The British Chamber of Commerce Philippines 7th Property Matters Forum successfully concluded last August 24 at the Dusit Thani Manila. Industry experts discussed three main topics and these are, “PH’s Real Estate Market Outlook” by Mr. Joey Roi Bondoc, Head of Research at Colliers Philippines; “(Y)our Space 2023 – The Future of Work” by Mr. Ankur Maheshwari, Senior Associate Director at Santos Knight Frank; and “The Impact Of Artificial Intelligence In Commercial Real Estate” by Mr. Joey Radovan, Country Head of JLL Philippines.
Bondoc shared a bullish outlook in the property sector as he saw vacated spaces lowered by 43% vs. H1 2022. Bondoc also shared that the office sector regained momentum from the slowdown in H2 2022 with a 9% increase in transactions in H1 2023. Developers continue to reevaluate office locations ultimately shifting their developments to provincial areas with 23% of H1 2023 transactions in provincial areas such as Pampanga, Davao, and Cagayan de Oro. As for the residential sector, mid-income projects continue to dominate the market with buyer’s continued preference for affordability.
A flagship research campaign of Knight Frank and Cresa from 357 respondents, (Y)our Space 2023, as discussed by Maheshwari, ventured into the future of work, workplace dynamics, and corporate real estate. Maheshwari shared that the majority of companies are continuing to reassess the use of their workplace post-pandemic, strengthening their business continuity planning and what hybrid working will mean to their businesses.
With the continued technological advancements, Radovan stressed the importance of artificial intelligence and how it is reshaping the real estate industry. Radovan encouraged real estate players to take advantage of this opportunity and shared how data is essential to ensure the accuracy and fairness of AI-driven decisions.
Atty. Charles Veloso, Partner at Quisumbing Torres, moderated the panel discussion that highlighted opportunities in the real estate industry. Joining the panel were Morgan McGilvray, Senior Director, Occupier Strategy and Solutions of Santos Knight Frank; Maricris Sarino-Joson, Director and Head, Office Services – Landlord Representation of Colliers Philippines; and Joey Radovan, Country Head, JLL Philippines. Joson highlighted countryside development projects, such as in Batangas and CDO, citing that this is a new opportunity that the LGUs, ICT, and the creative sector can take advantage of. McGilvray shared that the continuing growth of the industrial sector, such as logistics, manufacturing and warehouses, plays a crucial role in the development of the real estate industry. Radovan, on the other hand, highlighted the need for legislation and policies to efficiently implement sustainability and green spaces.
British Chamber Executive Director/Trustee Chris Nelson highlights the importance of the real estate industry in the Philippines. “The British Chamber continues to support the real estate sector as it plays a pivotal role in driving and supporting the economy – [as seen in the seventh installment of our Property Matters] and it reinforces the Philippines as an investment destination.”
Overall, the 7th Property Matters unlocked opportunities for the real estate sector. As the country seeks to attract both local and foreign investors, the real estate market in the Philippines remains an arena of opportunities, shaped by innovative approaches, regulatory adjustments, and the ongoing pursuit of providing diverse and modern spaces for living, working, and recreation.