Greenlight! Real Estate Developments to Watch Out for this 2024

Despite a slower global outlook, the Philippine economy stands out as it is steadily on the rise and is expected to lead growth in the Southeast Asia region. According to the Asia Development Bank, the country’s gross domestic product (GDP) is expected to be at 6.2% and a low inflation rate at 2-4. In the real estate market, we can expect the completion of several commercial development projects across Metro Manila, opening the opportunity for more companies to expand their presence in the country.

2024 is the year to make the move to newer heights! If you are looking for new office spaces for lease in Metro Manila, here’s a list of upcoming office building developments to watch out for this 2024.

Spectrum BPO

Spectrum BPO is a 16-story office building located in the Alabang central business district. It has a gross leasable area of 15,960 sq m and is set for completion by the first quarter of 2024.

Ice Tower

Ice Tower is a residential – office building ideal for entrepreneurs who are looking for a flexible space to work and live in. This building has a gross leasable area of 24,805.2 sq m and is targeted for completion by the first quarter of 2024.

Sennett Corporate Center

Sennett Corporate Center is a commercial building located in Bonifacio Global City, Taguig. It will have a gross leasable area of 1,152 sq m and is targeted for completion by 1Q 2024.

International Finance Center

The International Finance Center is a 23-story premium office building located along 11th street in Bonifacio Global City. Once completed, it will have a gross leasable area of 63,632.7 sq m and is targeted for completion by the first quarter of 2024.

Uptown Eastgate

Uptown Eastgate is a 31-story premium office tower developed by Megaworld Corporation. This upcoming development is interconnected with its 27-story twin tower featuring a ground floor commercial area connecting both towers. Uptown Eastgate will have a gross leasable area of 105,325.1 sq m and is set for completion by the first quarter of 2024.

MJ Fort Tower

MJ Fort Tower is an upcoming 19-story commercial office building located at Bonifacio Global City (BGC). It will have a gross leasable area of 8,155.7 sq m and is targeted for completion by the first quarter of 2024.

One Ayala South Tower

The One Ayala South Tower is a mixed-use development that features a variety of commercial spaces, office spaces, a condominium, and a transportation hub. The building has a gross leasable area of 13,230.4 sq m and is set for completion by the first quarter of 2024.

Filinvest Buendia

Filinvest Buendia is an office building located along Sen. Gil Puyat Avenue in the Makati Fringe. It has a gross leasable area of 10,668.4 sq m and is set for completion by the first quarter of 2024.

Altaire

The Altaire building is an upcoming premium office building in Makati. It is Innoland’s first office building in Makati and will have a gross leasable area of 65,982. This development is targeted for completion by the first quarter of 2024.

One Filinvest

One Filinvest is a 34-story office building in the Ortigas Center of Pasig City. It is designed to be a premium office building ready to cater to traditional offices and Business Process Outsourcing (BPO) offices. One Filinvest has a gross leasable area of 39,697.5 sq m and is targeted for completion by the first quarter of 2024.

Exchange Square Center

The Exchange Square Center is an upcoming office building in Ortigas Center, Pasig City. It has a gross leasable area of 48,223.4 sq m and is targeted for completion by the first quarter of 2024.

SM North Edsa Tower 3

SM North Edsa Tower 3 is the 3rd out of the 5 SM North Edsa office buildings. It is a 21-story mixed-use development featuring office, retail and parking spaces. The building has a gross leasable area of 31,440 sq m and is targeted for completion by the first quarter of 2024.

GBF Center 2

GBF Center 2 is an upcoming office building developed by Robinsons Land Corporation. It is a grade-A, 30-story office building at the C5 Corridor of Quezon City. The building will have a gross leasable area of 60,190.7 sq m upon completion and is expected to be finished by the second quarter of 2024.

The Gentry Corporate Plaza

The Gentry Corporate Plaza is an upcoming office building developed by Alveo Land. This building is located in the Makati Central Business district and will have a gross leasable area of 27,014 sq m. It is targeted for completion by the 2nd quarter of 2024.

Office Market Summary

KMC Savills Research Team reports that most of the upcoming office supply for 2024 will come from the upper part of the Bonifacio Central Business District. This is followed by the Makati CBD with two upcoming buildings this year with the rest of the buildings for redevelopment to be completed by 2027 and beyond. The Alabang CBD and the Bay Area CBD both see only 1 building set to complete this year. While the Quezon City CBD does not have any new office supply since 2020, the district sees one office building set to finish this year.

Get the latest information about the Metro Manila Office Market! For an in-depth look into the country’s property market, contact the KMC Savills Research and Consultancy team here or send us an email at [email protected].