Research & Forecast Report Philippines 3Q 2014
Manufacturing, real estate lead economic expansion The Philippine economy relied on a strong manufacturing sector to grow by 6.4% YoY in 2Q 2014. The real estate sector was also identified as a vital contributor, expanding by 8.9%, while exports sustained its double digit growth for the second straight quarter. In addition, domestic consumption remained strong despite higher inflation rates. To avoid any overheating, the government, through the Central Bank, has identified key measures to be implemented in the next six to nine months.
Office
Accelerating success.
Residential Two new projects were completed in 3Q2014, adding in 1,297 units to inventory. An average of 9,000 units will be delivered in the next three years, with the majority of the units located in the Makati CBD, Fort Bonifacio, and Ortigas Center. Residential vacancy in the Makati CBD decreased drastically due to strong take-up across all grades and unit types. Despite high occupancy in the area, rental rates grew modestly in the period.
Retail Approximately 56,000 sq m of retail space was completed in the last six months, bringing the total retail stock in Metro Manila to 5.8 million sq m. An additional 167,000 sq m is slated for delivery by year-end. The two largest developers, SM Prime Holdings and Ayala Land, are expected to lead retail supply delivery until 2017, through their new and expansion projects. Vacancy in major malls increased but is expected to decline due to pre-commitments from local and foreign retailers.
Five office buildings were delivered this quarter, 80% of which are located in Quezon City. By year end, an additional 200,000 sq m of office space will be delivered, meeting the forecast supply of 480,000 sq m. Real estate developers are optimistic, with close to 1 million sq m of office space slated for delivery in the next two years. Meanwhile, overall vacancy in the Makati CBD declined due to sustained strong office demand. As a result, office rents across all grades increased 2 - 3% this quarter.
Market Indicators OFFICE RESIDENTIAL RETAIL
Economic Growth Indicators Economic Indicators 2007
2008
2009
2010
2011
2012
2013
1Q14
2Q14
Gross National Product
6.10
6.00
6.50
8.40
3.20
6.40
7.50
7.20
7.30
Gross Domestic Producta
6.60
4.20
1.10
7.60
3.90
6.80
7.20
5.60
6.40
Personal Consumption Expenditure
4.60
3.70
2.30
3.40
6.10
6.60
5.70
5.90
5.30
Gov’t. Expenditure
6.90
0.30
10.90
4.00
1.00
15.50
7.70
1.90
0.00
Capital Formation
(0.50)
23.40
(8.70)
31.60
8.10
(5.30)
29.90
9.50
(2.40)
Exports
6.70
(2.70)
(7.80)
21.00
(4.20)
8.50
(1.10)
13.50
10.30
Imports
1.70
1.60
(8.10)
22.50
0.20
4.90
5.40
10.10
1.40 3.60
AHFF
4.70
3.20
(0.70)
(0.20)
2.70
2.80
1.10
0.90
Industry
5.80
4.80
(1.90)
11.60
2.30
7.30
9.30
5.30
7.80
Services
7.60
4.00
3.40
7.20
5.10
7.40
7.20
6.80
6.00
b
2.90
8.30
4.10
3.90
4.60
3.20
3.00
4.10
4.30
(12.40)
(68.10)
(298.50)
(314.40)
(197.70)
(242.80)
(164.10)
(84.10)
30.10
PHP:US$ (Average)
46.10
44.70
47.60
45.10
43.31
42.09
42.45
44.87
44.12
Average 91-Day T-Bill Rates (%)
3.40
5.20
4.00
3.70
1.37
1.58
0.32
1.05
1.27
Average Inflationc Budget Deficit (PHP billion)
Source: Philippine Statistics Authority, Bangko Sentral ng Pilipinas, Bureau of Treasury b
Economy rebounds, grows by 6.4% The Philippine economy rallied in the second quarter, growing by 6.4%, as favorable economic conditions supported the manufacturing sector (+10.8%). The private sector contributed more to the growth as the Philippine Statistical Authority reported flat growth in government spending, from the 12.1% growth reported during the same period last year. Nonetheless, the country’s GDP growth was the highest in Southeast Asia, at par with Malaysia (6.4%), and ahead of Vietnam (5.3%), Indonesia (5.1%), Singapore (2.1%), and Thailand (0.4%). The services sector also contributed to the growth story, particularly real estate, renting, and business activities (+8.9%), trade (+6.6%), and transport, storage and communications (+6.3%). Exports grew in double digits (+10.3%) for the second straight quarter, owing to exports of electronic components, articles of apparel, and services. In addition, domestic consumption expanded (+5.3%) despite the quarterly inflation rate (4.3%) reaching its highest level since 2Q 2011. Consumption continued to be driven by increasing OFW remittances (+5.8% YoY) and low lending rates (4.4 - 6.9%), despite the Central Bank’s move to raise its policy rates by 50 basis points in a span of three months. The adjustments were made to curb possible upticks in prices across all goods and services, with the aim of managing inflationary expectations in the next two years.
