Wednesday, February 27, 2008 [ manilatimes.net ]
By Likha C. Cuevas-Miel, Reporter
DESPITE the housing-led slowdown in the US, the Philippine real-estate industry will enjoy growth in the near term due to tight supply of office space and available residences, a property consultancy firm said.
In a research note, CB Richard Ellis (CBRE) Philippines Inc. said that property developers may look forward to better revenues as higher demand for office space outpaces supply in the central business districts (CBD). The firm said this lack would only be partially alleviated by the end of the year with the completion of new office buildings.
CBRE said building owners may face the dilemma of raising rents or retaining the current rental rate of over P1,000 per square meter per month for prime and grade A office space in the CBD. For the other districts, lower grade buildings would increase by 5 percent until mid year. This would eventually push rental rates in alternative sites due to renewed interest in these areas.> > > [ full story ]
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