Colliers Radar Philippines Research 29 June Shifting Orbits The Rise of Satellite Communities

Transcription

1 Colliers Radar Philippines Research 29 June 2017 Shifting Orbits The Rise of Satellite Communities

2 By Joey Roi Bondoc Manager Research The government s failure to adequately address issues plaguing Metro Manila such as worsening traffic, flooding, and poor mass transportation systems has compelled private firms to take the lead in developing master-planned communities that integrate the live-work-play lifestyle. The expansion of economic activities in the country s capital has also buoyed demand for integrated communities. To further unlock opportunities, we recommend that developers: Distinguish their projects from others by allocating land for education, healthcare, entertainment and recreational uses; Intensify efforts in terms of strategic landbanking; Explore the option of acquiring reclaimed land; Redevelop brownfield properties; and Build flexible office space to accommodate non-business process outsourcing (BPO) occupants. Colliers expects developers to continue pursuing masterplanned communities as these offer a better value proposition than standalone projects. We believe that the emergence of millennial workers, who account for about 40% of the country s labor force and are primarily employed in BPOs, will sustain the demand for integrated live-work-play environment. The concept of building offices, condominiums, malls, schools and hospitals within one community satisfies the millennials demand for greater mobility and convenience. Colliers sees developers pursuing more integrated communities outside of Metro Manila such as Cavite, Laguna, Bulacan, and Pampanga over the near- to medium-term as land values are unlocked by an aggressive expansion of road networks. We are confident that this will be sustained by the government s push to generate economic opportunities in the countryside anchored on its commitment to usher in the golden age of infrastructure. Selected Townships across Metro Manila Source: Colliers International Philippines

3 Contents The problems of Metro Manila... 4 Eastwood City: Clothing to outsourcing... 5 Rockwell Center: Mothballed thermal to sprawling residential... 5 Century City: CBD in Makati periphery... 6 Capitol Commons: Capitalizing on Ortigas Fringe... 6 Vertis: Northern Metro Manila s Emerging CBD..7 Arca: Southern gateway to Manila... 7 Circuit: Makati s new entertainment hub... 8 Aseana City: Reclaimed BPO and tourism hub... 8 Bridgetowne and ArcoVia: From industrial property to integrated community... 9 Conclusion and Recommendations Colliers Radar 29 June 2017 Research Colliers International

4 Status of Metro Manila townships Township (Land Area) Total Planned GLA Office (sq m) Residential (unit) Retail (sq m) Hotel (unit) Completed GLA Total Planned Units Completed Units Total Planned GLA Completed GLA Total Planned Units Completed Units Institutional (sq m) Entertainment (sq m) Eastwood City (18.5 ha) 352, ,100 9,700 7,600 25,000 25, ,300 - Rockwell Center (15.5 ha) 62,000 62,000 5,900 4,200 51,000 45, ,600 - Century City (3.4 ha) 93,800-3,800 3,500 17,000 17, ,400 - Capitol Commons (10 ha) 32,900 19,200 2,000-55,000 30, Vertis North (29 ha) Arca South (74 ha) Circuit Makati (21 ha) Aseana City (107 ha) Bridgetowne (8 ha) 120,200-4,200-47,000 9, , ,000-2, , ,500-72,100-1,300-69,000 11, , ,800 42,300 1, ,000 25,000 3,850 1, ,400 33, ,800 22, , Source: Colliers International Philippines Research Figures are rounded off The problems of Metro Manila Several socio-economic issues plaguing Metro Manila remain unresolved. The lack of economic opportunities in the countryside is pushing people to migrate to the country s capital, exacerbating Metro Manila s unabated population growth. Poor public transportation systems coupled with congested traffic make for a gruelling daily commute for the workforce. These issues continue to constrain Metro Manila from achieving its full growth potential. Developers are bridging infrastructure gaps and unlocking opportunities by building master-planned communities that have the potential to become major catchment areas for business activities in the country s capital. The expansion of business opportunities in Metro Manila has been fuelled by the influx of multinational outsourcing companies. The fast-evolving demands of the capital s workforce and households play a crucial role in driving a shift in the mindset and strategies of real estate developers. Property firms saw the need to add value to the usual standalone building. Market demands dictate that they build malls, residential condominiums, and institutional facilities such as schools and hospitals alongside offices. Metro Manila residents rising disposable incomes have enhanced their standards of living and reinforced their demand for convenience, accessibility, and exclusivity features only a masterplanned community could provide. They now prefer to live, work, dine, and shop in a single community surrounded by upscale facilities, spacious open area, green surroundings and energy-efficient infrastructure all done by private developer-led master planning. In these communities, integration prevails over seclusion as the middle-class family upgrades to condominiums from house and lots. The rising demand for these integrated developments as well as soaring land values in central business districts (CBDs) have provided the opportunity for developers to transform idle properties on the outskirts of CBDs into masterplanned communities. Eastwood City is the former site of a textile mills; a thermal power plant used to occupy a portion of Rockwell Center; Century City is the former site of International School-Manila; while Capitol Commons is a redevelopment of the former capitol of Rizal Province. Rising demand and land prices are also enticing industrial property owners in strategic locations to liquidate land holdings in favor of mixed-use township developments. Examples of these are the upcoming projects along C-5 Road such as Megaworld s ArcoVia City and Robinsons Land s Bridgetowne. The strategic location unlocks the potential of these former industrial properties for more profitable uses. The national and local governments thrust of raising non-tax revenues has compelled a number of agencies to put large land parcels out to tender to major property developers. These properties are now being transformed into satellite communities that offer specific value propositions: Vertis North is being positioned as the new 4 Colliers Radar 29 June 2017 Research Colliers International