The government, through the Central Bank, has been more involved in crafting preemptive measures to avoid any overheating in the real estate market. In July, the Central Bank implemented the real estate stress test for commercial banks. The policy mandates commercial banks to provide adequate capital requirements, in light of increasing exposures to real estate loans. This ensures the capability of the banks in absorbing risks in the event of a shock in their real estate exposures. Lastly, the Bank is slated to release its real estate price index by 2015, in an effort to avoid possible asset bubbles by monitoring real estate prices.
OFW Remittancesa
Source: Bangko Sentral ng Pilipinas
2
at constant 2000 prices Agriculture, Hunting, Forestry, Fishing c at constant 2006 prices a
Research & Forecast Report | 3Q 2014 | Philippines | Colliers International
a
as of August 2014
Land values reach peak after record transactions Land values have now, after 17 years, exceeded their previous 1997 peak. The Government Service Insurance System (GSIS), sold its two lots in Fort Bonifacio, with land areas of 1,600 sq m each, to Focus Palantir, Inc. and Goldenwill, Inc. The former won the bidding for the first lot with a price of PHP500,000 per sq m while the latter won the second lot for PHP458,000 per sq m. Meanwhile, Ayala Land, Inc. bought the abandoned JAKA Tower in the Makati CBD for an undisclosed sum, the price range of which was speculated to be between PHP500,000 and PHP560,000 per sq m. As a result, average prices in the Makati CBD and Fort Bonifacio appreciated by 18.7 and 38.2%, respectively. On the other hand, Ortigas Center land values grew by 3.1% QoQ to PHP154,000 per sq m. Land values are estimated to grow between 6.5 and 8.5% in the next 12 months, citing lack of available land assets while investors and developers continue to scout in these areas.
Land Values 600,000 500,000 400,000 300,000 200,000 100,000 0
Source: Colliers International Philippines Research
Comparative Land Values (Php / sqm) LOCATION
2Q 2014
Makati CBD
340,085 - 392,765
3Q 2014
310,000 - 560,000
% CHANGE (QoQ)
3Q 2015 F
18.71
% CHANGE (YoY)
373,440 - 599,650
7.52
Ortigas Center
113,570 - 185,160
118,000 - 190,000
3.10
127,725 - 201,165
6.78
Fort Bonifacio
220,070 - 322,510
250,000 - 500,000
38.23
260,150 - 547,610
7.70
Source: Colliers International Philippines Research
HLURB Licenses
Residential licenses record flat growth; Mid-income housing improves Total licenses to sell issued by the Housing and Land Use Regulatory Board amounted to 256,410 units from January to August 2014, 47.9% higher than the same period last year. The surge in licenses was brought about by the 200% increase in memorial park applications, which saw a resurgence after a year of stagnant growth. A strong industrial sector also led to an 87.0% increase in industrial subdivisions. Meanwhile, the number of residential licenses applied for was virtually stable during the period, growing by a meager 0.3%. Out of the four segments, only Mid-Income housing improved markedly. Highrise residential applications increased slightly by 4.4%, to 51,260 units.
