c o l l i e r s i n t e r n at i o n a l | philippines

m a r k e t o v e rv i e w | April | 2010

Property Market Overview 1st Quarter 2010

EXECUTIVE SUMMARY
Property Indicators: A Better Year
• Exports improved by 42% in the first
two months to put the economy on
track to achieve a 4% GDP growth this
year. Inflation in 1Q10 are also within
Market Indicators expectations despite rising oil prices in the
world market.
trends • Implied land values in the major business
4q09 1Q10 districts were steady in the first three
months of the year as the rental market
stabilized.
OFFICE
• The number of HLURB licenses issued
LUXURY RESIDENTIAL
continues to decline with the 12-month
moving average as of 1Q10 standing at
RETAIL
88,180 units, down from its peak at 128,042
units a year earlier.
Office: Correction Hits Trough
• No new office buildings will complete in
Makati CBD this year, with only 150,000
sq m expected to complete in other Metro
Manila locations. This compares with new
supply of +500,000 sq m in both 2008 and
2009 and illustrates the impact of project
deferment decisions.
traditional office users remains anemic. By
contrast a significant uptick in expansion
demand from BPO locators was experienced
in the first quarter - continuing acceleration
experienced since mid 2009.
Residential: Rents Stable, For Now
• Four residential condominiums are
scheduled to complete in Makati CBD
this year, but the supply pipeline is even
stronger in other Metro Manila sub-
markets, particularly Bonifacio Global
City.
• While new developments in the pipeline
will increase pressure on rents and
occupancy, 1Q10 vacancy rates remain
encouraging. Renewed demand from
expatriates is supporting the luxury
residential rental segment.
• Average rents for luxury 3BR units in
the Makati CBD are so far stable, but
expectations point to long run adjustments
for rental rates due to the affordability of
pre-selling projects and the growing supply
of condominiums in many business districts
across the capital.

• Rents remained stable through the first

quarter. Many landlords are now looking to
withdraw incentives and rates are expected
to begin to trend upwards with full year
rental growth expected at 5% - 10%.

• Makati CBD is expected to lag in the

recovery as expansion demand from

www.colliers.com/philippines
The Knowledge Report | April | 2010 | Philippines

Retail: Prepping Up for REIT

• At an aggregate of five million sq m, malls

“The office sector is
finally on an uptick
as expansion demand
continues to pick up
in the last six months.
There is an optimism
that this positive trend
will persist in the next
twelve months, and
industry players are quick
to acknowledge and to
take advantage of this
momentum.”
in Metro Manila account for 70% of
the entire mall stock in the Philippines.
Although only one major mall project, SM
Novaliches, is expected to complete this
year in Metro Manila, there are various
provincial developments in the pipeline.
• M e t r o M a n i l a - w i d e m a l l v a c a n c y
continues to fall and is now at 8.9%.
Strong take-up from non-traditional mall
locators should continue to boost demand
for retail spaces.
• Motor manufacturers and distributors had
a great first quarter, with a 36% increase in
vehicle sales, especially in the commercial
segment. Remittances were also strong,
increasing by 7.7% in January-February
behind the strong deployment of OFWs
abroad.

economic indicators

2004 2005 2006 2007 2008 2009

Gross National Product 6.7% 5.6% 6.1% 7.8% 6.2% 3.0%
Gross Domestic Product 6.2% 5.0% 5.4% 7.3% 3.8% 0.9%
Personal Consumption Expenditure 5.8% 4.9% 5.5% 6.0% 4.7% 3.8%
Gov’t. Expenditure 1.4% 4.0% 6.1% 10.0% 3.2% 8.5%
Investments 7.2% -6.0% 2.7% 9.3% 1.7% -9.9%
Exports 14.4% 4.2% 11.2% 3.1% -1.9% -14.2%
Imports 5.8% 2.4% 1.9% -5.4% 2.4% -5.8%
Agriculture 5.3% 1.8% 3.8% 5.1% 3.2% 0.1%
Industry 4.7% 4.9% 4.5% 6.6% 4.9% -2.0%
Services 7.6% 6.4% 6.7% 8.7% 3.3% 3.2%
Inflation 5.5% 7.6% 6.2% 2.8% 9.3% 3.2%
Budget Deficit (billion Pesos) P187.1 P146.8 P62.2 P12.4 P68.1 P270
P:US$ (Average) P56.0 P55.0 P51.3 P46.1 P44.7 P47.6
Average 91-Day T-Bill Rates 7.3% 6.4% 5.3% 3.4% 5.2% 4.0%

