Redefining ultra luxury in Makati CBD
The Makati central business district (CBD) continues to firm up its position as the most desired office, residential, and retail hub among major financial and lifestyle hubs in Metro Manila.
It enjoys the lowest office vacancy; the greatest mall space take-up; and the most negligible number of unsold condominium inventory in Metro Manila as of Q3 2025.
These latest indicators continue to point to Makati CBD as the most preferred business address. It is, after all, the country’s premier financial district. Hence, it is no longer surprising to see the CBD also being the main focal point of ultra luxury residential projects in the capital region, attracting not just developers of premium condominium projects but also the affluent and discerning clientele.
An office landlord’s market
Makati CBD continues to record sustained leasing activities.
Despite having the largest office stock, it currently enjoys the lowest vacancy rate in the capital region at 8.2 percent as of end September. This is supported by major office space deals from multinational and outsourcing firms.
Colliers projects that the Makati CBD may shift to a landlord’s market by 2026 due to the limited new supply over the next two years and sustained take-up of new office space. This means that developers in the business hub can now ask for premium lease rates from new and expanding locators.
Most attractive CBD for premier developments
Market dynamics support optimism in Makati CBD.
At present, it has one of the most competitive vacancies in the secondary condominium market, indicative of stable demand for prime residential developments offering large cuts and premium amenities.
The country’s premier financial district also offers a gamut of retail options, given its mix of foreign and local shops that cater to Filipino professionals and expatriates working in the CBD, supporting residents and workers in the business hub.
In Makati CBD, Ayala Land continues to be among the leaders in luxury and ultra luxury condominium developments. Among the developer’s premium condominium projects lined up for completion in 2031 and 2032 are Park Villas and Laurean Residences, respectively.
Colliers Philippines previously noted that the luxury to ultra luxury markets remain pliant as these segments draw take-up from a clientele that is awash with wash and somehow isolated from still-elevated mortgage rates.
With the ultra-rich investing in these ultra luxury properties, it is only important to give investors what they deserve. Prime developers including Ayala Land have really been raising the bar in terms of residential differentiation and premiumization by offering their affluent clients the most high end amenities the market offers right now.
Ultra luxury condo market: Differentiation is key
Makati CBD remains one of the most competitive residential markets in Metro Manila as shown by a negligible number of unsold RFOs and continued dominance of luxury to ultra luxury projects, with prices per condominium unit starting at P50 million.
Colliers data showed that as of end September, the luxury (P20 million to P50 million), upper luxury (P50 million to P100 million), and ultra luxury segments (P100 million and above) accounted for only 3 percent of unsold RFO condominium in Metro Manila. Makati CBD, in particular, only covered 0.1 percent of yet-to-be-sold RFO units.
Differentiation via premiumization
Developers should also emphasize their luxury projects’ upscale amenities, topnotch concierge services, and strong potential for capital appreciation, which are important considerations for discerning investors and end-users.
We believe that developers should continue innovating their condominium projects by offering new features and services and by aggressively differentiating.
Over the past year, several developers have integrated more healthy and sustainable amenities into their newly launched projects. Some have incorporated unique features like glamping nook, garden gazebo, and sky promenades as hyperamenitized condominium developments become the norm.
Colliers thus encourages developers to continue promoting the high end amenities and facilities they offer.
As Colliers previously highlighted, proximity to infrastructure and institutional establishments, such as schools and hospitals, will likewise remain crucial in stoking residential appetite in the market. This should be complemented by additional features such as resort-like pools, modern and well-equipped gyms, yoga facilities, as well as electric vehicle (EV) charging stations.
Colliers further believes that open and green spaces and smart home technologies should be present in luxurious residential projects. Previously, these features used to be ‘nice to have’ but these are now must-have.
Developers should continue to innovate with their luxe offerings to gain a competitive advantage in the thriving luxury residential segment. Skimping is definitely not an option.
If premium developers have it, they should flaunt it.
