Office landlords should offer foreign tenants scalability as it is a key feature companies and other organizations seek in choosing an office building location, a real estate analyst told The Manila Times.
In an email, Pronove Tai International Property Consultants Chief Executive Officer
Monique Cornelio-Pronove said that larger floor sizes, which allow maximum occupancy of an entire floor, as well as additional available spaces for lease, are factors foreign locators look for in an office building.
“An occupancy rate of 85 to 95 percent in the office property market is considered a healthy rate because it allows occupiers to expand within the building,” Provone said.
Provone Tai recently announced that the Embassy of Hungary is set to reopen their diplomatic office in the Philippines by the end of the year, which will be located in the DelRosario Law Centre in Bonifacio Global City.
“After a long period of search, the Embassy chose the DelRosario Law Centre in Bonifacio Global City in Taguig over a list of other options due its location, accessibility and suitability of size coupled with the unobstructed views of the McKinley West,” the real estate consultancy firm said.
Embassies face a challenge in seeking an office to locate in, according to Pronove, the availability of the right-sized space in the right building and the right district at the right time they need it.
Pronove noted that the DelRosario Law Centre, which the Embassy of Hungary has chosen offers accessibility, located at 21st Drive corner 20th Drive away from the congestion of the city center, but within close proximity to high end residential developments of Essensa East Forbes and McKinley West.
“This building was our top pick due to its quiet and secure location as well as the suitability of the size to our requirements. We are very happy to be here, József Bencze, Ambassador-designate of Hungary said in a statement.
Apart from the Embassy of Hungary, the embassies of Norway and Sweden have also located in the DelRosario Law Centre.
Pronove noted the establishment of new embassies shows that the Philippines is forging more diplomatic relationships with other countries.
“The embassies contribute to the positive demand of office space in the country,” the CEO said.
Pronove Tai International Property Consultants is the sole leasing agent of the DelRosario Law Centre.