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Meaningful Insights from Office Services – Tenant Representation | June 21, 2022

Meaningful Insights, Office Services, Tenant Representation, Experts choose experts

Here’s a compilation of Meaningful Insights from our Office Services – Tenant Representation experts.

 

MI_Kathlyn

Several provinces in the Visayas and Mindanao were severely affected by Typhoon Odette, including Cebu. The province dealt with power outages, damaged utility poles, and inoperative communication lines, while various establishments, including office buildings, heavily relied on power from generator sets, creating an artificial shortage on fuel. Since many IT-BPM locators generate revenue on a per-seat and per-minute basis, these companies carried out business continuity plans (BCP) to immediately provide employees with a workspace that has Internet access and electricity. This resulted in high demand for fully fitted or “plug and play” spaces; occupiers searched for such options across Metro Cebu, while others flew their employees to unaffected cities, including Metro Manila. As the needs of occupiers evolve in the face of the health and environmental emergencies, opportunities for office services professionals to provide greater value and ensure the continuity of businesses shall also emerge.

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MI_Jen

To further liberalize the Philippine economy, lawmakers introduced amendments to two existing pieces of legislation: namely, the Retail Trade Liberalization Act of 2000 and Public Service Act of 1935. The two amendatory pieces of legislation are part of the three investor-friendly measures endorsed by President Duterte and whose passage has been advocated by Department of Finance secretary Carlos Dominguez III and the chief executive’s economic team. With these amendments, the eased restrictions and requirements for investments will attract more foreign investors, which will generate new business opportunities and economic drivers across the country. The potential economic growth to be brought by the liberalization of investment policies will also help the country recover from the Covid-19 pandemic and improve its competitive standing in attracting foreign capital.

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MI_Patricia

The Covid-19 pandemic has pushed companies to reassess the use of the office as the nature of their operations and activities changed. Before the pandemic, most office spaces were designed based on functionality: desks, floor plans, and furniture were arranged on the premise that performance and productivity were directly proportionate to time spent by the employees in the office. This trend was somewhat altered when, during the height of lockdowns, many organizations transitioned to a work-from-home (WFH) arrangement. For several companies, employees’ productivity and performance remained at an acceptable level with the WFH setup. While openness towards remote work was boosted by the pandemic (perhaps out of necessity), the office remains essential for face-to-face interactions, which are still needed to cultivate culture and personal connections among employees.

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MI_Miguel

Prior to the Covid-19 pandemic, the Metro Manila office market rode a wave of momentum that peaked in 2019 when 903,000 square meters of new office supply was completed and 1.5 million square meters of leasing transactions were done. But this trend was quickly turned on its head in 2020 when the pandemic forced numerous occupiers to cancel their expansion/relocation plans and surrender office space. Still, there were some bright spots in the office market as there were notable transactions driven by the flight-to-quality moves and expansions of certain IT-BPM locators and companies from industries that not only survived but thrived during the pandemic (e.g., logistics, e-commerce, telecommunications).

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MI_Kenneth

Following two consecutive years of negative net take-up, the Metro Manila office market appears to be turning a corner as net take-up is projected to land in the positive territory in 2022. Net take-up, which is the change in occupied space between two periods, is forecasted by Colliers to reach 307,000 square meters in 2022, a significant improvement from the net take-up of –273,000 square meters recorded in 2021. The projected positive absorption is expected to be driven by demand from traditional and IT-BPM locators. Colliers believes that the recovery of office demand will be boosted by the improved business confidence, greater vaccination coverage, and passage of several economic stimulus measures.

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MI_Miguel_2

In response to the request of Philippine Economic Zone Authority (PEZA) to extend the 90% work-from-home (WFH) arrangement until September 12, 2022, the Fiscal Incentives Review Board (FIRB) of the Department of Finance issued a resolution last March 7, 2022, reiterating that registered business enterprises (RBE) under PEZA may only enjoy the 90-10 WFH threshold with no penalties levied towards their tax incentives until March 31, 2022. Thereafter, RBEs, particularly locators in the Information Technology and Business Process Management (IT-BPM) industry, must exclusively operate within the PEZA-proclaimed IT centers or buildings beginning April 1, 2022, in line with the respective governing legislation. The decision of the FIRB is grounded on the government’s thrust to reopen the economy and allow for more consumer activity as vaccination coverage is high and severe health outcomes have been mitigated to a significant extent.

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MI_Vincent

The Philippines is poised to open the floodgates to more foreign direct investments and avenues for economic growth and recovery after the enactment of three significant pieces of legislation by Congress and the signing of an Executive Order that aims to accelerate and sustain economic growth from the Covid-19 pandemic. With the flow of investments accelerating the economic development of various areas across the country, Colliers believes that the economic opportunities created by the aforementioned amendments will have a positive cascading effect on Philippine real estate and the livelihoods of many Filipinos.

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Related Experts

Dom Fredrick Andaya

Senior Director

Office Services

Manila

Dom began his career in Colliers International as a Research Assistant for the Research and Consultancy Division in February 2007.  In that capacity, he was responsible in gathering and organizing of data needed to generate commissioned market reports and quarterly release of The Knowledge, Colliers’ Market Review publication. 

