Property retailers occupy over a third of PH gross leasable area

PHILIPPINE property retailers account for more than a third of the total gross leasable area (GLA) in the country, according to a report published by global real estate services firm Savills.

In the “Manila Retail” edition of the “Asian Cities Report” series, Savills noted that an estimated 87.5 percent of the total gross leasable area in the Philippines is accounted for by the retail market and is dominated by three major developers: SM Prime Holdings Inc., Ayala Land Inc. and Robinsons Land Corp.