5 CBD of Northern Metro Manila; Makati Circuit is being groomed as the next entertainment hub while Arca South is poised to serve as the Southern gateway to the country s capital. Developers are also building townships outside of Metro Manila. We attribute this to the construction of railways and roads in key areas outside of the country s capital which unlock values for properties that could be developed into mixed-use communities. We believe that the sprawl into urban areas such as Cavite, Laguna, Bulacan, and Pampanga was also necessary in capturing a large fraction of the available labor pool that BPO and industrial tenants could tap. The surge in residents purchasing power encouraged developers to build malls and recreational facilities alongside office and residential condominium buildings. The entertainment facilities also make these townships an attractive weekend destination for Metro Manila residents. These developments should be sustained by institutional facilities such as schools and hospitals. Colliers believes that the Duterte administration s decentralization thrust anchored on the implementation of major public infrastructure projects should entice developers to aggressively pursue master-planned communities outside of Metro Manila. Eastwood City: Clothing to outsourcing hundred companies. Its occupants include some of the biggest BPO and KPO firms in the country such as Accenture, Citibank, and IBM. Rockwell Center: Mothballed thermal to sprawling residential Source: Rockwell Land Rockwell Land was established in 1995 to develop the 15.5-hectare area occupied by a decommissioned thermal power facility. The property was transformed into one of the premium locations for residential development in Metro Manila. The community s high-end residential condominium buildings include Hidalgo Place, Rizal Tower, Amorsolo Square and Luna Gardens. At present, these properties occupancies hover between 90% and 95% despite being offered to the market in the early 2000 s. Nine residential buildings have been completed since 1999 offering some 4,100 units. The Carlos Ottdesigned The Proscenium features five residential towers that will offer an additional 1,600 units. The towers are due to be completed from 2018 to 2021 but are already 86% sold as of 1Q The 40,000 sq m (430,000 sq ft) Power Plant mall was completed in The mall has gone through a number of renovations to keep pace with the fast-evolving preferences of consumers. Its 6,000 sq m (64,560 sq ft) expansion will be completed by September Source: Megaworld Established in 1999, Eastwood City is Megaworld s first master-planned community in Metro Manila. A former textile mill, it has expanded to 18.5 hectares from its original scope of 12 hectares. It currently houses 20 condominium projects featuring about 7,500 units and 11 office buildings with a combined gross leasable area (GLA) of about 320,000 sq m (3.44 million sq ft). From 2017 to 2021 we expect about 1,700 units being added to Eastwood s residential stock while its office stock is expected to increase by nearly 30,000 sq m (322,800 sq ft). At present, Eastwood City houses more than a Rockwell is also building a 280-room hotel under the Aruga brand due to be completed in This will complement the existing 114-unit Aruga serviced apartment. The recently-completed 8 Rockwell attracted some of the most prominent pharmaceutical and advertising firms such as Pfizer, Takeda, IMS Health, and Ogilvy & Mather. The 32,000 sq m (344,320 sq ft) facility also houses the ABS-CBN News Channel s new studio. Other office buildings in Rockwell Center include the 12,700 sq m (136,650 sq ft) Phinma Plaza which houses Phinma 5 Colliers Radar 29 June 2017 Research Colliers International

