The Philippine economy continues to reel from the impact of the pandemic and lockdowns, officially entering into a recession.
Colliers believes that conversion and repurposing of assets are crucial amid the pandemic and global economic downturn. Hotel operators should explore the viability of co-living and flexible workspace schemes. Industrial developers should modernize existing warehouses and look at converting vacant mall spaces into microwarehouses near business districts in Metro Manila. This should benefit property firms with industrial and retail arms. Office landlords and occupiers should consider adopting the hub-and-spoke model to reduce cost and improve employees' work-life-balance.
