Megaworld Corp. said it intends to spend P30 billion to ramp up its office space portfolio to 20 million square meters (sq.m.) by 2030.
Currently, the company has about 1.6 million sq.m. of leasable office space.
This makes Megaworld the “biggest office developer and lessor in the Philippines,” the company said in a statement on March 24.
“Megaworld has maintained its leadership status in the office market in Bonifacio Global City (BGC) with close to 900,000 square meters of office space in the entire district alone,” it added.
Megaworld said that of the pipeline projects, the new office developments will rise within Megaworld mixed-use communities in Bulacan, Pampanga, Bacolod, Iloilo, Cebu, Davao, Metro Manila and new growth areas where it will build its “townships.”
Megaworld said all these office developments will be Leadership in Energy and Environmental Design (LEED)-registered and certified, and packed with sustainability features and several new amenities.
LEED is a green building certification.
“We are optimistic about the office sector in the Philippines, particularly as more international companies continue to come in, either to establish their presence or expand their operations here. We see a significant spike in demand for office spaces, not just among BPO (business process outsourcing) companies, but even from traditional tenants as well,” said Kevin Tan, Megaworld executive vice president and chief strategy officer.
Tan noted Megaworld has opened office towers with a gross leasable area of 60,000 sq.m. in its provincial townships, which include Enterprise One in Iloilo Business Park, No. 1 Upper East in The Upper East Bacolod, and Pasudeco Tower in Capital Town Pampanga.
Within the year, the company is opening another 50,000 sq.m. of office inventory, particularly in Bacolod, Iloilo, and Cebu, Tan said.
“The new office towers will highlight our continuing thrust towards embracing sustainability. We have been putting greater emphasis on this aspect of our business. This is part of our commitment to become more mindful about how we can help protect and preserve the environment together with our tenant partners,” added Lourdes Gutierrez-Alfonso, Megaworld president.
In 2024, Megaworld announced that it aims to have 2,000,000 square meters of gross leasable office space by 2030. Currently, the company has about 1.6 million square meters of leasable office space in its portfolio, making it the biggest office developer and lessor in the Philippines.
