THE Bay City Reclamation Project will be the next center of development in the metropolis once a more robust public transportation system serving the area is put in place, a property consultant predicted.
Located west of Roxas Boulevard on Manila Bay, Bay City, formerly called Boulevard 2000, is now positioned to provide office accommodation to BPOs and corporate offices, said David Leechiu, CEO of Leechiu Property Consultants (LPC).
“With the construction of a more robust public transportation system that will allow Metro Manila residents to commute to Bay City, the area is now an upcoming prime business hub in the metropolis,” he said.
Among the early signs of growth in the area are various commercial establishments and office buildings in Central Business Park 1, the sector of Bay City that also includes Aseana City and SM Mall of Asia.
Leechiu notes that Metro Manila’s office markets have performed very well as of mid 2016. In fact, he said, 62 percent of the office stock that will be completed in 2016 – an estimated 747,000 square meters of gross leasable area — has been leased and a large proportion of the balance is under negotiations.
The yearend forecast for 2016 is therefore positive, with high occupancy levels expected throughout the metropolis.
“The top business locations of Metro Manila now have high occupancy levels so it’s high time to bring attention to new hubs that can house and accommodate the office space demand of BPO and corporates,” Leechiu says.
In the case of Bay City, the current stock of office space comprises five PEZA-registered buildings that include three E-Com buildings in the Mall of Asia complex, and Aseana One and Aseana Two in Aseana City.
Central Business Park 1, meanwhile, extends to approximately 280,000 square meters of gross leasable area, all fully leased. Rents have increased from the mid P400 levels in 2013 to P600 per square meter as of present.
With the availability of expansion space as one of the key considerations in site selection, Leechiu notes that Bay City is ready for more development with a steady pipeline of buildings that include NexGen Tower.
The building, which recently broke ground for construction, was developed by Millennium Properties & Brokerage Inc., a company affiliated with fast rising Cathay Land.
NexGen Tower will provide close to 18,000 square meters of office space upon its completion in December 2017.
“We hope to continue the growth of Bay City by creating an office building that will attract a mix of BPOs and corporate offices in the area,” says Jeffrey Ng, president of Millennium Properties.
A typical floor in NexGen Tower will extend to 2,216 square meters. The tower is located within walking distance of numerous commercial areas and public transport hubs.
LPC senior manager Miguel Manipol said that LPC has been engaged to implement a leasing program to attract the right tenant mix for NexGen Tower.
“Companies will find NexGen Tower to be an ideal space given that its specifications are fit for high performance corporate or BPO operations. It’s also located in the upcoming Bay City, a locale set to become one of Metro Manila’s prime business hubs,” Manipol says.