5 Business Districts On The Rise
Makati, just saying the name ignites the imagination of any Filipino. When you hear Makati, you think of high-rise buildings, big companies, and a high-end environment. But in terms of business and realty, there are other business districts that have the same potential as Makati.
It has been long established that Makati is considered as the Philippines center for business and commerce and still remains as one of the country’s premier addresses. But now recent developments are giving birth to other CBD’s (Central Business District) that are less crowded and are located in cities that are considered to be more business-friendly.
Bonifacio Global City
Several decades ago the land in which BGC now stands was actually part of the US Base named Fort William Mckinley. After a few years, the base was turnover to the Philippine government and was renamed, Fort Bonifacio. For 5 decades this locations was the headquarters for most of the country’s defense agencies until the land was sold and transformed into the bustling business district you see today.
In 2017 the average office rent per sqm in BGC was estimated to be at around P1,027.27 per sqm. Since then it has gone up 14% equivalating to P1,173 per square meter/month overtaking its neighbor Makati for the first time which stands at P1,160 sqm/mo. But with continual development being done in both Makati and BGC, we will see if this standing remains into 2019.
Once a barren piece of land has now transformed into one of the country’s most sought after realty. It was estimated that the current land value for Ortigas ranges from P135, 000 to P224, 000. Its strategic location also gives Ortigas an edge. Being located at the center of the other CBDs. it comes to no surprise why a lot of businesses prefer to set up shop here.
Was launched in 1997 under the Megaworld Corporation. Since its conception, Eastwood city has since then created an identity of its own. It is now considered the country’s premier tech hub and is home to several prominent tech companies such as Canon and Emerson. The local government of Quezon City is also considered to be one of the country’s most business-friendly city and is constantly creating policies to help local business owners. With all this in mind, it will come to no surprise that Eastwood City is transforming from a simple plot of land into a prominent business district.
Another CBD located at Quezon City is the Triangle Park. Development started in 2002 under the Arroyo Administration as part of her project to develop the 250 hectares of land. In March 2012, the Quezon City council passed an ordinance declaring the Triangle Park as a central business district. Since then, the park has been home to several well-known companies such as ABS-CBN, GMA, and IBM.
Due to the congestion of people and companies in the north, more and more businesses are now looking elsewhere to start their company. Situated in the southern part of Metro Manila, the Filinvest City is the forerunner for businesses in the south. It mixes urban lifestyle with the freshness of nature that is rare to find in a developing city. Prices were just P50,000-P80,000 per square meter in 2012 but as of last year 2018, a piece realty in Filinvest city now sells for around P300,000 per square meter. This only shows the growing opportunity that lies in the south.