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The Ortigas central business district has been modernizing with the introduction of new office Grade A office buildings. As one of the larger business districts in Metro Manila, it is one of the top business and retail hubs in the country containing the largest shopping malls, government agencies, and houses many multinational headquarters.
The Philippine Economic Zone Authority (PEZA) has approved many buildings in Ortigas as a special economic zone. There is a total of 34 PEZA accredited buildings in the said business area, granting businesses tax incentives and income tax holidays.
Ortigas Office Market Performance in 2018
Data shows that vacancies continued to decrease at 2.5% of office stock during the second quarter of the year. Ortigas CBD welcomed new supply provided by Robinsons Cyberscape Gamma which added another 43,300 square meters of office space.
Rental growth recovered and is now pegged at 3.2% YoY. The vacancy is still expected to remain low especially after the impressive pre-leasing performance in Robinsons Cyberscape Gamma. Following this pattern, the Ortigas CBD will soon cater to more Grade A and premium offices.
The development pipeline includes the premium offices: The Podium West Tower, Jollibee Tower, and GLAS Tower. These additional premium office buildings will improve the quality of stock over the next 12 months as they're handed over. This additional premium office buildings will improve the quality of stock over the next 12 months.
Doing business in Ortigas
Ortigas is strategically located at the center of three major cities in the National Capital Region: Pasig, Mandaluyong and Quezon City. The CBD continues to be one of the top business locations for both local and foreign multinationals, companies, and government agencies.
Accessibility is not a problem since Ortigas carries a large transportation hub in the metro. The rental rates in the city are competitive and slightly more affordable for starting businesses or tech startups.
Ortigas is also reasonably advanced in terms of facilities and equipped with IT-BPO amenities. Plug-and-play coworking spaces are also growing and are being offered in the city for small to medium enterprises and other new market entrants.
KMC Solutions, the largest flexible workspace provider in the Philippines, has also expanded their operations in the area as well as The Loft and Common Grounds. These spaces are strategically located in the main business areas of Meralco Avenue, Pearl Drive, and ADB Avenue.
For any Ortigas office space needs, contact us at 403-5519 or email [email protected].