1. METRO MANILA MARKETVIEW
No let-up in property sector
growth
Strong economy, robust real estate
Developers have continued to advance in areas
within and outside Metro Manila to further
increase their investments in the property market.
Improvement in tourism has caused hotel rooms
to increase and the gaming sector to take a spot
among the ‘sunshine’ sectors. A notable interest
to locate to the Philippines from foreign
manufacturers caused the current tightening in
industrial stocks. Demand to move business
operation in the country gained ground as
China’s economy slows down and lose its edge
as a production haven due to the ongoing
consolidation of the 10 member states of the
Association of Southeast Asian Nations (ASEAN)
into an economic bloc. The ASEAN Economy
Community which is expected to be completed
before yearend is the next growth frontier in Asia
given its combined population size and combined
GDP of $2.4 trillion. High occupancy rate has
been noted in the ecozones managed by the
government through the Philippine Economic
Zone Authority (PEZA).
Continued on page 8
Q1 2015 CBRE Research ©2015 CBRE Philippines. Part of the CBRE Affiliate Network | 1
Q4 GDP
6.9% y-o-y
Average Inflation
2.4% (Mar 2015)
91-Day T-bill
1.66% (Mar 2015)
Ave. Bank Lending
5.10% (Feb 2015)
The strong economy remains the pillar of support
for the on-going expansion of the real estate
sector. Domestic demand is the biggest driver of
the growth in the country’s gross domestic
product (GDP). The combined expenditure from
household and government as well as
investments by local and foreign companies in
the country is seen to have grown. Much of the
expected growth is due to the low inflation
environment, good business climate and the
government spending ahead of the upcoming
elections next year.
Domestic demand sustained its expansion by
4.1% in 2014 from 10.3% the previous year. We
expect this positive growth to continue into 2015
and the real estate sector to benefit from this
momentum. There has been brisk activities in
residential properties, office spaces and
commercial areas. Retail sector is expected to
grow further with additional supermarkets,
convenience stores and community malls being
constructed in the whole country.
10yr T-bonds
4.0% (Mar 2015)
Rockwell

2. METRO MANILA MARKETVIEW
The Business Process Outsourcing setting of the
Philippines continues advancing, further fuelling
the robust office segment of the country. More
investment activities were witnessed along with
the expansion of the different services in the BPO
industry. As a result, strong office take-up is
continuously being recorded while new supply
are currently underway.
Steadfast growth was seen for the BPO industry
in the preceding year after revenues grew by
18.7% and employment breached the one million
mark. In addition, Metro Manila maintained its
position as the second top investment choice for
outsourcing activities according to Tholons.
Seeing this prospect, foreign firms aside from
contact centers have been lured in setting up
shops in the country. BPO services are becoming
more diverse as investments in healthcare
information management, gaming and animation
sustains growth. Ultimately, this heightened
foreign interest was felt across the office markets
of different business districts in Metro Manila as
vacancy rates were registered at 3.28% while
average lease rates grew by 1.45% q-on-q.
The dwindling office spaces in Makati CBD was
eased after Tower 6789 introduced more than
44,000 square meters of leasable space in the
market. This significantly drove the vacancy rates
for prime buildings from 0.41% in the previous
quarter to 10.74%. However, this vacancy is
expected to quickly decline as intensive
marketing and leasing activities of the new office
building are expected to be evident in the
succeeding periods.
Likewise, Tower 6789 also caused a slight
diminishing of the average rental rates of prime
buildings as the tower is currently leasing their
spaces at a lower rate than some of the other
buildings. From PhP1,306 last quarter, average
prime lease rates dropped to PhP1,300 per sq.
m. per mo. this quarter.
In contrast to the performance of the prime
buildings, Grade A buildings in Makati CBD
remains scant resulting to vacancy rates
tightening from 0.27% to 0.21% q-on-q. New
supply in the city were mainly coming from the
outskirts of the CBD. Due to this supply pressure,
average rental rates were marginally inched up
from PhP899 in the preceding quarter to PhP900
per sq. m. per mo. this quarter.
Aggregating the office market of Makati CBD,
lease rates grew by a quarterly increase of 0.81%
while overall vacancy rating hiked by 4.73
percentage points to 5.05%. Since the upcoming
buildings within the business district are
scheduled to be completed by 2017, vacancies
are seen to contract while the limited supply will
further fuel the rental rates in the coming
quarters.
Continued on page 3
Q1 2015 CBRE Research ©2015 CBRE Philippines. Part of the CBRE Affiliate Network | 2
OFFICE
Building occupancy rises,
Office rents inch up
Bullish BPO sector bolsters demand for office
Uptown Bonifacio

