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On BusinessWorld: Quezon City seen as fastest growing district in 2019

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On January 22, 2019, BusinessWorld published an article by Vincent Mariel Galang on the vacancy and expected supply in Quezon City. The writeup was based on Pronove Tai International Property Consultants' 2019 Outlook for the Metro Manila Office Market.

QUEZON CITY is expected to be the fastest growing property district this year, according to Pronove Tai International Property Consultants.

Pronove Tai expects total office stock to grow by 10% to 11.7 million square meters (sq.m.) this year, from 10.6 million sq.m. as of end-2018.

“There will be 12 million square meters (sq.m.) of space that will be completed (in Metro Manila), and Quezon City will have the most supply, and that will be the fastest growing district at 31% year-on-year in stock,” Monique Cornelio-Pronove, chief executive officer of Pronove Tai International Property Consultants, said in a media briefing on January 9.

For office supply, Ms. Pronove said 1.04 million sq.m. or 45 new buildings will be added in 2019.

“Quezon City will deliver the highest supply at 33%,” she added.

Among the developments in Quezon City expected to be completed this year are SM Development Corp.’s (SMDC) SM City Fairview Tower 4 and 5 and SM North EDSA Tower 1 and 2; Eton Properties Philippines, Inc.’s Cyberpod Centris Five; Robinsons Land Corp.’s (RLC) Giga Tower and Magnolia; Araneta Properties, Inc.’s Cyberpark Tower 2; Filinvest Land Inc.’s (FLI) Studio 7; and Megaworld Corp’s Eastwood Global Plaza.

Nearly a quarter or 264,000 sq.m. of the 2019 supply has already been pre-leased. However, Pronove Tai noted the pre-leasing rate slowed to 25% in 2019, from 43% in 2018.

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