Source: National Statistical Coordination Board

 Colliers International
 The Knowledge Report | April | 2010 | Philippines

ECONOMY LAND VALUES

The year started with favorable indicators pointing to better
economic performance for the remainder of 2010. Election-related
private consumption and the notable growth in exports should put
the economy back on track. For the first two months of the year,
exports rose by 42% to US$7 billion compared to less than US$5
billion in the same period last year. Electronic sector exports grew
by 50%. On the flipside, export growth may temper as the peso
continues to strengthen with some analysts expecting a move
towards P43:US$1.00.
Despite world oil prices rising again to US$80 per barrel, local
inflation rates were contained for the first three months of the year.
March and April inflation rates are both 4.4%, which is within the
BSP target range of 3.8% to 4.8% for the two months. However,
JPMorgan notes that year-on-year inflation will likely continue its
upward trajectory, and expects inflation to peak at 6.5%. leaving
annual inflation forecast at 5.3%.
Implied land values in the Makati CBD marginally declined
to P270,000 per square meter as commercial rents reached its
trough. This translates to an accommodation value of P17,000
per developable sq m. Expect Makati CBD land values to correct
towards June, after which prices become stable as interests for
Makati properties pick up. On the other hand, land values in Ortigas
Center is at P120,000 per sq m with accommodation values ranging
from P10,000 to as high as P14,000 per developable sq m. Bonifacio
Global City (BGC) lots are still priced at an average of P14,000 per
developable sq m, but might increase by 3% to 5% over the next 12
months due to incessant demand for lots in this area. This is further
supported by the fact that infrastructure works at North Bonifacio
are almost complete.

Makati CBD and Ortigas Center

Average Land Value

Source: Colliers International Philippines Research

comparative land values

Peso/sq m 1Q10 4Q09 % Change 1Q11F % Change

(QoQ) (YoY)

makati cbd 258,070 - 281,358 262,000 - 284,200 - 1.24% 252,500 - 287,500 0.11%
ortigas center 91,000 - 150,000 92,678 - 154,757 - 2.60% 92,263-153,520 1.98%
Source: Colliers International Philippines Research

Colliers International 
The Knowledge Report | April | 2010 | Philippines

HLURB License to Sell (Cumulative)

UNITS Jan - Mar Jan - mar % Change

2010 2009 (YoY)
Socialised Housing 11,986 13,486 -11.1%
Low Cost Housing 17,000 13,481 26.1%
Mid Income Housing 6,405 14,753 -56.6%
High Rise Residential 9,374 11,959 -21.6%
Commercial Condominium 176 960 -81.7%
Farmlot 47 18 161.1%
Memorial Park 12,295 75,094 -83.6%
Industrial Subdivision - - 0.0%
Commercial Subdivision 136 91 49.5%
Total (Philippines) 57,419 129,842 -55.8%

Source: Housing and Land Use Regulatory Board

LICENSE TO SELL
For the first quarter of the year, a total of 57,419 units received
licenses to sell issued by the HLURB. This represents a 56% decline
in the number of units compared to the same period last year. This
decline is expected as HLURB licenses to sell represent a lagging HLURB License to Sell
indicator of the number of projects launched in the last six months. 12-Month Moving Average
The drop in licenses issued reflects the wait-and-see attitude of
developers and real estate builders even through the second half
of 2009 after a lackluster first half performance of the residential
and commercial sectors. The moving 12-month average number of
licenses issued has been on a decline since its peak of 128,042 units
in 1Q09 to 88,180 units in 1Q10.

• The number of high rise residential condominiums registered

as of March 2010 continued to decline by 21.6% to 9,374 units
from 11,959 units in the same period a year before. Some of the
notable projects during this period include One Shangri-La
Place, One Central, Circulo Verde, Avida Towers Alabang, and
ADB Avenue Tower.

