Real estate professionals often cite Makati as the top location choice for multinationals and start-ups moving to the Philippines and Bonifacio Global City as the most active CBD for both residential and commercial developments, leaving Ortigas behind.
Though often overlooked, the bustling 100-hectare Ortigas Center CBD is very attractive to investors due to its top-grade office space that suits companies from all sectors. This is why it remains as the second largest central business district in the country, home to major international organizations and traditional local firms such as Asian Development Bank, San Miguel Corporation, Robinsons Land, and other world-class hotels and buildings.
Ortigas also houses top Philippine schools and universities such as University of Asia and the Pacific, Saint Pedro Poveda College, and Ateneo de Manila University's School of Medicine and Public Health.
Low vacancy and rental rates
Aside from its top-grade office space, Ortigas is also a top choice among companies because of its low vacancy and rental rates.
Among Manila's top 3 CBDs, Ortigas offers the lowest rental rates for Grade A and Grade B spaces. For Grade A space, Ortigas rental rates range from Php 518 to Php 750, with a more than 30% difference from BGC's Php 708 to Php 1000 and Makati's Php 733 to Php 1,200. For landlords, or for those planning to be one, Ortigas would be a viable investment as it has a low vacancy rate of 3.6%, a lower rate compared to BGC's 9% and Makati's 7%.
Access to labor force
Unlike BGC that offers limited accessibility and Makati, which is more accessible to labor from the south, Ortigas is ideally located along the borders of Metro Manila's major cities and is close both to EDSA and the central part of C-5. It is very accessible to talent from the east (Marikina, Pasig, Mandaluyong), from the north (Quezon City), and from the south (Parañaque, Taguig, and Makati). This matters especially for BPOs with irregular work hours as most talents choose a company based on its proximity to their homes. With the industry's tight competition for talent, proximity and accessibility are important factors that make Ortigas even more attractive to BPOs and KPOs.
With Makati and BGC's tight inventories of available stock, Ortigas offers the perfect opportunity for companies to secure office space in the country. The city has an upcoming 80,000 sqms of space once Robinsons Cyberscape Alpha, Robinsons Cyberscape Beta, and 45 San Miguel Avenue Building are completed on the first quarter of 2014. Rockwell Business Center Tower will also add new stock during its turnover on July 2014.