Demand for office space in Makati and other commercial districts from non-BPO companies doubled last year, adding to the list of top users of new offices still dominated by BPOs.
Consumer and manufacturing firms that are in growth mode took up 183,056 sqm of new offices offered in 2018, according to a study by real estate services firm Leechiu Property Consultants. BPO and related companies remained dominant users, taking up 357,999 sqm or 40 percent of the total.
“That kind of demand clearly demonstrates how our economy is growing,” said Kei Tiu Laurel-de Jesus, managing director of Frabelle Properties Corp., developer of the high-end, 16-story Frabelle Corporate Plaza in Makati’s Salcedo Village.
Due for completion in September, Frabelle Corporate Plaza is attracting inquiries from firms currently benefiting from the Philippines’ sustained growth and seeking the conveniences of doing business from Makati, the country’s prime business district.
Tailored for occupiers seeking privacy, the building will only devote eight floors for offices with a typical floor plate of 835 sqm and boasting of 83 percent efficiency. The rest of the building will be dedicated to a parking, a top floor with an events hall that can seat up to 95 people and ground floor retail area.
Its ground floor was conceptualized to enhance the street-level retail experience of Salcedo Village which is beginning to approximate the activity at Manhattan’s Soho area. Local chefs, homegrown enterprises and brands have expressed interest in occupying the building’s street level, according to Tiu Laurel-de Jesus.
The building with a LEED silver certification and multiple telco providers is located on Tordesillas Street corner Bautista Street, a short stroll from the Salcedo Park.
The quiet neighborhood with many residential buildings also offers a quick route into and out of the Makati Business District to Mandaluyong via Sen. Gil Puyat then Makati Avenue. The southbound portion of Sen. Gil Puyat is also a short drive to the South Luzon Expressway.
The Frabelle Group, FPC’s holding company and one of the country’s largest fishing and food companies, will also be occupying space in the building.
The 52-year-old enterprise recognizes the advantages of being present in the financial capital of the country including Makati’s accessibility to the company’s wide base of stakeholders. In fact, it will be a frequent user of the building’s events hall, Tiu Laurel-de Jesus said.
Leechiu Properties pointed out that Frabelle Corporate Plaza will be among the few top-end buildings to offer space this year in the business district which has the lowest vacancy rate in the country. Prime office towers offering exclusivity and efficiency are hard to come by in Makati, according to Jeff Ocampo, senior manager of LPC.
Being a LEED-certified building, it will highlight energy-saving features such as VRF air-conditioning. It will also offer four elevators, generous parking and 100 percent backup power, among the many amenities required by expanding companies.