Megaworld dominates Iloilo office market with 70% share

Megaworld, the largest office lessor in the country, reports that it is now dominating the office leasing market in Iloilo City, with a remarkable 70% market share based on an internal study conducted in April.

As of end-April this year, the company has a total leasable office portfolio of 100,000 square meters in its nine (9) completed office towers inside the 72-hectare Iloilo Business Park, the company’s premier township development in the city.

These office towers include One Techno Place, Two Techno Place, Three Techno Place, One Global Center, Two Global Center, Festive Walk 1B, Richmonde Tower, One Fintech Place, and Two Fintech Place.

To date, all office towers are 100% occupied by mostly Business Process Outsourcing (BPO) companies, which Megaworld helped bring to Iloilo for the first time.

“In the middle of the strict lockdowns last year, we have received inquiries for available office spaces in Iloilo Business Park. Quite a number of our existing clients in Metro Manila have had strong interests about expanding in Iloilo. And they were very particular about being inside Iloilo Business Park,” reveals Roland Tiongson, first vice president, Megaworld Premier Offices.

Currently, offices at Iloilo Business Park host BPO companies that cater to healthcare, insurance and finance, security, and customer service, among others.

Last year alone, Megaworld closed lease deals with seven (7) companies that are either first-time locators or existing locators looking for expansion spaces in Iloilo, totaling to almost 28,000 square meters of office spaces.

“Iloilo Business Park covered around 20% of our total office lease transactions in 2020. This is now the brightest spot in our office leasing business, and we are very happy that our Iloilo township has been an attractive location to many multinational companies,” adds Tiongson.

The company is currently constructing its 10^th office development in Iloilo Business Park, the 12-storey Enterprise One, which will be the tallest office tower in the township once completed by 2023.

Built on the historic spot of the Old Iloilo Airport, Iloilo Business Park is the biggest master-planned and integrated urban township in the entire Iloilo City that is home to several residential condominiums, shopping mall and commercial centers, hotels, office towers, museum, leisure parks, transport terminal, and even the region’s largest convention center. It has been recognized as the country’s ‘Best Township Development’ during the 2018 Philippines Property Awards.

Megaworld ended 2020 with rental revenues reaching P10.4-billion, and a total leasable office inventory of 1.4 million square meters, excluding office spaces for sale.