Source: Housing and Land Use Regulatory Board
HLURB Licenses to Sell JAN - AUG '13
JAN - AUG '14
Socialized Housing
SEGMENT
28,184
26,845
-4.8
Low Cost Housing
36,657
34,007
-7.2
Mid Income Housing
16,445
18,702
13.7
High Rise Residential
49,108
51,260
4.4
1,458
1,732
18.8
41,106
23,446
200.3
Industrial Subdivision
108
202
87.0
Commercial Subdivision
262
216
-17.6
173,328
256,410
47.9
Commercial Condominium
% CHANGE YoY
Farm Lot Memorial Park
Total (Philippines) Source: Housing and Land Use Regulatory Board
3
Research & Forecast Report | 3Q 2014 | Philippines | Colliers International
Office Office supply remains on target, to reach 480,000 sq m by year end Five office buildings amounting to 68,000 sq m were completed in 3Q 2014, four of which are located in Quezon City. These are Fairview Terraces BPO Office (8,300 sq m), UP Ayala Technohub Buildings N and O (19,300 sq m) by Ayala Land, Inc., and Spark Place (20,800 sq m) by Greenasia Resources Corporation. Panorama Tower in Fort Bonifacio (15,900 sq m) by Panorama Development Corporation was the lone building completed outside of Quezon City. Close to 280,000 sq m of office space has already been delivered this year, with an additional 200,000 sqm slated for completion in 4Q 2014. Real estate developers remain bullish due to strong demand from both BPO and traditional office takers. Colliers revised its 2016 supply forecast to include recent project announcements by Federal Land, Filinvest, and Megaworld. The first two companies will construct BPO offices in Pasay City along Diosdado Macapagal Avenue, while the latter plans to build offices in Newport City and Las Pinas City. With the recent announcement of Tholons, a global outsourcing advisory firm, that the BPO industry can become a USD48 billion industry by 2020, the outlook of the market in the medium term is expected to be positive. For the next five years, an average of 420,000 sq m of office space is expected to be introduced every year primarily to address the requirements of the BPO industry.
Makati CBD vs. Metro Manila Office Stock
Source: Colliers International Philippines Research
Makati CBD sustains strong office demand despite limited space Continued strong demand for office space reduced the overall vacancy rate in the Makati CBD to 1.9%. All office grades experienced a decline, with Premium increasing its occupancy to 99.8%, as the last remaining spaces in Zuellig Building amounting to 1,000 sq m were finally taken up. Grade B office space remains preferred in the area as it reached its lowest vacancy since 1997, at 0.7%. On the other hand, the ongoing unavailability of Alphaland Makati Tower is responsible for Grade A vacancy of 6.7%. Colliers predicts that overall vacancy in the next twelve months will decline further to 1.6%, similar to the pre-Asian financial crisis levels.
Makati CBD Comparative Office Vacancy Rates (%) 2Q 2014
3Q 2014
3Q 2015F
Premium
0.56
0.21
0.11
Grade A
6.79
6.74
5.92
Grade B & Below
1.01
0.74
0.60
All Grades
2.14
1.90
1.62
Source: Colliers International Philippines Research
Forecast New Office Supply (Net Usable Area) LOCATION
Makati CBD
END OF 2013*
2014F
2015F
2016F
TOTAL
2,827,865
22,802
-
1,160,350
125,999
75,072
17,378
1,378,799
Fort Bonifacio
929,810
69,529
133,050
250,783
1,383,172
Eastwood
300,264
-
-
-
300,264
Alabang
305,707
75,956
-
16,200
397,863
Ortigas
-
2,850,668
Other Locations**
1,027,220
187,702
268,486
280,453
1,763,861
Total
6,551,217
481,988
476,608
564,814
8,074,627
Source: Colliers International Philippines Research
4
**
* revised figures Manila, Pasay, Mandaluyong, Quezon City and other fringe locations
Research & Forecast Report | 3Q 2014 | Philippines | Colliers International
Office rents record slower growth
Makati CBD Office Supply and Demand
Rental rates in the Makati CBD continued to grow, albeit at a slower pace compared to the previous quarter. Premium office rates ranged between PHP970 and 1,280 per month, increasing by 2.3% QoQ, as a result of the transactions made in Zuellig Building and Tower One and Exchange Plaza. Average rates in Grade A offices stood at PHP840 per sq m per month. Meanwhile, a scarcity of Grade B offices caused a 2.9% QoQ increase in rents, averaging PHP633 per sq m per month. Rents are forecast to grow between 6.5 and 8.5% by next year due to sustained strong demand amid limited availability of office space in the area.
