Property developer Megaworld Corp. said Thursday it leased out 415,000 square meters of office space since the onset of the pandemic, signaling the strength and resiliency of the domestic office market.
Megaworld said in a disclosure to the stock exchange 60 percent of office space it leased out were renewals while 40 percent were new leases, mostly from the information technology and business process outsourcing sectors.
Megaworld said it booked new leases and renewals in various properties in Metro Manila, Laguna, Cebu, and Davao in the first half.
“Around 80 percent of these leases in the first half of the year were renewals. This means BPO companies opted to stay and held on to their spaces. This also clearly indicates the strength and resilience of the office market within our pioneering townships,” said Megaworld chief strategy officer Kevin Tan.
Megaworld fully leased its Southwoods Office Towers inside the 561-hectare Southwoods City after an American renewable energy company and a BPO company specializing in customer care solutions took the remaining spaces.