Located south of Manila is Pasay City, a major commercial district filled with hotels, shopping districts, and options for serviced offices inside flexible workspaces. Pasay also houses two airports: the Ninoy Aquino International Airport (NAIA) and the Villamor Air Base. The Civil Aeronautics Administration also sits within Pasay City's jurisdiction. Because of the city's diverse mix of government facilities and entertainment districts, Pasay is quickly emerging as a major business and financial landmark.
Private offices for rent in Pasay is a great alternative to those in Makati and BGC for companies that want to begin business operations in Metro Manila. KMC's extensive inventory contains office spaces for rent with private areas and flexible workspaces that contain coworking space as well.
Pasay City houses the headquarters of the SM Group of Companies, one of the biggest economic drivers in the entire country. Pasay also houses SM Mall of Asia, a mall of universal acclaim due to its massive land area. Another interesting facet of Pasay is its restaurant strip along the corner of the EDSA Extension and Diosdado Macapagal Avenue.
Real estate and office space market consultancy firm, KMC Savills, classified Pasay City under the "Bay Area" designation in their 1Q/2018 report. Continuing from 4Q/2017, the Bay Area submarket continues to exceed expectations. For 1Q/2018, the robust demand in the Bay Area caused vacancies to drop to 1.4% of the total office stock in this quarter compared to the 3.9% findings in 4Q/2017.
Rental growth in the submarket remained stable at 6.5% YoY, while rental rates averaged at around Php 746.8 per sq m / month.
KMC Savills expects approximately 141,100 sq m of new office space to come online in the remaining quarters of 2018. The firm also expects supply pressure to ease rental growth, but increased interest in the submarket from online gaming operators may counteract it.
Private office spaces in Pasay are ready for the taking.Call us today to receive the full details regarding any of our available office space listings in the Bay Area.
Contact KMC MAG Group for Pasay