3. METRO MANILA MARKETVIEW
FROM PAGE 2 BUILDING OCCUPANCY RISES…
On the other hand, the development of Fort
Bonifacio as a top business district firms up after
absorbing more than 5,000 square meters of
office space during the quarter. Expanding BPO
companies have consistently set up shop in the
area resulting in a slight drop in vacancy rates
from 3.97% to 3.34% q-on-q. Likewise, the
heightened demand have caused a boost on the
rental rates from PhP848 to PhP853 per sq. m.
per mo. This trend is expected to maintain its
momentum as more high-quality buildings will be
introduced in the coming months while vacancies
are seen to ease.
Sale of office properties is also becoming a
reemerging trend within Makati and Fort
Bonifacio. Property players are recognizing the
opportunity to target office end-users who would
sooner capitalize on their own space rather than
consistently generate expenses through leasing.
Ayala Land and Century Properties are the two
players who are active in this market. With pre-
selling rates ranging from PhP145,000 to
PhP190,000 per sq. m., Ayala Land is currently
marketing Stiles Enterprise Plaza in Makati and
One Park Drive and Park Triangle Corporate
Plaza in Fort Bonifacio. On the other hand,
Century Properties is selling Century Spire in
Makati with capital values ranging from
PhP180,000 to PhP200,000 per sq. m.
Office activity in Alabang CBD somehow relaxed
as no movement in the average rental rates was
seen during the quarter. Accordingly, the office
spaces of Aeon Prime building remained
available, driving vacancy rates up to 4.91%.
Further upsurge on these rates are expected as
three new buildings are anticipated to be
operational before the year ends, bringing in new
office space with a total leasable area of 64,000
square meters.
With no new buildings becoming online inside
Eastwood City, supply pressures have influenced
a 3.50% quarterly uptick on the rates of office
space from PhP627 to PhP649 per sq. m. per
mo.
Consequently, office vacancies increased by 0.45
percentage points to 1.11% as cost-sensitive
firms relocate in cheaper areas. The completion
of new buildings such as Four Cyberpod Centris
and Tera Tower by the second half of the year is
anticipated to further push the vacancy rates in
the city.
Demand for office space in Ortigas CBD also
heightened as more traditional offices and small
BPO companies expanded in the area. Notably,
spaces in Marco Polo Plaza were quickly taken
up during the quarter. With office space supply
being constant, net absorption was registered at
around 5,000 square meters causing vacancy
rates to inch down to 1.66% from 2.50% in the
preceding quarter. The supply problem is
expected to be alleviated upon the introduction of
Paradigm and BPO-Keppel Tower Center.
Collectively, these buildings will bring a total of
80,000 new office supply by the end of the year.
However, since these are relatively new
buildings, the current average rental rate of
PhP608 per sq. m. per mo. is seen to keep
moving on an upward trend.
Lastly, the emergence of the Bay City as a new
business district is steadily materializing. New
office buildings from different developers are
spurring and will be handed over in the coming
quarters. Due to the relatively newer buildings in
the area, rental rates have already eclipsed the
other business districts after registering an
aggregate average lease rate of PhP685 per sq.
m. per mo. Despite this, heightened demand
were still seen as vacancy rates dropped to a low
figure of 0.16%. Continued on page 8
Q1 2015 CBRE Research ©2015 CBRE Philippines. Part of the CBRE Affiliate Network | 3
828.11
600
650
700
750
800
850
PhP/Sq.m./mo.
Chart 1: Historical Metro Manila Rental Rates
Source: CBRE Research

