GLOBAL real estate and investment firm Jones Lang La Salle sees a high potential for businesses in Mandaluyong City, given its accessibility to transportation and much lower office leasing rates compared with neighboring business districts.
To ease up the tight vacancy rate of 5% in Metro Manila, Mandaluyong City is expected to contribute approximately 107,400sqm of office space to the market over the next three years, JLL said. Of the 148,200 sqm annual supply of office space in Mandaluyong this 2017, 42% has already been leased – higher than Makati’s 35%, proving the potential the city has to be the next business district in the Metro.
“The city is very accessible so we see the area to have a high potential to attract businesses,” JLL Philippines Regional Director, Sheila Lobien, told The Manila Times, citing various modes of transportation such as buses on the stretch of EDSA, public utility jeepneys, and the Metro Rail Transit 3.
To further strengthen the city’s edge, Mandaluyong will also benefit from several infrastructure projects of the Duterte administration’s “Build, Build, Build” program. This program seeks to link central business districts to different cities and provinces, thereby enticing more business investments, according to Lobien.
“Some of the plans are the Luzon Spine Expressway Network which envisions multiple expressway projects connecting Metro Manila and nearby provinces, the Mega Manila Subway and the EDSA Central Corridor BRT (Bus Rapid Transit), which are both expected to lessen the travel time of commuters,” Lobien said.
Furthermore, Mandaluyong’s office rental rates are more affordable at P550 to P750 per square meter (sqm), compared with nearby Ortigas Center and Makati City.
Makati offers rental rates ranging from P1,300 to P1,600 per sqm for Prime Grade A buildings, and P950 to P1,250 per sqm for the Grade A category. Ortigas offers rates of P600 to P770 per sqm.
Global Link Center
An office tower is slated to rise at Wack Wack in Mandaluyong to fill up the lack of office space in the city’s main business area.
The Global Link Center, which sits across Starmall, is a six-storey building that will feature a modernized architectural design “to meet the very stringent requirements of the modern BPO (business process outsourcing), as well as of the traditional office.”
The Global Link will have one penthouse floor, the second to fifth floors will be for office tenants while commercial spaces will occupy the ground floor.
Global Link will be equipped with four high-speed elevators; 171 parking slots with a puzzle parking system; a variable refrigerant flow configuration for air-conditioning, with individual setting control; and 100-percent N+1 back-up power, providing available power backup should a single system component fail.
“The building’s location on the very busy stretch of Shaw Boulevard will ensure amazing connectivity of tenants and their employees to public transportation hubs, as well as to various retail and commercial malls within the area,” JLL said.
Units will be turned over to clients in bare shell condition. Global Link’s completion is expected to be on the first quarter of 2018.