The Philippines’ GDP contracted by 9.5% in 2020, the country’s worst economic performance since World War II. Colliers believes that a government projected economic recovery in 2021, albeit slow, is likely to support the growth of the property development sector.
In our view, we recommend office landlords and condominium developers continue seizing opportunities in the market, especially with remittances from overseas Filipinos likely to grow by 4% in 2021 and office tenants willing to implement split operations and hub-andspoke leasing schemes. Firms providing essential goods and services such as ecommerce, are likely to lead office space take-up in 2021.
Meanwhile, mall operators should consider repurposing brick-and-mortar spaces vacated by retailers. Colliers believes that a successful rollout of the COVID-19 vaccine will play a crucial role in the country’s economic recovery.
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