FLEXIBLE workspaces are likely to play a crucial role in companies’ real estate diversification strategies after the coronavirus pandemic. The popularity of these spaces is thriving, especially as firms implement split operations.
With opportunities for greater take-up, developers should be quick in capturing demand from outsourcing as well as traditional occupants. The availability of high-quality, new office spaces also bodes well for the further expansion of flexible workspace supply within and outside Metro Manila.
Colliers Philippines encourages tenants still on a wait-and-see and with short-term lease plans to consider flexible workspaces. Companies based in Metro Manila should look at buildings in Fort Bonifacio, Makati CBD, and Ortigas Center that offer new and quality flexible workspaces at attractive rates.
Metro Manila’s flexible workspace stock is likely to grow by about 10% in the next 12 months. The availability of high-quality office towers, complemented by attractive lease rates should make these sites viable for flexible workspace operators. Meanwhile, boutique developers may consider launching their own brands or collaborating with existing and known foreign co-working brands. Instead of leasing and managing facilities directly, an alternative strategy that reduces risk involves the operator and the landlord entering into a partnership agreement. The flexible workspace is designed and built by the ofce landlord, while the operator is in charge of marketing and leasing, with rental income shared between them.
As of the end-Q3 2022, Fort Bonifacio recorded the highest number of seats at 15,700 followed by Makati CBD and Ortigas CBD. In absolute figures, Fort Bonifacio led with a flexible workspace stock of 82,400 sq.m. As of the end of Q3 2022, overall flexible workspace vacancy in Metro Manila dropped to 18% from 20% recorded in the second quarter of 2022. Across submarkets, Fort Bonifacio and Makati CBD recorded the highest vacancy with a combined 4,000 available seats.
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