Philippines Real Estate Report Q4 2014

  • October 2014
  • -
  • Business Monitor International
  • -
  • 77 pages

BMI View:
The Philippines' commercial real estate sector is well placed for long-term growth, with demand driven by a rapidly-expanding services sector and a growing and increasingly mobile population. While less developed than other property markets in South East Asia, the Philippines' commercial real estate sector is enjoying a sustained period of expansion, with a number of factors helping the sector to close the gap on more mature markets in the region. These trends include high levels of growth across the Philippine economy. In particular, we note the rapid expansion of the services sector as the country establishes itself as a leading base for business process outsourcing (BPO). Industry association IBPAP is forecasting that the industry will make revenues of USD25bn by 2016, employing a rising number of Filipinos. The success of the industry will have a direct impact on the strength of the office real estate market, as well as indirectly on the retail market.

Other positives for the commercial real estate market include stable monetary policy, increasingly close regional economic links as well as growing numbers of tourists and remittances from Filipinos working abroad. These should boost demand for commercial space across the real estate sub-sectors we cover: office, retail and industrial.

Table Of Contents

Philippines Real Estate Report Q4 2014
BMI Industry View ... 7
SWOT ..... 9
Political 11
Business Environment 12
Economic .... 13
Industry Forecast .. 14
Office .. 16
Table: Forecast Office Rents, 2014-2015 (USD per square metre per month) 17
Table: Short-Term Office Net Yields, 2014-2015 (%) . . 17
Table: Long-Term Office Net Yields, 2010-2018 (%) . . 18
Retail .. 18
Table: Forecast Retail Rents, 2014-2015 (USD per sq m per month) . 19
Table: Short-Term Retail Net Yields, 2014-2015 (%) . . 20
Table: Long-Term Retail Net Yields, 2010-2018 (%) 20
Industrial ... 20
Table: Forecast Industrial Rents, 2014-2015 (USD per sq m per month) 20
Table: Short-Term Industrial Net Yields, 2014-2015 (%) . 21
Table: Long-Term Industrial Net Yields, 2010-2018 (%) . 21
Construction And Infrastructure Forecast Scenario .... 22
Table: Construction And Infrastructure Industry Data (Philippines 2012-2017) . 22
Table: Construction And Infrastructure Industry Data (Philippines 2018-2023) . 23
Macroeconomic Forecasts ..... 30
Economic Analysis .... 30
Remittances To Remain Supportive Of Private Consumption Growth ... 31
Modest Export Rebound On The Cards . 32
Investment To Recover Amid Rising Business Confidence 33
Rebuilding Efforts To Spur Government Spending .... 34
Risks To Outlook ..... 34
Table: Economic Activity (Philippines 2009-2018) . 34
Industry Risk Reward Ratings 35
Asia - Risk/Reward Ratings ..... 35
Table: Asia - Real Estate Risk/Reward Ratings . . 35
Philippines - Risk/Reward Ratings .. 36
Rewards .... 36
Risks ... 36
Market Overview ... 38
Office ... 43
Table: Historical Rental Costs, 2012-2014 (USD per square metre per month) . . 44
Table: Historical Net Yields, 2012-2014 (%) . . 44
Table: Terms Of Rental Contract/Leases, H213 . . 45
Retail ... 46
Table: Historical Rental Costs, 2012-2014 (USD per square metre per month) . . 48
Table: Historical Net Yields, 2012-2014 (%) . . 48
Table: Terms Of Rental Contract/Leases, H213 . . 49
Industrial .... 50
Table: Historical Rental Costs, 2012-2014 (USD per square metre per month) . . 52
Table: Historical Net Yields, 2012-2014 (%) . . 52
Table: Terms Of Rental Contract/Leases, H213 . . 53
Competitive Landscape .... 54
Office .. 55
Retail .. 56
Industrial ... 56
Construction .... 57
Company Profile .... 58
Ayala Land .. 58
Filinvest Land Incorporated .... 62
First Balfour Inc . 64
Robinsons Land Corporation ... 66
Demographic Forecast ..... 69
Demographic Outlook 69
Table: The Philippines' Population By Age Group, 1990-2020 ('000) 70
Table: The Philippines' Population By Age Group, 1990-2020 (% of total) 71
Table: The Philippines' Key Population Ratios, 1990-2020 . 72
Table: The Philippines' Rural And Urban Population, 1990-2020 . 72
Methodology .... 73
Industry Forecast Methodology .... 73
Sources ..... 74
Risk/Reward Ratings Methodology 75
Table: Real Estate Risk/Reward Ratings Indicators . 76
Table: Weighting Of Indicators . 77

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