Source: Colliers International Philippines Research
Comparative Rental Rates (Php/sq m/month) Makati CBD (based on net usable area) GRADE
2Q 2014
3Q 2014
% CHANGE (QoQ)
3Q 2015F
% CHANGE (YoY)
Premium
930 - 1,270
970 - 1,280
2.27
1,030 - 1,370
Grade A
650 - 985
685 - 995
2.75
725 - 1,070
6.60 6.70
Grade B
515 - 715
530 - 735
2.85
515 - 800
8.09
Source: Colliers International Philippines Research
Makati CBD Office Capital Values
Capital values accelerate Capital values benefitted from a surge in land values this quarter. Premium office space yielded an average price of PHP149,305 per sq m, a 2.1% growth compared to the previous quarter. Grade A office space ranged between PHP80,240 and 112,420 per sq m, increasing by 2.6% QoQ, while average Grade B capital values accelerated by 3.6% QoQ, to PHP69,000 per sq m. Colliers forecasts that the effects of land value increases in the area will continue to affect capital values until next year, and are expected to grow between 6.8 and 8.5%.
Source: Colliers International Philippines Research
Comparative Office Capital Values (Php / sq m)
Source: Colliers International Philippines Research
Makati CBD (based on net usable area) GRADE
2Q 2014
3Q 2014
% CHANGE (QoQ)
Premium
141,680 - 150,885
144,335 - 154,280
2.07
153,495 - 166,830
7.27
Grade A
77,995 - 109,820
80,240 - 112,420
2.58
84,995 - 120,735
6.78
Grade B
55,800 - 77,390
58,000 - 80,000
3.61
62,045 - 87,190
8.14
Source: Colliers International Philippines Research
5
Research & Forecast Report | 3Q 2014 | Philippines | Colliers International
3Q 2015F
% CHANGE (YoY)
Residential Supply influx causes shift in strategy
Makati CBD Residential Stock
Delays in construction reduced the number of units expected to be delivered this year by 28.4%, from 7,746 to 5,546 units. Despite this, two projects were completed this quarter, adding 1,297 units in inventory. These were 8 Forbestown Road in Fort Bonifacio (537 units) and Twin Oaks Place West Tower (760 units) in Ortigas Center. An additional 2,038 units are expected for delivery by the end of the year. From 2015 to 2017, an average of 9,000 units will be turned over in the five major locations that Colliers monitors. After numerous project launches since 2011, developers have switched to a more conservative stance in introducing new projects in these locations. Apart from decreasing availability of land options, the influx of supply expected in the next few years induced a more selective atmosphere for developers when timing becomes more important to avoid saturation in the market.
Source: Colliers International Philippines Research
Forecast Residential New Supply LOCATION
Makati CBD Rockwell Fort Bonifacio Ortigas
END-2013
2014F
2015F
2016F
2017F
TOTAL
17,656
454
3,718
441
4,608
2,017
1,485
26,220
-
-
346
4,505
17,585 11,921
2,222
5,125
4,895
2,979
32,806
1,711
2,756
1,227
573
18,188
Eastwood
6,830
718
-
988
-
8,536
Total
57,710
5,546
12,489
9,127
5,383
90,255
Source: Colliers International Philippines Research
Makati CBD occupancy surges to 8.1% Overall residential vacancy in the Makati CBD declined by 250 basis points, reaching 8.1%. This was attributed to strong take-up in Grade A and Grade B projects, with occupancy increasing by 2.7% in this quarter alone. Premium residential vacancy also fell, posting a vacancy rate of 4.5%, 90 basis points lower than the previous quarter. Due to vibrant leasing activities in the area, the number of units available for sale drastically decreased during the period, signifying that owners decided to hold onto their units and made them available in the leasing market to realize yield potentials. The decline is only temporary, as Colliers forecasts a 2.6% jump in overall vacancy, from 8.1 to 10.7%, as close to 3,100 units are slated for delivery in the next twelve months.
Makati CBD Comparative Residential Vacancy Rates (%) 2Q 2014
3Q 2014
Luxury
5.25
4.54
Others
11.26
8.55
All Grades
10.60
8.10
Source: Colliers International Philippines Research
Makati CBD Residential Vacancy
Source: Colliers International Philippines Research
6
Research & Forecast Report | 3Q 2014 | Philippines | Colliers International
3Q 2015F
10.71 *
revised figures
Residential rents retain stable growth Residential rents in the Makati CBD saw quarterly growth of 1.1%; averaging PHP829 per sq m per month. This translates to an average monthly rent of PHP207,250 for a 250 sq m unit. Similar growth trends were observed in Rockwell and Fort Bonifacio. In Rockwell, residential rents ranged between PHP745 and 1,040 per sq m per month, increasing by 1.0% in 3Q 2014, while Fort Bonifacio posted the highest growth at 1.2%, resulting in an average rent of PHP834 per sq m per month. Colliers predicts rental growth in the three locations to be between 4.0 and 6.0% by next year, with Fort Bonifacio rents edging the Makati CBD rents by a few pesos.
