Ortigas Land Corp. unveiled Thursday the company’s first office development project in Greenhills, San Juan City that is expected to support the projected increase in demand as companies start to return to work on-site.
The 15-story building has gross leasable area of about 40,000 square meters, while the gross usable area is around 30,000 sq. m. It is expected to be completed by May 2023.
Ortigas Land head of office business unit Trina Chan said the company is optimistic on the improving business climate as the company goes full speed ahead with the construction of GH Tower at the center of the GreenHills commercial strip.
“With opening of GH Tower in the heart of GreenHills Center, we welcome a new face of commerce where connections are made and businesses thrive. With Green Hills Center currently undergoing redevelopment, we want to revitalize and transform the community into a complete one stop destination for shop, live, work play amenities for productive and well-rounded individuals,” she said in a briefing.
She said the addition of GH Tower at Greenhills Center as a prime back-to-office location would provide full convenience, bringing all of one’s needs in a centralized location.
OLC is working for the accreditation of the building as a registered IT-business process management property by the Philippine Export Zone Authority, she said.
The CBRE Group expects the property sector to see two more quarters of increased vacancy “before all the recovery signs impact on the vacancy numbers.”
It said that at the close of 2021, the amount of empty spaces was around 800,000 square meters, but there were encouraging signs that may reverse the situation particularly coming from the ITBPM sector.
“A lot of this is backed up by increase in demand that was supposed to come in December 2021 but was stalled by the surge of the Omicron [variant]. And by the end of the first two quarters [of 2022], we’ll see more deals negotiated,” said CBRE manager for advisory and transaction services Gio Camaclang.
The project will open up spaces for retail occupants to complete the vibe of a modern and trendy office set-up, Chan said.
The building has easy access to the GreenHills Shopping Mall for office necessities.