We are pleased to share that our property market reports for the 3rd quarter of 2020 are now available. Read key updates on the Philippine property, covering office, residential and retail sectors and our data-supported recommendations to industry stakeholders.
Rationalizing the Office: Strategies for Landlords and Occupants during the pandemic
Traditional offices remain key accelerators of collaboration and corporate culture as firms rationalize space requirements
We continue to see a challenging market. POGOs have been vacating space while some traditional and outsourcing firms have either closed shop or are rationalizing their footprint with remote working in the short- to medium term.
Due to the lockdown-induced construction delays, we see 2020 supply dropping by 64% compared to our initial forecast.
We recommend that landlords: aggressively offer vacated PEZA space to outsourcing tenants and demonstrate the value a traditional office brings to promoting corporate culture and collaboration.
Firms should focus on a longer-term adoption of remote working and hub-and-spoke model to complement their traditional headquarters office set-up.
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Prospects for post-pandemic recovery after a period of uncertainty
Sluggish office market stifles residential growth as some economic indicators point to a glimmer of recovery
Residential sales and leasing are adversely affected by a lackluster office market. The condominium segment is also reeling from subdued business and consumer confidence.
Colliers retains its earlier forecast of price and rental correction in 2020, albeit at a softer pace for price as completion has been delayed by the lockdown.
Meanwhile, economic data point to some recovery in 2021. To prepare for the anticipated rebound, Colliers recommends that developers continue offering flexible payment terms; maximize property technology platforms; and monitor popular price segments and locations for condominium pre-selling such as mid-income and upscale.
Meanwhile, buyers and renters should be on the lookout for units being offered at larger discounts.
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Reshaping Metro Manila Retail Landscape
Mall operators and retailers respond to pandemic-induced interruptions as consumer traffic remains sporadic
The pandemic has caused a significant interruption to the long run of growth of the Philippines’ consumer-driven economy, severely affecting mall operators and retailers. Colliers believes that the COVID-19-induced interruptions have altered the immediacy in which retailers must innovate to remain relevant.
Aside from complying with health measures and social distancing protocols mandated by the government, mall operators should also monitor changes in households’ spending patterns, repurpose vacant mall space, and continue providing concession to struggling tenants.
Retailers, on the other hand, should aggressively differentiate by tapping technological advantages and pursuing omnichannel strategies.
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