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Office completions outside Metro Manila are steadily increasing as the supply picks up in the country's key metropolitans. KMC Savills Research shows that there is a significant increase in office stock in both Pampanga and Iloilo City in the coming years.
Pampanga expects to have a total of 277,363 sq m of new office stock by 2019 yearend. This is a promising leap from the recorded 254,131 sqm available office spaces in the city during the 3Q of 2018.
By 2019, its most prolific contributor remains to be Clark as it looks to house 69,105 sq m of the new office stock. Research Manager Fredrick Rara reports that other key cities, Angeles and Mabalacat trails behind with 42,204 sqm and 10,583 sq m of office spaces, respectively.
"San Fernando is also showing great potential as it looks to complete a total of 10,002 sqm of office spaces," Rarasaid.
Pampanga is also building premium spaces as it aims to complete 79,107 sqm of Grade A offices. Clark's AeroPark Campus Building 3 is now currently under construction while the Clark Mimosa Building 2 is facing its completion by 4Q 2018.
In the Visayas, Iloilo continues to lead the fold with a 101,418 sq m of office stock this quarter. The booming metro expects to complete a total of 142,515 sq m of office spaces by the end of 2019.
KMC Savills also reports that majority of the Iloilo office stock is still located in Mandurriao. Rara elaborates that the said Iloilo district currently houses 79,620 sq m of office spaces. Data shows that at last quarter of 2018, it will add 22,500 sqm of offices to the current stock.
The big increase in Mandurriao comes from the influx of building completions in the area. By the yearend of 2019, 132,265 sq m of Grade A office spaces will be available. This includes Festive Walk Tower 1 and 2, and the Strata Tower 1 which will be completed this year.
The Iloilo Business Park is also a big contributor as it aims to complete Two TechnoPlace Tower A and B and Megaworld 808 on 2019. The Iloilo TechnoHub 2 will also rise in Atria Park by 2Q 2019.
However, these impressive completions in Iloilo are currently concentrated in the said location. "There will be no other office completions in Iloilo's city proper and La Paz," Rara clarified.