4. METRO MANILA MARKETVIEW
The unwavering services sector further propels
the active residential market of Metro Manila
during the first quarter of the year. Growth in
Overseas Filipino Workers (OFWs) remittances
and heightened local income through the
expansion of the IT-BPO industry continues to
stimulate the take-up of residential properties.
Repeat condominium buyers also provided the
added boost to the sustained demand for multi-
unit dwellings. Correspondingly, launches of
residential condominiums remained consistent in
order to accommodate the increasing demand.
Strong local and foreign interest was witnessed
as Metro Manila’s economy gained international
recognition. At the beginning of the quarter, the
capital region was still regarded by the Urban
Land Institute to have one of the top real estate
market for foreign investors. Due to the strong
macroeconomic fundamentals of the country,
Metro Manila placed fourth in the residential
apartment prospects among the 22 urban centers
being considered. This led to robust sales of
vertical subdivision units.
With the continuous uptick in the demand, the
Bangko Sentral ng Pilipinas (BSP) has closely
monitored the property sector in order to sustain
its firm growth. One of the measures that will be
implemented by the government agency is the
real estate price index which will be available by
the third quarter of the year. This will be a tool in
determining if the residential property values in
Metro Manila is backed by the economic
performance of the country. Despite this, growth
in property values remains sound and in
accordance with the economic indicators of the
country.
Lease rates for residential properties remained
stable across the different markets and cities of
Metro Manila. In Makati, rents were averaging at
PhP801 per sq. m per mo. This was eclipsed by
the average rates in Fort Bonifacio which is
valued at PhP854 per sq. m. per mo. since the
business district command newer residential
buildings than Makati City.
Recognizing the profitable opportunity to lease
residential units, along with the need for housing
near the business districts of Metro Manila, both
investors and end-users continuously flock the
condominium market, resulting to bolstered
sales. Average take-up of vertical subdivision
units in Makati City increased from about 8 units
being sold per month, last year, to 17 units per
month this year. This increase was attributed to
the introduction of new projects in the city which
are more affordable such as 100 West by
Filinvest and Air Residences by SMDC Premiere.
However, some projects hiked their selling rates
resulting to an increase in average unit prices by
6.33% y-o-y.
Continued on page 7
.
Q1 2015 CBRE Research ©2015 CBRE Philippines. Part of the CBRE Affiliate Network | 4
RESIDENTIAL
Residential condominium
activity expands
Local and foreign investors bet on the Philippines
Grand Hyatt
Shangri-La at the
Fort

5. METRO MANILA MARKETVIEW
The Philippine industrial sector’s growth likely
remained stable during the first quarter of 2015,
boosted by strong economic growth and robust
demand across countries. Investments registered
with the Philippine Economic Zone Authority
(PEZA) are expected to grow this year as the
country looks to attract more manufacturing firms
into the country. The profitable operations of the
manufacturing firms, coupled with the growing
market, further boost industrial opportunities and
operations in the country.
Demand for industrial space recorded upbeat
interest within PEZA economic zones. Entry and
expansion of global firms cut vacancy rates in
manufacturing zones. Business sentiment and
solid demographics in the country propelled
interest in industrial expansion. Moreover, a large
quantity of local suppliers and inter-related
industries raised a favorable outlook on the
manufacturing sector.
Several foreign manufacturers continue to pledge
and invest as German and Japanese brands are
seen to invest in the country. Japanese carmaker,
Mitsubishi Motors Philippines Corp., plans to
expand its investments in the country to upgrade
its production capacity and create a new vehicle
platform. New to the Philippine automotive
industry is the German brand Volkswagen who is
planning to locate its first manufacturing plant in
the country.
Also making noise in the automotive industrial
scene are the electronic vehicle (EV)
manufacturers. Foreign EV companies consider
the Philippines to be in good position to become
the EV manufacturing hub in South East Asia as
more foreign firms continue to set up facilities in
the country.
Recently, many Japanese EV companies, such
as Bemac Philippines, Prozza Hirose and Terra
Motors, have already set up plants and shops
within the Philippines because of the seen
potential to have a huge domestic EV market.
With the start of this movement from the recent
years, other foreign EV manufacturers are
starting to look for investment opportunities in the
Philippines.
The Philippine government has been seeking to
replicate Thailand’s success in building its auto
industry, and is raising spending on
infrastructures such as roads and airports to lure
more FDIs and bolster growth this year and the
Continued on page 8
.
Q1 2015 CBRE Research ©2015 CBRE Philippines. Part of the CBRE Affiliate Network | 5
INDUSTRIAL
Manufacturing sector gets
additional boost
PH Economic stability attracts foreign manufacturers
SUBIC BAY FREEPORT
Metro-Manila : 130 kms (68 Miles) / 2 – 2.5 Hours
Size : 67,000 hectares / 165,560 acres
Power : 130 mws
Water : 33,000 cubic meters/day
Telco Provider: Subictel (PLDT)
Lease Rate : US$0.40 -US$1.70 /sq. m*
US$2.00 -US$6.00/sq. m (SFB)*
CLARK FREEPORT ZONE
Metro Manila : 80 Kms (50 Miles) / 1+Hour
Size : 33,653 Hectare / 83,158 Acres
Power : 50mws + External
Water : Max 40k cubic meters/day (2010)
Telco Providers : PLDT & Digitel
Lease Rate :
US$ 0.30 -US$ 2.00/sq. m (Main Zone Lot)*
PhP5,500 -PhP25,000 /ha (Sub Zone Lot)*
US$3.00-US$5.00 /sq. m (SFB)*
CALABARZON
Metro-Manila :110 Kms (68 Miles) /
2 Hour Drive to Batangas
Power : Varies by Location
Water : Varies by Location
Telco Providers : Varies by Location (PLDT etc.)
Selling Rate : PhP4,000 –PhP6,000 /sq. m (Lot)
Lease Rate : PhP50 – PhP80 /sq. m (Lot)*
US$2 –US$6 /sq. m (SFB)*
* Lease rate per month
SFB (Standard Factory Building)

