Megaworld secures new leases, renewals

Real estate titan Megaworld continued to record strong leasing activity across its properties, securing nearly 250,000 square meters (sq m) in the first three quarters.

New leases hit close to 100,000 sqm, while renewals remained solid, accounting for around 150,000 sq m.

The firm noted that about 90 percent came from expiring leases, showing Megaworld’s high renewal rate.

The capital region continued to lead fresh leases and renewal contracts. During the period, the group welcomed new lease deals with Paris-based banking giant BNP Paribas at Uptown Eastgate in Uptown Bonifacio, and global information technology services and business process outsourcing company Cognizant at 18/20 Upper McKinley in McKinley Hill.

Megaworld’s properties in key provinces also witnessed encouraging leasing activities, especially from its regional townships in Pampanga, Southwoods City in Laguna, Iloilo Business Park in Iloilo City, The Upper East in Bacolod City and The Mactan Newtown in Lapu-Lapu City, Cebu.

“The strong pace of new leases and renewals shows continued demand for strategically located, high-quality office spaces, particularly in the provinces where more businesses are expanding,” Roland Tiongson, head of Megaworld Premier Offices, said in a statement on Monday.

“We will continue to grow our office portfolio in key regional centers while strengthening our established townships in Metro Manila to capture these opportunities,” Tiongson added.

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Francis Roxas, head of Megaworld Global Offices, meanwhile, expressed confidence that the firm could entice and bring in more foreign companies to set up their physical offices in the country given Megaworld’s “globally competitive workspaces with access to talent, infrastructure, and integrated business ecosystems.”

At present, Megaworld has over 1.7 million sq m of gross leasable office space across nearly 90 office towers nationwide, serving over 200 multinational tenants.

Megaworld targets growing its office portfolio to 2 million sq m of gross leasable area by 2030.