From a farming village, Alabang has been groomed into a booming commercial center in the south after its development in the late '90s. High-end real estate projects in the area such as the Alabang Commercial Center and Filinvest City helped shape it into a business district. With a good number of shopping centers in the area such as the Festival Supermall, Alabang Town Center, SM Southemall, Starmall Alabang, and other easy-access retail outlets on the pipeline including Southpark Alabang, it has also been a prime urban shopping spot. The Asian Hospital and Medical Center, a top-class medical facility in Muntinlupa, and the establishment of several hotels in the area made this an essential commercial district and emerging business center. Aside from being a prime residential area in Muntinlupa, Alabang has also been home to many business establishments, including commercial and industrial outlets. Local and foreign companies have set up offices in the area. With its continuous development as a commercial center, Alabang is considered a top alternative for other crowded business districts in Metro Manila, increasing the demand for office and commercial spaces and prompting the development of business centers over the years.
A thriving business center in the south of the metropolis
Alabang isn't only home to shopping centers and an upscale residential village but also to a good number of office buildings and business centers in the south such as the Northgate Cyberzone, Madrigal Business Park, Insular Life Towers, and PEZA-accredited buildings. Class A to class C office and commercial spaces are available in several properties such as the NOL Towers Alabang, YL Alabang Building, Vector One, and Vector Two. Flexible workplace solutions such as full-serviced offices and seat rentals are offered in the various IT parks and business centers here, making it an ideal location for call centers, IT firms, and BPO companies.
Office market rates in Alabang
The office market in Alabang falls under the same trend as with the rest of the business districts in the metropolis. There's been a marked slowdown in the office take-up, particularly of premium and grade A office spaces because of limited new supply, some of which are still on the pipeline. Office rentals in Alabang are expecting the same decline. The average rental rate for the second quarter of 2015 is at Php602.4 per square meter/month, marking a 0.2% growth, while the vacancy rate is at 14.1%.