Makati is widely regarded as the country’sfinancial district and Metro Manila’s primary central business district. In fact, its land values soar up to P1 million per sqm. going by the latest transactions. Its rents are also almost twice that of other business centers.
“Makati will remain a prime business area for many years to come,” according to Miguel Manipol, Associate Director of Leechiu Property Consultants (LPC). LPC was established in 2015 and has since established itself as one of the preferred providers of real estate services.
Notwithstanding the emergence of the BPO industry in the 1990’s and other business districts catering to this industry, the Makati CBD continues to be dominated by a mix of global companies and local medium scale enterprises.
Unlike the smaller districts that have grown largely from BPO patronage alone, Makati is favored by a broad range of occupiers from various industries. Thus, projects like M1 Tower along HV Dela Costa Street in Salcedo Village and other soon-to-be-completed towers benefit from a robust office market.
Many inquiries are from corporate users now located in Makati but in buildings over 20 years old, according Manipol. They are seeking advantages offered by M1 Tower and other new office spaces like energy saving VRF air conditioning, 100 percent backup power and large column-free floor plates that allow efficient layouts.
“All these features result in lower operating costs and less business interruptions,” he said.
Potential corporate locators are also drawn in particular to M1 Towerbecause of its location between two major thoroughfares, HV Dela Costa and Sen. Gil Puyat. They also cite that Makati remains accessible to most employees, it being only “one van ride away” for those in the northern as well as the southern fringes of the metropolis.
In addition to accessibility, Makati offers many after-hours entertainment options attractive not only to millennials but across the spectrum of employees. Consequently, its high energy location aids not only in employee attraction but also in retention.
The 16-storey M1Tower is a development of Brighthall Realty & Development Corp. It offers 8,726 sqm of gross leasable space and seven parking levels to occupiers convinced that Makati’s growth potentials continue to be excellent.