6 Corporation and Trans-Asia Petroleum and the 16,800 sq m (180,770 sq ft) building occupied by Nestle Philippines. Capitol Commons: Capitalizing on Ortigas fringe Century City: CBD in Makati periphery Source: Ortigas & Company Source: Century Properties Century City is a 3.4-hectare development by Century Properties located in the fringes of Makati CBD. The township sits on a property previously occupied by the International School of Manila. Century City s residential projects are marketed to be in the upscale segment by partnering with prominent personalities and brands such as Daniel Liebskind, Trump, Armani and Versace. Of the five residential buildings, four have already been completed featuring some 3,400 units. Century Spire, the last of the five residential skyscrapers to rise in Century City, features 335 units and is 92% sold as of 1Q Century City Mall was completed in The 17,000 sq m (182,920 sq ft) retail outlet is anchored by Rustans Supermarket. The integrated community also features the country s first medical mall, the 28-story Centuria Medical Makati. The medical mall should benefit from the country s emergence as a viable medical tourism hub in Asia Pacific. A redevelopment of the former Rizal Provincial Capitol complex, Capitol Commons is a 10-hectare mixed use development by Ortigas & Co. situated in Pasig City. It is bannered by Estancia, which offers 30,000 sq m (322,800 sq ft) of retail space and more than 19,000 sq m (204,400 sq ft) by GLA of office space, half of which is occupied by the shared service center of Maersk Group. The township will also house a 10,000 sq m (107,600 sq ft) Unimart to cater to grocery shopping needs of residents in the Eastern part of Metro Manila. From 2018 to 2020, three residential towers featuring more than 1,900 units are due to be completed. The residential condominiums are more than 60% sold as of 1Q Capital Commons augments the existing office, retail, and residential developments in the eastern part of the metropolis. Its strategic location in the fringe of Ortigas Center shields the satellite community from traffic congestion within the business district. These features enable Capitol Commons residential units to command a price per square meter about 30% higher than comparable units in Ortigas Center. 6 Colliers Radar 29 June 2017 Research Colliers International

7 Vertis: Northern Metro Manila s emerging CBD Line 3 that pass through Metro Manila s main thoroughfare. Arca: Southern gateway to Manila Source: Ayala Land Ayala s 29-ha Vertis North is being positioned as the CBD of northern Metro Manila. The satellite community should capture the growing demand for office, retail, residential, and institutional space in Quezon City and the Caloocan-Malabon-Navotas-Valenzuela (CAMANAVA) corridor area as well as parts of Bulacan in Central Luzon. Vertis North s six residential towers offer a combined 4,121 units. Take-up is at 89% as of 1Q The Seda Vertis North, Ayala s largest hotel under the Seda brand, had a soft launch in April this year. The 438-room hotel was well-received given the lack of quality accommodation in the northern part of Metro Manila. Bloomberry Resorts, the operator of Solaire, will also build a casino in the area that aims to capture the mass-gaming market in northern Metro Manila and northern and central Luzon. Vertis North mall, a 47,000 sq m (505,720 sq ft) retail outlet primarily targeting millennial mallgoers, partially opened in June. It will be 85% operational by the end of the year. The three-tower Vertis North Corporate Center will have a combined gross leasable area (GLA) of about 140,000 sq m (1.51 million sq ft) and will mainly house BPO and KPO companies. The 39,000 sq m (419,600 sq ft) Tower 1 is due to be completed this year. Source: Ayala Land 74-hectare Arca South is being positioned as the next major CBD in southern Metro Manila.The former site of government-owned Food Terminal Inc. (FTI) will directly benefit from the construction of infrastructure projects that link the capital to the thriving provinces of Cavite and Laguna. Nine BPO buildings with a combined GLA of 200,000 sq m (2.15 million sq ft) are in the pipeline. Arca South Retail will offer some 103,000 sq m (1.1 million sq ft) of leasable space and will open this year. The township s facilities will be complemented by a 265-room Seda Hotel and a 250-bed QualiMed Hospital. Some 2,300 residential units have been launched with about 91% already sold. The upcoming South Integrated Transport System (ITS) will be built right beside the Arca South. About 4,000 buses and 160,000 passengers are expected to pass through the terminal daily and this should directly benefit Arca South s retail components. Furthermore, the community s proximity to key locations such as Makati CBD, Ninoy Aquino International Airport (NAIA), and Fort Bonifacio should help facilitate the community s development into a full-blown CBD. Vertis North s viability as northern Manila s new business district will be buoyed by the completion of the Metro Rail Transit (MRT) Line 7 which links North EDSA to San Jose del Monte in Bulacan. The government expects the project to become operational by The masterplanned community is also linked to two existing railways - Light Rail Transit Line 1 and Metro Rail Transit (MRT) 7 Colliers Radar 29 June 2017 Research Colliers International