He moved to Tenant Representation – Office Services Department in 2013. As a manager, he was tasked to handle various office space requirements of multinational clients. He was promoted to Associate Director in 2016 leading the Office Services team to hit the revenue target in the midst of leadership
transition. He started heading the Tenant Representation business as the Director in 2017 in charge of ensuring the growth and profitability of this business line. He helped the team stabilize in 2017 amidst market slowdown due to geopolitical concerns that affected the offshoring and outsourcing growth in the country and still achieved 18% profitability.

In 2018, he led the Tenant Representation to exceed the revenue target by 60% and achieve a 48% profit margin.

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Jen Torres

Associate Director

Office Services

Manila

Jen joined Colliers in May 1997 as a Leasing Officer.  Initially, she was responsible for marketing retail projects under Office Leasing Management.  

Jen transferred to the Commercial Leasing Division in 2006.  A key role of this position is to provide property service to top tier clients. Also her extensive background in BPO, KPO, Bank/ Restaurants/ Hypermart/ Other Retail site selection has greatly contributed to her clients requirements.

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Patricia Cruz

Associate Director

Office Services- Tenant Representation

Manila

Patricia began her career in marketing as key accounts manager for a multi-line and multi account distributor and eventually assigned for trade activation for below the line marketing events. She later on was tapped to head the international partnership of a non-profit group in Taipei and spearheaded events with top firms, chambers and various gov’t. institutions.

Coming back to the Philippines she found herself in the realm of Real Estate and the rest was history. She has been in the industry for over a decade working on the various segments in the field. Effectively working with top firms in the industry servicing top fortune 500 firms.

She also pioneered one of the top serviced offices in the Philippines and grew the operations into several locations in less than 3 years with 80%-90% occupancy.

In 2021 she joined Colliers Philippines as Associate Director under the office services in which she leads her own team. Apart from this role, she heads the client engagement division and oversees various initiatives of their department.

Currently she is finishing her Master’s in Corporate Real Estate with Specialization in Workplace Solutions.

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Kenneth Kung

Manager

HO Office Services - Tenant Representation

Manila

With an accomplished tenure in the fit-out industry, Kenneth’s technical experience offers to increase the value gained by the clients through CAPEX savings and accurate cost projections.

Taking on a role in commercial leasing Kenneth is tasked to negotiate and realize the interests of clients in the office leasing market. With contract review, risk mitigation and value engineering incorporated in his previous Sr. Business Development role he aims to effectively bridge the gap between targets and office realization.

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Kathlyn Atillo

Assistant Manager

Office Services

Cebu

Kathlyn works with  Office Services handling both Tenant and Landlord Representation in Cebu. She joined Colliers as an Administrative Assistant in one of the Real Estate Management Services (REMS) project in December 2013 and was transferred after few months to Cebu Head Office Administrative Assistant to REMS Cebu.

She was then moved to Office Services as Leasing Officer on April 2016 to strengthen the department in Cebu. As Leasing Officer, she has been involved in prospecting and preparing space options for clients and prospects, schedule site viewings, engaging in contract negotiations, and contract execution.

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Vincent Bisuna

Assistant Manager

Office Services- Tenant Representation

Manila

Vincent Bisuna initially joined Colliers in 2019 as a Research intern under Advisory Services. In this role, he was responsible in gathering and organizing of data needed to generate commissioned market reports. 

Prior to returning to Colliers in 2021,  Vincent held a lead role executing the operations, marketing, sales, and account management of valuable digital solutions that provide organizations a way to achieve their compliance and governance goals. He has delivered excellent service and expertise to his clients which include some of the top corporations in the Philippines such as the Philippine Stock Exchange, the Aboitiz Companies, ICTSI, Metrobank, Metro Pacific Investments, and the Lopez Group of Companies. 

Now back to where he started, he is looking forward to using his experience in bringing fresh insight and making meaningful contributions as an Assistant Manager for Office Services - Tenant Representation.

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Miguel Bengzon

Assistant Manager

Office Services

Manila

Miguel joined Colliers Philippines in late 2015 as a Market Analyst for the Office Services team. He was previously responsible for updating the department’s database and supplying market data for the quarterly property reports produced by the company. In 2017, Miguel transitioned into the role of a sales broker under the Tenant Representation department and has since serviced several key clients.

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Pia Lorenzo

Negotiator

Office Services

Manila

Pia is a Negotiator from the Office Services Team of Colliers Philippines, working under Tenant Representation.

She joined Colliers in 2019 as a Market Analyst under the Tenant Representation team. As part of the department's internal research team, she was responsible for gathering and analyzing real estate office market data and preparing relevant and up-to-date presentations such as the Colliers Quarterly Office Market Report.  She actively contributed in creating client presentations, research materials, and studies that clients need. By analyzing the Tenant Representation business, she came up with suggestions on how to improve efficiencies and take advantage of foreseeable trends in the market and competition.

In 2021, Pia transitioned into the role of Negotiator under the Tenant Representation department. With her prior experience on market research, she effectively identifies market opportunities and guides clients on their real estate decisions.

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Kath Taburada

Market Analyst

Office Services- Tenant Representation

Manila

Kath Taburada graduated from De La Salle University - Manila in June 2021 with a degree in Industrial Economics and Accountancy. She joined Colliers Philippines in November 2021 and works as a Market Analyst for Tenant Representation — Office Services.  As part of the department's internal research team, she  is responsible for the gathering and analyzing of real estate data and preparing relevant presentations, such as the Quarterly Market Report. She has also contributed to research materials  and write-ups  such as Meaningful Insights.

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