• For 1Q10, the socialized housing segment received licenses Source: Housing and Land Use Regulatory Board
to sell for 11,986 units, fewer by 11.1% compared to the same
period last year. On the other hand, the low cost housing
segment received licenses for 17,000 units. Projects in this
segment include Greenplace Homes with 541 lots in Imus,
Cavite, Lessandra Bacoor 3 with 367 units in Bacoor, Cavite,
and Metroville Complex with 363 units in Binan, Laguna.
forecast office supply

Location End-2009 2010 2011 2012

OFFICE SECTOR
2010

Supply
While more than a million square meters of new space was added Makati cbd 2,699,696 57,353
to Metro Manila’s office inventory in 2008 and 2009 only 180,000 ortigas 1,095,623 45,396
sq m of new space will complete this year. No completions are
Fort bonifacio 413,020 72,673 83,793 49,920
anticipated in the Makati CBD this year with developers focusing
on other sub-markets, notably Fort Bonifacio. As at end 2009 there eastwood 220,103 32,876 39,840 35,765
was some 500,000 sq m of vacant office space in the Metro Manila alabang 234,305 27,701
market but this will be readily absorbed over the next 18 months.
This has encouraged developers to bring forward new and deferred OTHERs* 657,012 60,000
projects and the recent increase in ground-breakings is expected to total 5,319,759 178,646 123,633 203,038
accelerate through 2010. Source: Colliers International Philippines Research
*Manila, Pasay, Mandaluyong, Quezon City

 Colliers International
 The Knowledge Report | April | 2010 | Philippines

Makati CBD Makati CBD vs metro manila

Office Supply and Demand Office STOCK

Source: Colliers International Philippines Research Source: Colliers International Philippines Research

Demand
As expected, demand continued to pick up in the first three Makati CBD
months of 2010. Inquiries for expansion, particularly in the Office VACANCY RATES
business process outsourcing (BPO) sector increased threefold
in 1Q10 compared to the same period last year. Vacancy levels
in most sub-markets fell but only marginally in the Makati CBD
where Premium Grade building vacancy remains at 12% due to
anemic demand from traditional office users. For 1Q10, Grade A
vacancy eased to 7.1% from 8.9% in 4Q09. Grade B vacancy on
the other hand inched higher to 6.2% from 6% last quarter.

The total net take-up for the first quarter in Makati CBD is 7,389
sq m, up from -12,427 sq m in 4Q09 and 3,000 sq m in the same
period last year.

Rents
Average rents in Makati CBD were stable through Q1 2010,
Source: Colliers International Philippines Research
ending a period of six successive quarterly declines from mid
2008. As would be anticipated at this point in the cycle, with the
more positive outlook for business prospects this year up-grading
demand is beginning to come through. This is principally focused
on new buildings outside the Makati CBD. Landlords are now Makati CBD Office RENTS
looking to reduce tenant’s incentives in all locations and this (based on net usable area)
should lead to rents beginning to track upwards in the near term.
Overall rental growth of 5% to 10% is expected in 2010, with the
Makati CBD at the lower end of the range.

Makati CBD
Comparative Office Vacancy Rates

1Q10 4Q09 1q11F

Premium 12.00% 12.11%

Grade A 7.07% 8.86% Source: Colliers International Philippines Research

Grade B & Below 6.20% 6.04%

All Grades 7.05% 7.32% 5.76%
Source: Colliers International Philippines Research

Colliers International 
The Knowledge Report | April | 2010 | Philippines

NOTABLE LEASING DEALS

BUILDING AREA TENANT SIZE (SQ m)

8 Park Avenue B McKinley Hill UST Global (Software-IT) 2,130
Fort Legend Towers BGC Chinatrust (Banking/Financial) 4,400
Tara Building Makati Landbank (Banking/Financial) 850
6750 Ayala Avenue Makati CBD NV Besix SA (IT-BPO) 1,100

Source: Colliers International Philippines Research

Comparative Office Rental Rates

Makati CBD (based on net useable AREA)

PESO / sq m / MONTH 1Q10 4Q09 % Change 1Q11F % Change

(QoQ) (YoY)

Premium 720 - 850 720 - 850 0.0% 740 - 910 5.0%

Grade A 430 - 830 427 - 813 0.4% 460 - 900 8.3%
Grade B 375 - 455 371 - 455 0.0% 425 - 470 7.9%
Source: Colliers International Philippines Research

As of 1Q10, average rent in Premium Grade offices was relatively

unchanged at P790 per sq m monthly (per net useable area). The
same goes for Grade A and Grade B offices which are virtually
Makati CBD
unchanged at P630 per sq m and P415 per sq m, respectively.
Office CAPITAL VALUES

Capital Values
Tracking changes in rental rates last year, capital values marginally
declined. For 1Q10, capital values for office spaces declined by less
than 1%. Premium Grade offices are currently priced at an average
of P98,000 per sq m. Grade A office capital values on the other
hand maintains its current price at P74,000 per sq m and Grade
B capital values stand at P52,000 per sq m. Expect minor changes
in office capital values over the next 12 months as rental growth
looks less promising in Makati CBD compared to other locations
in Metro Manila.