8 Circuit: Makati s new entertainment district Aseana City: Reclaimed BPO and tourism hub Source: Ayala Land The former Sta. Ana Racetrack is envisioned as the new lifestyle and entertainment hub of Makati City. It features an indoor theatre, multipurpose entertainment spaces, skate park, and open grounds. The 21-hectare Circuit will feature residential buildings from Alveo Land and Ayala Land Premier. Three residential towers featuring more than 1,200 units have been launched so far. Take up is strong with about 83% of units already sold. Its Seda hotel, due for completion in 2018, will add 255 rooms to Makati CBD s hotel stock. Its office buildings will offer about 72,000 square meters (774,700 sq ft) of leasable space. Colliers expects these office buildings to attract a mix of BPO and traditional tenants, especially those looking for available space in Makati s peripheries. Source: Aseana City The presence of large casino-resort operators should sustain demand for office, retail, and residential developments in this 107-hectare integrated community. It features the 170-unit Pixel Residences condominium that is recording strong take-up among the segment of the population that wants to live within the Manila Bay Area and the city centers surrounding it. Demand for Makati CBD and Fort Bonifacio office space should spill over into Aseana City. It will offer a total of 132,000 sq m (1.4 million sq ft) of leasable office space that will mainly target BPOs. Of the total, some 42,000 sq m (450,000 sq ft) has been completed with BPO firm One Trilogy Systems and London-headquartered maritime service provider V Ships among the tenants. Aseana City also houses a Blue Leaf events pavilion, a popular venue for weddings and large gatherings with a capacity of 1,000 guests. DM Wenceslao s partnerships with major national (Ayala land) and regional (Hongkong Land) developers as well as the presence of major infrastructure projects (NAIA Expressway, LRT 1 Extension, and Southwest Integrated Terminal) affirm Aseana City s potential as a key business district. 8 Colliers Radar 29 June 2017 Research Colliers International

9 Bridgetowne and ArcoVia: From industrial property to integrated community Conclusion and Recommendations Colliers expects developers to continue pursuing satellite communities in and outside of Metro Manila. Townships offer a better value proposition than standalone projects since they offer mixed-use developments. We believe that this feature makes integrated townships a more attractive option for investors. More BPO tenants will also gravitate toward integrated communities as they offer a better living and working environment. Source: Robinsons Land Bridgetowne Business Park is a 8-hectare property acquired from Republic Glass Holdings Corporation. It features four office buildings with a combined GLA of about 127,000 sq m (1.37 million sq ft). The 23,000 sq m (247,500 sq ft) Tera Tower was completed in Among its major occupants is the BPO firm Concentrix. The firm will also occupy additional space in Zeta and Exxa Towers which are expected to be completed over the next 18 to 24 months. Details of Bridgetowne s retail and residential components have yet to be released. The integrated community also features a Blue Leaf events pavilion. ArcoVia is Megaworld s newest township and dubbed as the country s first green community. It spans 12.3 hectares. Three LEED-registered office buildings, due for completion late this year and in 2018, will be designed by the firm behind Burj Khalifa in Dubai, currently the world s tallest building. The office towers will offer a combined 87,000 sq m (936,100 sq ft) of leasable space and are expected to be completed between 2018 and ArcoVia will also have retail and residential components. The Filipino concept membership supermarket Landers will open a branch within the township. ArcoVia will be supported by a rainwater catchment facility and a transportation hub. Both Bridgetowne and Arco Via are attractive locations for outsourcing companies given their proximity to Pasig and Antipolo, Cainta, and Taytay in Rizal Province, a corridor considered a rich source of BPO talent. Colliers sees the emergence of millennial workers, who account for about 40% of the country s labor force, sustaining the demand for township projects. The concept of building offices, condominiums, malls, schools and hospitals within one community satisfies millennials demand for greater mobility and convenience. By 2030, millennials and the next generation will comprise about 70% of the country s workforce based on data from the Philippine Statistics Authority (PSA). A 2015 Urban Land Institute (ULI) report noted that about 60% of millennials would like to live where they do not need a car often and that millennials will continue to be a strong driver of demand for compact and mixed-use communities. Eventually, we see private developers taking the lead in building crucial infrastructure to boost growth within their integrated communities. A key example is the planned construction of a bridge over Marikina River that will connect two parcels of land in Pasig and Quezon City owned by Ayala Land and Eton Properties, respectively. The properties cover the planned 35-hectare mixed-use estate along the C-5 corridor that will be developed by two of the largest property developers in the Philippines. We believe that the current administration s thrust to spread economic opportunities outside Metro Manila and intensify infrastructure development should provide impetus for developers to be more aggressive in pursuing mixed-use projects outside of the country s capital. To the south, we see Cavite benefiting from the implementation of rail and road expansion projects which should provide access to properties that could be redeveloped into mixed-use communities. These infrastructure projects include the recently-completed Muntinlupa-Cavite Expressway (MCX) as well as Light Rail Transit (LRT) 1 Cavite extension, Cavite-Laguna Expressway (CALAx), and North Luzon Expressway (NLEX) and South Luzon Expressway (SLEX) connector road which are under construction.with several infrastructure and township investments in the pipeline, 9 Colliers Radar 29 June 2017 Research Colliers International

