Megaworld invests P30 billion in office buildings nationwide

Megaworld Corp. plans to invest P30 billion over the next five years to construct new offices, primarily outside Metro Manila. The company aims to respond to rising demand from international firms, even in a challenging market. CEO Kevin Tan expressed optimism about growth in the office sector, noting an increase in demand from both business process outsourcing (BPO) companies and traditional tenants. The company will focus on its townships in Bulacan, Pampanga, Bacolod, Iloilo, Cebu, Davao, and Metro Manila. This year, Megaworld intends to open new office spaces totaling 50,000 square meters. Last year, it launched office towers covering around 60,000 square meters. The company currently manages a total gross leasable area of 1.5 million square meters, with a goal of reaching 2 million square meters by 2030. Despite the overall weakness in the office sector, particularly in Metro Manila where vacancy rates hit 19.4% last year, Megaworld remains confident. This vacancy rate is higher compared to Cebu and Davao, as more companies choose to operate outside the capital region.