6. METRO MANILA MARKETVIEW
Consumer sentiment remained upbeat in the
retail market as the country moves to a higher
growth trajectory. Potential in the market
remained strong brought by the expanding BPO
industries and steady growth of OFW
remittances. The strong growth of the country
continued to heighten the purchasing power of
the local populace. Due to this growth, global
brands are beginning to look at the country as the
next location for expansion given its growing
retail market. Another factor is the booming
gaming industry wherein foreign luxury brands
are vying to enter the Philippine retail scene.
The current economic environment continues to
create opportunities in the retail industry, with the
rising middle class setting the trend for high-end
global brands to set up shop in the country. As a
result, new shopping locations are opening as
well as mall expansions in different areas of
Metro Manila. Gap opened two more stores both
in Fairview Terraces and Shangri-La Mall. Global
food franchises have also followed the dynamic
pace of the middle market community. Burgoo
and Coffee Bean expanded their scope with new
stores both at Starmall Prima in Taguig.
The expansion of major international fashion
brands, such as Old Navy, Gap, Aeropostale and
Cotton On, was driven by the heightened
purchasing power of consumers due to the
increasing OFW remittances and employment in
the BPO industry. With the continuously
expanding sector, 24/7 fastfood chains and
convenience stores are being developed to cater
to the fast growing community.
The second phase of U.P. Town Center started its
operations this quarter, adding to the supply of
retail spaces of approximately 26,000 square
meters. Retail shops operating within the mall are
mostly fashion and food & beverage type that
caters mostly to high-end consumers. Global
fashion brands that opened are Penguin,
Onitsuka Tiger, Stansbury, and Sperry. As for
Food and Beverage shops, Mad Mark’s, Ramen
Nagi, St. Marc Café, Sbarro and Pepper Lunch
were able to expand in the vicinity. Another mall
that opened this quarter is the Industria Mall
located inside Circulo Verde in Quezon City. The
mall adds approximately 14,000 square meters to
the retail space supply.
Continued in Page 7
Q1 2015 CBRE Research ©2015 CBRE Philippines. Part of the CBRE Affiliate Network | 6
RETAIL
Market growth backed by
strong domestic demand
Brand expansion fuels demand for retail space
Ayala Fairview Terraces

7. METRO MANILA MARKETVIEW
FROM PAGE 4 RESIDENTIAL CONDOMINIUM…
In terms of supply, project launches of residential
units were starting to stabilize during the quarter
as developers become wary of causing a glut in
the market. Property players have remained
vigilant on the demand and supply movements
before introducing new towers. Likewise,
upcoming mixed-use developments are
becoming more flexible to easily adjust to the
dynamics and trends in the market.
Currently, new projects are becoming more
dispersed instead of being concentrated within
the major business districts. As more sub-city
projects and mixed-use developments are being
introduced, upcoming condominiums locate in
new growth areas. Numerous property players
deem that creating communities which integrates
home and business would prove beneficial for
both them and the end-users, resulting to higher
real estate activity. Notable upcoming projects
with these features are the McKinley West by
Megaworld and Arca South by Ayala Land.
As business environment in the country
improves, prospects towards the residential
segment of the country remains bright.
Expanding income and investments in the
country will continue fuelling the demand on
vertical subdivision units. Likewise, these
economic factors are expected to underpin the
values of condominium properties, resulting to
steady launches of new supply. With the
upcoming property index developed by the
government, stability on the residential market is
expected to be felt in the future quarters. 
Q1 2015 CBRE Research ©2015 CBRE Philippines. Part of the CBRE Affiliate Network | 7
0
500
1,000
1,500
2,000
2,500
3,000
Fort
Bonifacio
Makati Alabang Ortigas Quezon
City
PhPpersq.m.permo.
Source: CBRE Research
Chart 2: Residential Lease Rates per District
FROM PAGE 6 MARKET GROWTH BACKED…
The entry of the gaming industry opened a wider
door for the retail sector in the local market,
especially those in the luxury retail brands
business. With the upbeat performance of
Philippine tourism, the retail market is also seen
to be upbeat. Strengthened interest in tourism
has encouraged retail investors to enter and
expand in the country. The City of Dreams
Manila, which is owned by Melco Crown
Entertainment, opened in December. In the first
quarter of 2015, the casino welcomed global
luxury brands into the country; brands such as
Rolex, Stuart Weitzman, Linda Farrow, Rimowa,
Paul and Shark, BCBGMAXAZRIA, and Porsche
Design opened their stores within the
establishment.
Spending for retail products will likely remain high
throughout the year as the rate of inflation
remains manageable. The retail sector will
continue to grow mainly driven by the high
consumer spending of the population. Income
sources particularly local employment and OFW
remittances which are the backbone of consumer
spending are not likely to be on the downward
trajectory given the steady expansion of the
outsourcing and offshoring sector and the stable
increase in the deployment of overseas Filipino
workers. A large number of BPO offices in the
pipeline have already been pre-leased. This
provides a preview of the rate of new
employment that could be created by the
outsourcing sector alone.
Retail rents are expected to remain stable with
anticipation of upward pressures due to the
continued expansion of existing brands and entry
of new foreign brands engaged in food and
apparel business. Due to the consistently high
consumer spending, the Philippines has become
an attractive market for international players.
Overall, retail market businesses will remain
profitable for the remainder of the year as the
Philippine economy and middle class
consumption continues to strengthen. 