10 we expect Cavite to come to its own as an urban center and rise from its previous image as a mere suburban support area to Metro Manila. Among the major townships located South of Metro Manila are Megaworld s Southwoods, Vista Land s Vista City, and Ayala Land s Nuvali and Vermosa. While these townships offer a significant portion for lifestyle and recreational facilities, they are also envisioned as major retail and academic hubs of Southern Luzon. The establishment of the first University of the Philippines (UP) Technopreneurship campus in Vista City should support local technological start-ups as well as the expansion of the existing manufacturing base in the Cavite-Laguna-Batangas corridor To the north, we see Pampanga cornering the bulk of township-related investments in the region given the government s commitment to develop the North Luzon segment of North-South Railway project and expand the existing Clark International Airport. Townships such as Ayala s Alviera and the Megaworld s Capital Town are allotting a significant space for industrial parks. These industrial spaces, coupled with major infrastructure projects, should further enhance Pampanga s appeal to existing and prospective industrial locators. Developers are also building a substantial amount of office space to take advantage of Pampanga s viability as a key outsourcing hub. Over the near to medium term, Colliers sees more industrial-related developments as part of townships being pursued by developers nationwide, especially in areas where adequate infrastructure support is available. Given the growing appetite for township development, we recommend that developers implement the following: Differentiation of townships Developers are aggressively acquiring large parcels of land that could be developed into master-planned communities. In the increasingly competitive environment, developers need to distinguish their projects from others. Apart from the typical land uses such as office, residential, retail, and hotel, developers should also incorporate institutional uses such as education and healthcare. Other developers have been more aggressive in differentiating their communities by integrating entertainment and recreational facilities for outdoor sports such as football and wakeboarding. These townships include Circuit Makati with its skate park; Nuvali with its wakeboarding facility; and Alviera bannered by Sandbox, which features the country s first roller coaster zipline. The developers differentiation strategies are anchored on placemaking or the multifaceted approach to the planning, design and management of public spaces. Under this method, developers assess each community s distinct assets and potential and eventually build facilities that will maximize those features. A well thought-out placemaking strategy should keep people interested to stay in an integrated township. Overall, placemaking should help transform places into destinations where people can synergistically converge. Strategic landbanking Colliers believes that developers should take advantage of the government s thrust to intensify infrastructure development in and outside of the country s capital. The completion of public infrastructure projects should result in a more aggressive construction of townships. To cash in on the opportunities, developers must intensify efforts in terms of strategic landbanking. Within Metro Manila, opportunities for township developments are in Quezon City North (Fairview, San Jose del Monte, Novaliches and Commonwealth), Marikina and Pasig. Meanwhile, other provinces that are viable locations for township developments include La Union, Pangasinan, Tarlac, Batangas, Naga, Iloilo, Bacolod, Cebu, Davao, and Cagayan de Oro. As an example, Ayala Land is able to launch major townships in and outside of Metro Manila due to strategic landbanking. After the launch of Vertis and Arca in the northern and southern portions of Manila, the property firm said it has concluded a deal with the Lucio Tan group s Eton Properties to develop a 35-hectare property spanning Quezon and Pasig cities. Recently it launched its 250-hectare Evo City project in Cavite and the 25- hectare Azuela Cove in Davao City. Development of flexible office space to accommodate firms that require smaller space The robust economic growth in the country s capital reflects not just the sustained dynamism of the BPO-led services sector but also the expansion of other key economic sub-sectors such as construction, telecommunications, banking and finance, warehousing and logistics, and manufacturing. We expect companies engaged in these businesses to expand and thus occupy additional office space. We encourage developers to make their office buildings in their respective townships more flexible to accommodate demand from non- BPO/traditional companies that require smaller cuts. This recommendation also applies to office buildings in townships outside of Manila since the current administration s decentralization push is encouraging national government agencies and their attached bureaus, which occupy less office space than BPOs, to transfer to nearby provinces such as Pampanga. We 10 Colliers Radar 29 June 2017 Research Colliers International