Source: Colliers International Philippines Research

Comparative Office capital values

Makati CBD (based on net useable AREA)

PESO / sq m 1Q10 4Q09 % Change 1Q11F % Change

(QoQ) (YoY)

Premium 89,739 - 106,261 91,106 - 106,609 - 0.9% 92,000 - 101,000 3.1%

Grade A 63,000 - 85,000 65,465 - 83,121 - 0.4% 65,650 - 89,000 4.5%
Grade B 44,000 - 60,000 44,538 - 60,144 - 0.7% 45,000 - 61,000 1.9%
Source: Colliers International Philippines Research

 Colliers International
 The Knowledge Report | April | 2010 | Philippines

Makati CBD Makati CBD

Residential Condominium Stock Residential Supply and Demand

Source: Colliers International Philippines Research Source: Colliers International Philippines Research

RESIDENTIAL SECTOR

Supply
Four residential condominiums are scheduled to complete in Makati
CBD this year. These are Ayala Land’s Residences at Greenbelt
(San Lorenzo) and The Columns at Legaspi, Century Properties’
Grand Soho Makati, and Megaworld’s Greenbelt Chancellor. By
the end of this year, the total residential condominium stock in
the CBD will be 13,466 units. Over 6,000 new condominium units
will complete in the Makati CBD in the next four years alone. On
the other hand, the supply pipeline for residential developments
remain the strongest in Bonifacio (BGC and McKinley Hill) with
more than 8,000 units expected to complete until 2013. Ortigas
Center will have around 2,500 new condominium units over the
next three years. Expect more condominium developments to pour
in as developers continue to beef up their project portfolios to take
advantage of strong demand moving forward.
Rents
As of 1Q10, average rents for luxury 3BR units in Makati CBD
is virtually unchanged at P540 per sq m or P135,000 monthly for
a 250-sq m unit. It should be noted however that newer condo-
miniums like Shang Grand Tower and The Residences at Greenbelt
charges much higher on a per sq m basis, but only a few units are
greater than 250 sq m. The luxury 3BR market is primarily driven
by demand from expatriates who have started looking at bigger
units again.
Makati CBD
Residential Vacancy Rates

Demand
Vacancy in Makati CBD residential condominiums improved
further to 6.9% in 1Q10 from the previous quarter’s 7.5%. The
lack of new supply, coupled with increasing demand from expatri-
ates, supported the decline in vacancy rates particularly for luxury
condominiums. On the flipside, this situation may change after the
completion of new condominiums; new supply in the rental and
secondary market is expected to push vacancy levels back to 8% to
9% in the next 18 months.

Source: Colliers International Philippines Research

Makati CBD
Residential Condominium Stock

units 1Q10 4Q09 % Change 1Q11F % Change

(QoQ) (YoY)

Luxury 5,420 5,420 0.0% 6,871 26.8%

Others 6,595 6,595 0.0% 6,595 0.0%
All Grades 12,015 12,015 0.0% 13,466 12.1%
Source: Colliers International Philippines Research

Colliers International 
The Knowledge Report | April | 2010 | Philippines

forecast
Residential new supply

LOCATION 2009 2010 2011 2012 2013 Total

Makati cbd - 1,451 2,762 645 1,141 5,999

rockwell - 1,336 - - 635 1,971
fort bonifacio 1,964 1,823 3,154 1,871 1.389 10,201
Ortigas 1,144 761 1,325 462 - 3,692
eastwood 344 255 - 558 537 1,694
total 3,452 5,626 7,241 3.536 3.702 23,557
Source: Colliers International Philippines Research

Average rents in Rockwell Center, on the other hand, is currently Makati CBD
at the rate of P680 per sq m or P153,000 per month for a 225-sq Comparative Residential Vacancy Rates
m unit. Average rates are also steady at Bonifacio Global City
where luxury 3BR units are leased at an average of P177,000 per
month for a 290-sq m unit. Rents for smaller condominium units 1Q10 4Q09 1Q11F
in these locations are much more expensive on a per sq m basis,
but demand for small units remains thin. It will be interesting to
see how rents adjust when more condominium units enter the Luxury 4.4% 4.8%
secondary and rental market in the next 18 months.
Others 8.9% 9.8%
All Grades 6.9% 7.5% 8.1%
Capital Values Source: Colliers International Philippines Research
Currently, capital values of existing condominiums in the
Makati CBD can be sold at an average of P99,191 per sq m.
There are no changes in prices of existing condominiums given
that no new developments completed over the past 12 months. Makati CBD, rockwell, bonifacio global city
As new developments complete, expect average capital values to Prime 3BR Rents
improve by 3% to 5%.