Makati CBD, Rockwell, Fort Bonifacio Prime 3BR Units Residential Rents
Source: Colliers International Philippines Research
Metro Manila Residential Condominium Comparative Luxury 3BR Rental Rates (PHP / sq m / month) LOCATION
2Q 2014
3Q 2014
% CHANGE (QoQ)
3Q 2015F
%CHANGE (YoY)
4.98
Makati CBD
560 - 1,080
570 - 1,090
1.10
590 - 1,150
Rockwell
740 - 1,030
745 - 1,040
1.02
790 - 1,090
5.14
Fort Bonifacio
625 - 1,025
630 - 1,035
1.15
660 - 1,090
4.78
Source: Colliers International Philippines Research
Makati CBD Comparative Residential Lease Rates for Exclusive Villages (Php / month) 3BR - 4BR, Unfurnished to Semi-Furnished VILLAGE
LOW
Forbes Park
275,000
550,000
Dasmarinas Village
250,000
450,000
Urdaneta Village
200,000
450,000
Bel-air Village
130,000
300,000
100,000
280,000
100,000
200,000
75,000
250,000
San Lorenzo Village Magallanes Village Ayala Alabang Village
Source: Colliers International Philippines Research
7
HIGH
Research & Forecast Report | 3Q 2014 | Philippines | Colliers International
Comparative Residential Lease Rates (High-Rise) 3BR, Semi Furnished to Fully Furnished LOCATION
MINIMUM
AVERAGE
MAXIMUM
Apartment Ridge/Roxas Triangle Rental Range (Php/month) Average Size (sq m)
140,000
190,000
280,000
210
285
330
120,000
140,000
160,000
185
195
210
125,000
205,000
250,000
185
225
280
120,000
170,000
280,000
140
185
300
100,000
160,000
260,000
115
195
300
Salcedo Village Rental Range (Php/month) Average Size (sq m) Legaspi Village Rental Range (Php/month) Average Size (sq m) Rockwell Rental Range (Php/month) Average Size (sq m) Fort Bonifacio Rental Range (Php/month) Average Size (sq m) Source: Colliers International Philippines Research
Capital values appreciate faster than rents Residential capital value growth in premium locations accelerated due to rising land values. Values in the Makati CBD range between PHP98,000 and 187,500 per sq m, appreciating by 3.4% from the previous quarter. Rockwell experienced a similar increase, at 3.6% to PHP146,500 per sq m. Average values in Fort Bonifacio amounted to PHP139,000 per sq m, growing by 3.0% QoQ. Colliers expects capital values to grow faster than rents, between 5.0 and 7.0%, by next year as the current land values will cause adjustments in the values.
Capital Values
Source: Colliers International Philippines Research
Metro Manila Residential Condominium Comparative Luxury 3BR Capital Values (PHP / sqm) LOCATION
2Q 2014
3Q 2014
% CHANGE (QoQ)
3Q 2015F
% CHANGE (YoY)
Makati CBD
93,000 - 183,165
98,000 - 187,500
3.38
102,995 - 198,545
Rockwell
111,345 - 172,070
115,000 - 178,500
3.56
121,575 - 187,780
5.40
104,400 - 165,465
108,000 - 170,000
3.01
113,500 - 181,320
6.05
Fort Bonifacio
Source: Colliers International Philippines Research
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Research & Forecast Report | 3Q 2014 | Philippines | Colliers International
5.62
Retail SM, Ayala lead retail supply delivery until 2017
Renovations force increase in retail vacancy
Metro Manila retail stock reached 5.8 million sq m, increasing by close to 56,000 sq m due to three projects that were completed in the last six months. Among the projects delivered were Bonifacio Central Square (25,400 sq m) and Starmall Prima (20,600 sq m) in Taguig City, and Spark Place Retail (10,000 sq m) in Quezon City. Retail supply is expected to reach 413,000 sq m this year, with 60% already delivered as of 3Q 2014. If no delays are encountered, 2014 will be the year with the highest area of retail space delivered since 2006.
Vacancy rates in both super regional and regional malls increased to 2.6% in 3Q 2014, with a 97.4% occupancy rate from the 98.0% recorded in the previous quarter. Renovation activities were still ongoing in the majority of the malls surveyed, thereby forcing an increase in vacancy.
