Opportunities continue to thrive in the Philippine property market
Despite the huge disruptions brought about by the pandemic, unstable market conditions, rising vacancy rates, declining rents and subdued demand, the Philippine real estate industry remains favorable.
Mr. Janlo delos Reyes, Head of the Research and Consultancy of Jones Lang LaSalle (JLL) Philippines made a very compelling discussion on the current situation of the Philippine property market during the first day of Megaworld International’s Philippine Property Expo title Revolutionizing the Future of Real Estate held last July 30, 2021.
Mr. delos Reyes explained that the industry has seen the emergence of new growth areas – industrial and logistics sectors, which have seen a growing demand due to the booming e-commerce market in the Philippines and increased interest for data centers. These sectors were even touted as among the bright spots and ‘darlings’ of the market that help buoy the real estate industry.
“Now, in terms of prospects, industrial and logistics are up there ahead of the other sectors, and I think this is where we’re going to see a lot of interest from local and foreign players in the market. The silver linings are clear. During this pandemic, there has been a lot of learning for us. We have accelerated a lot of trends that we’ve been talking about but never acted on. I think primary is technology, which has transformed the way we do real estate business,” he said.
“After this pandemic, we’re going to see a reimagined real estate quite different from before the pandemic. It’s really that transformation in real estate that keeps me optimistic about the market ever since I started in this industry. It really has evolved from where we were before. We have managed to find resiliency and growth in the sector, and we incorporate these new things (which will) elevate the real estate industry in the Philippines,” De los Reyes explained.