In line with its thrust to be one of the leading research institutions in Philippine real estate, KMC MAG Group, Inc. has released the first quarter real estate market reports for the major central business districts in the country for 2013. Published were five reports including research findings on the CBDs of Bonifacio Global City, Makati and Ortigas Center as well as up and coming CBDs Cebu and Clark.
In the previous year, Bonifacio Global City land values were seen to rise by a staggering 28.1% given the high demand for the decreasing supply of office space in the area. The CBD's vacancy rate for the first quarter of the year were at 3.6% however this figure is still expected to rise to 5% by the end of 2013 due to the numerous new developments in the area nearing completion. In Makati City, the city with the highest concentration of the country's commercial establishments, land values rose by 5% in the previous year and is forecast to increase another 5% over 2013. Vacancy rates remained low at 3.48% indicating that the there is still a high demand for office space within the city. Ortigas Center on the other hand has posted a slightly lower land value increase at 4% from the previous year and also expects an increase of 4% in 2013.
Reports were also released for CBDs outside Metropolitan Manila. While most business only look towards the main CBDs, KMC MAG Group realizes the high potential for growth in CBDs outside the metro. Cebu is one of the most promising CBDs outside of Manila being a major gateway for commerce, trade, and industry between the north and south islands of the country. Real estate in Cebu grew at a rate of 18.8% in the previous year making it one of the fastest growing areas for real estate in the country. The area is also becoming the second largest hub for BPO and IT companies in the nation. Clark, on the other hand is situated near many of Southeast-Asia's major economies making it a strategic location for BPOs and IT companies servicing foreign clients. Clark is one of the newest developments in the country and may well be the next major business district outside of the Metro Manila.
For the complete version of the 2013 First Quarter Philippine Real Estate Market Reports, visit the website's Research Section.