8. METRO MANILA MARKETVIEW
From Page 1 NO LET UP IN PROPERTY SECTOR…
Incentives are currently being planned by the
government to encourage private entities to
register as an accredited PEZA location.
The sweet spot of low interest rate regime in the
country has been favorable to the sector as more
firms and individuals were approved for real
estate-related loans. With the benchmark interest
rate seen to be kept unchanged, the real estate
sector is expected to sustain its growth
throughout the next 12 to 24 months.
GOVERNMENT REGULATION
As the real estate sector continues its upward
trajectory, the government is keen on regulating
the industry. On-going reforms have been
announced and implemented to make the
industry ready for the headwinds brought by
changes in the global and local business
environment.
The Land Registration Authority has embarked
on the Land Titling Computerization Project for
2015 which will feature a service that allows
identification of titles previously issued by the
Register of Deeds. This aims to verify the
legitimacy of a property’s title.
To be able to ensure proper tax collection from
real estate transactions, the Bureau of Internal
Revenue (BIR) has increased the zonal value of
real estate properties in selected areas in Metro
Manila and in some provinces. The adjustment is
lifted fair market values of real properties in
Quezon City, San Juan, Rizal province and some
areas in Mindanao. The BIR has recently
announced an order to its revenue district offices
to issue the Registry of Deeds a list of manually
and electronically issued certificate authorizing
registration (CAR). This order aims to ensure
accurate payment of transfer taxes and to stop
the usage of spurious CARs/eCARs for transfer
of ownership.
Even the Bangko Sentral ng Pilipinas is currently
preparing the new residential real estate price
Q1 2015 CBRE Research ©2015 CBRE Philippines. Part of the CBRE Affiliate Network | 8
index which aims to properly monitor the prices of
homes in various types of developments.
The Philippine real estate sector has a huge
potential waiting to be tapped. In this light,
government reforms are expected to provide the
framework that will help the industry to realize
and utilize its full potential. 
From Page 3 BUILDING OCCUPANCY RISES…
The active office market of Metro Manila is
anticipated to maintain its upward growth
trajectory in the coming quarters as both
traditional and BPO offices remain bullish on the
Philippine economy. The IT and Business
Process Association of the Philippines (IPBAP)
projects an additional of 170,000 jobs in the BPO
industry within the year throughout the country.
Underpinned by the strong interest from foreign
firms, developers are slated to introduce about
780,000 square meters of office space to further
stir the market in the coming quarters of the year.

From Page 5 MANUFACTURING SECTOR…
coming years. Currently, the government plans to
give car companies incentives to help the country
compete for car manufacturing plants in the
ASEAN region.
Overall, industrial growth is seen to drive
inclusive growth across the economy. The current
period witnessed the entry of foreign-based
companies who are either relocating or
expanding their manufacturing and assembly
facilities within the country. Growth momentum in
local industrial productions is expected to offer
higher value goods and services in the global
market. Investment inflow to the country is
expected to increase in the coming periods. The
second quarter will show strong economic activity
and an influx of approved investments from both
local and foreign firms. 

9. METRO MANILA MARKETVIEW
Disclaimer: ©2015 CBRE Philippines. Part of the CBRE Affiliate Network. CBRE Philippines confirms that information contained herein, including projections, has
been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or
representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented exclusively for use by
CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.
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