AS the country’s prime financial district, Makati’s shine has not worn off yet, according to online property listing firm Lamudi Philippines.
It said multinational corporations and prestigious local companies still prefer to locate their businesses in Makati.
Despite being the most expensive city to be based in the country, Makati is still more affordable than other major cities in Southeast Asia, Lamudi said, which is why foreign-based investors still prefer to locate in the city.
Citing a report from Colliers International, the property listing site said land values in the Makati central business district have risen by 2.43 percent, hitting an average of P463,700 per square meter.
“Rental rates for office and commercial spaces have only slightly lowered,” Lamudi noted, “but are still among the highest in the country, with premium space commanding between P1,100 and P1,400 per square meter.”
The online property portal said Makati’s continued growth and presence of numerous commercial establishments, offices, and embassies make the city a still preferred investment destination in Metro Manila.
It said Makati has been considered as the Philippines’ leading financial center since the 1970’s and is currently one of the most prominent cities in Southeast Asia, making it self-sustaining.
“The city is also one of the most highly developed in the Philippines, with its comprehensive urban amenities a significant draw for home-seekers,” Lamudi said. “Makati is a coveted address, with many reasons as to why it continues to lead Metro Manila’s business districts.”
According to Lamudi, aside from being known as the country’s central business district for the longest time, Makati remains to be attractive to investors, as it houses “everything that one needs” from retail centers to lifestyle places, schools, hospitals, places of worship, and residential communities.
Lamudi said Makati is now home for over 60,000 commercial and retail establishments,
which are mainly responsible for the city’s 2014 income of Php12.79 billion.
The city also has 160 schools, 14 hospitals, 10 places of worship, and nine premiere
residential communities, Lamudi noted.
These are on top of 54 foreign embassies and 34 consulates that are located in the city, which also hosts 19 international organizations, including the United Nations, the United
Nations Children’s’ Educational Fund (UNICEF), and the United Nations Developmental Program (UNDP).
The 24 Business Process Outsourcing and Information Technology firms in Makati are also major drivers of the city’s growth, Lamudi noted.
“The presence of numerous commercial establishments, consulates and embassies, schools, offices, and medical institutions continues to encourage property investment in the city,” Lamudi observed. “These, in part, help with the city’s continued overall growth, resulting in significantly high returns.”