Major developers are pursuing construction of more retail spaces in Metro Manila due to increasing affluence of the typical Filipino consumer amid the entrance of more retail brands in the country. Close to 645,000 sq m of retail space is expected to be delivered from 2015 to 2017, with SM Prime Holdings, Inc., (SMPH) and Ayala Land delivering 72% of the retail supply. Ayala Land is at the forefront of retail space delivery in the next three years, as they target to complete 241,000 sq m of retail space in their mixed-use developments. A majority of their projects will follow a district center format, with the aim of priming the location by attracting foot traffic. The bulk of the delivery will be in 2017, when Circuit Mall (57,000 sq m), Vertis Mall (47,000 sq m), BGC West Block Retail (24,000 sq m), and Circuit Lane (10,000 sq m) will be completed. Not to be left behind is SMPH, with close to 225,000 sq m of retail space expected for delivery. They recently announced the expansion of the Mall of Asia complex will add 200,000 sq m of retail space. Once completed in 2016, the Mall of Asia will be among the three largest malls in the world. The company also plans to construct its first mall in North Caloocan, bringing 25,000 sq m of retail space to the area.
A notable observation is that some of the spaces undergoing renovation already have pre-committed tenants. Of the observed vacancies, 60% of the spaces have been taken up by tenants belonging to the food and apparel sectors who plan to open in the next six to nine months. Colliers forecasts that while vacancy in existing malls will decrease in the short term, the influx of new supply will force an artificial increase in the retail market.
Metro Manila Comparative Retail Vacancy Rates (%) 2Q2014
3Q2014
Super Regional
1.92
2.43
Regional
2.51
3.14
Source: Colliers International Philippines Research
Retail Stock Metro Manila CLASSIFICATION
Super Regional
2Q 2014
3Q 2014
% CHANGE (QoQ)
3Q 2015F
% CHANGE (YoY)
3,657,635
3,657,635
0.00
3,714,635
1.56
Regional
934,983
934,983
0.00
1,014,983
8.56
District/Neighborhood
1,180,218
1,200,843
1.75
1,321,860
10.08
5,772,836
5,793,461
0.36
All Levels
Source: Colliers International Philippines Research
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Research & Forecast Report | 3Q 2014 | Philippines | Colliers International
6,051,478
4.45
Retail rents experience stable growth
Makati Monthly Rents
Rental rates in Ayala Center grew by 1.3% QoQ to an average of PHP1,385 per sq m per month. Meanwhile, rates in Ortigas Center accelerated by 1.9% QoQ, amounting to an average rent of PHP1,195 per sq m per month. Rental rates are projected to grow between 5.0 and 7.0% in the next twelve months.
Source: Colliers International Philippines Research
2011
Ortigas Monthly Rents
Source: Colliers International Philippines Research
Strong consumption induces greater food options Higher prices brought about by a 4.4% inflation rate during the second quarter did not deter consumer spending, which expanded by 5.3%. Expenditures for basic necessities such as food and housing comprised 53% of spending. Expenditures for restaurants and hotels, however, surged during the period, growing by 10.4% compared to the same period last year. This coincides with a recent report from Nielsen, a global information and insights company, that more Filipino consumers prefer dining out due to increasingly fast-paced lifestyles. Meanwhile, consumer expectations for the next twelve months are upbeat, according to a survey conducted by the Central Bank, due to higher prospects in job security and more investments in the country.
Spending Indicators
Source: Colliers International Philippines Research
10 Research & Forecast Report | 3Q 2014 | Philippines | Colliers International
10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0
485 offices in 63 countries on 6 continents
$2.1
billion in annual revenue
1.46
billion square feet under management
United States: 146 Canada: 44 Latin America: 25 Asia: 38 ANZ: 148 EMEA:
15,800 professionals and staff
Author: Romeo Arahan Research Analyst | Philippines +63 2 888 9988 romeo.arahan@colliers.com
84
Colliers International Philippines 10F Tower 2 RCBC Plaza Ayala Ave. cor. Sen. Gil Puyat Ave. Philippines TEL +63 2 888 9988
Contributors: Julius Guevara Director | Research & Advisory julius.guevara@colliers.com David A. Young Managing Director | Philippines david.a.young@colliers.com
Copyright Š 2014 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.