Office prospects rosy

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    W Group Inc. sees rosy prospects for the real estate market, particularly in Bonifacio Global City (BGC) where demand for high-quality office developments are apparently immune from the adverse effects on the economy by the pandemic.

    W Fifth Avenue in BGC.

    W Group Inc., the holding company that developed iconic BGC properties W CityCenter, Citi Plaza and W Fifth Avenue, said various big industry players continuously expand and improve their workplace locations amid the pandemic.

    With the vaccination rollouts, companies are slowly easing in the back-to-office work arrangements for their clients’ employees, it said.

    Most of its long-standing tenants have extended their leases in their properties in the next years ahead.

    At the end of December 2020, W Fifth Avenue secured a 98 percent occupancy rate; W CityCenter announced a 99.6 percent occupancy rate; while Citi Plaza was 99 percent occupied.

    Francis Wee, chief executive officer of the W Group Inc., said the company echoes the industry’s positive outlook on the country’s office space market.

    “We’ve seen how Bonifacio Global City remained resilient since the pandemic started and how it continuously persists to recover and grow bigger even, as businesses realize the importance of strengthening their operations and presence in the metro,” added Wee. “Its location and work-friendly environment remain one of the most sought-after spaces in the country and we can only see good things as global and local investors expand their businesses in the Philippines.”