Average capital values of condominiums in Rockwell Center

is P104,000 per sq m. Newer buildings in the area are pegged
as high as P120,000 per sq m. After the completion of One
Rockwell, expect average capital values to increase to around
P110,000 per sq m, with a high of P130,000 per sq m. Rockwell’s
newest pre-selling project, Edades, sells for at least P125,000 per
sq m.

Source: Colliers International Philippines Research

metro manila
Comparative luxury 3BR Rental Rates

PESO / sq m / MONTH 1Q10 4Q09 % Change 1Q11F % Change

(QoQ) (YoY)

Makati cbd 349 - 729 349 - 733 - 0.3% 360 - 769 4.7%
rockwell 600 - 760 597 - 754 0.7% 640 - 799 5.8%
bgc 523 - 699 523 - 699 0.0% 540 - 720 3.2%

Source: Colliers International Philippines Research

 Colliers International
 The Knowledge Report | April | 2010 | Philippines

Comparative Residential Lease Rates

Three-Bedroom, Semi-furnished
minimum average maximum % Change
(YTD)
Apartment Ridge / Roxas Triangle
Rental Range 50,000 102,500 215,000 - 2.38%
Average Size 220 270 305
Salcedo Village
Rental Range 50,000 77,500 120,000 0.93%
Average Size 130 190 320
Legaspi Village
Rental Range 50,000 144,167 210,000 1.76%
Average Size 175 212 274
Rockwell
Rental Range 120,000 150,000 180,000 1.35%
Average Size 184 224 286
Fort Bonifacio
Rental Range 80,000 147,083 210,000 0.00%
Average Size 145 241 309
Source: Colliers International Philippines Research

As of 1Q10, capital values of existing residential condominiums

in Bonifacio Global City remains unchanged at P101,600 per Makati CBD, rockwell, bonifacio global city
sq m. With six new condominium towers expected to complete luxury 3BR CAPITAL VALUES
this year, average capital values should increase gradually over
the next 18 months.

More residential projects are expected to be launched this year

as demand picks up. On a per square meter basis, condominium
units in Metro Manila are becoming much more expensive,
but in terms of total contract price (sometimes starting at P1.5
million) pre-selling condominium units are still affordable.
Moreover, pre-selling units are seen to be more affordable due
to the low interest rate environment and attractive payment
terms. This buying trend will continue and while developers
are at it, expect more residential developments targeting all
segments of the market to continue.
Source: Colliers International Philippines Research

Metro manila
Prime 3BR Capital Values

PESO / sq m 1Q10 4Q09 % Change 1Q11F % Change

(QoQ) (YoY)

makati cbd 67,913 - 130,469 67,913 - 130,469 0.0% 71,535 - 134,954 4.1%
rockwell 90,416 - 117,874 90,416 - 117,874 0.0% 92,000 - 122,500 3.0%
bgc 84,415 - 118,860 84,415 - 118,860 0.0% 87,018 - 122,525 3.1%
Source: Colliers International Philippines Research

Colliers International 
The Knowledge Report | April | 2010 | Philippines

RETAIL SECTOR
Metro Manila
Supply Retail Supply and Demand
With more than 70 malls, the stock of retail malls in Metro Manila
currently stands at 4,999,186 sq m. This accounts for 70% of the
total stock in the Philippines. Although only one major mall
project, SM Novaliches, is expected to complete this year in Metro
Manila, there are various provincial developments in the pipeline.
We anticipate more mall developments outside the country’s
capital to accommodate the rising demand for retail spaces in
major cities across the country.