11 also see firms which conduct businesses with these government agencies opening shops outside Metro Manila. Some of the recently completed office buildings within Metro Manila townships that house a mix of BPO and traditional tenants are Aseana Two in Aseana City, Estancia in Capitol Commons, and Tera Tower in Bridgetowne Business Park. Acquisition of reclaimed land Developers should be on the lookout for ongoing reclamation projects in the Manila Bay Area as a potential supply of developable land. At present, there are four active reclamation projects around the Manila Bay Area where commercial, residential, industrial, and educational zones can be developed. Land in reclaimed areas is much cheaper than in established business hubs. Townships developed on reclaimed land in the Manila Bay Area, such as DM Wenceslao s Aseana City, should also benefit from public infrastructure projects nearby such as the Southwest Integrated Terminal, NAIA Expressway, Sangley Airport, and Metro Manila subway. According to the Philippine Reclamation Authority (PRA), the major reclamation projects in the Manila Bay Area include the 148-hectare Manila Solar City stretching from the Cultural Center of the Philippines to the United States embassy and the 635-hectare Las Piñas- Parañaque Coastal Bay Reclamation Project which is near the existing Mall of Asia Complex and across the Libertad channel. of developments as long as the projects are aligned with the entire township s design guidelines. This should result in a more interesting development mix and landscape for the entire integrated community. The Aseana City, for instance, should become a more attractive master-planned community once the mixeduse projects of Ayala Land and Hong Kong Land are completed. As for end-users and investors, we recommend the following: Emphasis on the lifestyle For end-users, we recommend opting for developments in mixed-use satellite communities as these enhance working and living conditions. In fact, smaller-sized retail and office developments are being created in line with the live-work-play philosophy. Possible enhancement of yields We recommend that investors choose projects in townships due to possible yield enhancement. Given that capital values in established CBDs have significantly escalated in recent years resulting in yield compression, lower entry price for strata-titled office and residential developments could offer some enhancement in yields. Redevelopment of brownfield assets Developers must aggressively scout for idle private properties or government assets that they can acquire and redevelop into master-planned communities. This strategy is similar to Rockwell Land s redevelopment of a mothballed power facility into a thriving Rockwell Center and Megaworld s transformation of an idle textile mills into a fully-developed Eastwood City. We expect the government to be more active in putting land parcels out to tender to private developers as it intends to raise additional revenues for its massive infrastructure development program. Given the lack of developable land in Metro Manila, we think that some developers should revisit the option of buying back properties that were previously donated to government agencies. Implementation of a unique development mix with other developers We recommend that developers that own large parcels of land for their mixed-use communities consider selling individual lots while retaining the greater part of the land holdings. These developers with massive landbank should also allow other firms to pursue their own pockets 11 Colliers Radar 29 June 2017 Research Colliers International

12 396 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 79 EMEA: 111 Primary Author: Joey Roi Bondoc Manager Research Colliers International Philippines 11/F Frabelle Business Center 111 Rada St., Legaspi Village Makati City 1229 Philippines $2.6 billion in annual revenue 2 billion square feet under management 15,000 professionals and staff About Colliers International Group Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customised research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. For the latest news from Colliers, visit Colliers.com/Asia or follow us on and LinkedIn. Copyright 2017 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.