for residential properties remained
stable across the different markets and cities of
Q1 2015 CBRE Research
Grand Hyatt
Shangri-La at the
Fort
M E T R O M A N I L A M A R K E T V I E W INDUSTRIAL
Continued on page 8
.
M E T R O M A N I L A M A R K E T V I E W RETAIL
FROM PAGE 6 M A R K E T G R O W T H B A C K E D
From Page 1 N O L E T U P I N P R O P E R T Y S E C T O R
2014-2015
Manila Office
Cebu Office
2015-2016
RICK SANTOS
Chairman
Rick.Santos@cbre.com.ph
JOEY RADOVAN
Vice Chairman
Corporate Agency & Brokerage
Joey.Radovan@cbre.com.ph
CALVIN JAVINIAR
Senior Director
Investments and Capital Markets
Carlo.Javiniar@cbre.com.ph
MABEL LUNA
Director
Valuation and Advisory Services
Mabel.Luna@cbre.com.ph
YVETTE ACEBEDO
Director
Residential Services
Yvette.Acebedo@cbre.com.ph
ALLAN NAPOLES
Executive Director
Project Management
Allan.Napoles@cbre.com.ph
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Disclaimer: 2015 CBRE Philippines. Part of the CBRE Affiliate Network. CBRE Philippines confirms that information contained herein, including projections, has
been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or
representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented exclusively for use by
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