Dominated by the big three mall developers (SM Prime, Robinsons,

and Ayala), the retail segment is primed for REIT listing this year.
Their steady income stream makes mall assets a perfect fit for REIT
vehicles. By the end of this year, SM Prime will be operating 40
malls across the country, and they will be using the REIT to raise Source: Colliers International Philippines Research
more funds for developments. Robinsons Land and Ayala Land are
also poised to take advantage of the new REIT law for their own
expansion plans. Demand
Metro Manila-wide mall vacancy as of 1Q10 is at 8.9%, down
Metro Manila from 9.2% at the end-2009. The steady decline in vacancy rates
Retail Vacancy shows the continued strong take-up of retail spaces even for newer
malls. Demand is expected to further improve, considering the
establishment of new local brands and the influx of international
1Q10 4Q09 1Q09 chains coming in the Philippines. Non-traditional retail space
locators - clinics, activities and lifestyle services - are likewise filling
mall spaces. On top of these, there is potential demand from BPO
metro manila 9.2% 9.2% 13.5% locators in provincial malls.
Source: Colliers International Philippines Research

Metro Manila Metro Manila

Retail Stock Retail Vacancy Rates

Source: Colliers International Philippines Research Source: Colliers International Philippines Research

Retail Stock
Metro Manila

sq m 1Q10 4Q09 % Change 1Q11F % Change

(QoQ) (YoY)

Super Regional 2,938,562 2,938,562 0.0% 2,938,562 0.0%

Regional 1,010,294 1,010,294 0.0% 1,065,378 5.5%
District/Neighborhood 1,050,331 1,050,331 0.0% 1,050,331 0.0%
All Malls 4,999,187 4,999,187 0.6% 5,054, 271 1.1%
Source: Colliers International Philippines Research

10 Colliers International
 The Knowledge Report | April | 2010 | Philippines

Comparative Effective Retail Rents

PESO / sq m / MONTH 1Q09 4Q09 % Change 1Q11F % Change

(QoQ) (YoY)

ayala center 1,120 1,100 1.8% 1,180 5.4%

ortigas 1,030 1,030 0.0% 1,060 2.9%
Source: Colliers International Philippines Research

Rents
Average rents for Ayala Center in Makati CBD are currently at an OFW Remittances
average of P1,120 per sq m, up from P1,100 per sq m in December.
On the other hand, malls in Ortigas Center charges an average
of P1,030 per sq m monthly for mall retail spaces. Smaller retail
spaces are usually a bit pricier at around P1,500 per sq m especially
in prime mall locations.

Spending Indicators
For the first three months of the year, vehicle sales grew by 36%
year-on-year to record 38,711 units sold. The Chamber of Auto-
motive Manufacturers of the Philippines (CAMPI) are revising
current sales growth forecasts and assumptions to incorporate
the positive results in 1Q10. Certainly, the market is more con-
fident this year, as commercial vehicle sales increased by 40% to
25,701 units, accounting for almost 70% of the entire number of
vehicles sold for the period. This indicates how perceptions have
turned positive and how consumers have responded to improving *As of February 2010
Source: Banko Sentral ng Pilipinas
economic conditions - which in turn can be an indication of how
well the residential and retail markets will perform this year.

Overseas Filipino Worker (OFW) remittances grew by 7.1% year- which also grew by 15% and reached 1.44 billion last year. Contin-
on-year to US$2.8 billion for the first two months of this year ued increase in access to formal remittance channels also helped
compared to US$2.5 billion in the same period last year. Growth boost the remittances figure. OFW remittances are expected to
is still supported by the steady deployment of Filipino workers grow by more than 10% this year.

Quarterly Vehicle sales OFW Deployment

Source: Chamber of Automotive Manufacturers of the Philippines Inc. Source: Philippine Overseas Employment Agency,
National Statistical Coordination Board

For more information about this topic please

contact our Research or Consultancy and
Valuation. You may log on to our website at
http://www.colliers.com/philippines

Colliers International 11
The Knowledge Report | April | 2010 | Philippines

Notes: 294 offices in 61 countries on 6

continents

USA 94
Canada 22
Latin America 17
Asia Pacific 64
EMEA 97

Revenue in 2008
Over US$1.6 billion

Property Management
1.1 billion sq ft

12,700 Professionals

Contact information

philippines:
Ramon Jose E. Aguirre
Research Manager
10F Tower 2 RCBC Plaza Ayala Ave.
Makati City, Philippines 1226
Tel: 632-888-9988 ext. 4030
rj.aguirre@colliers.com

David A. Young
Managing Director
10F Tower 2 RCBC Plaza Ayala Ave.
Makati City, Philippines 1226
Tel. 632-888-9988 ext. 4015
david.a.young@colliers.com

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