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Metro Manila Office Property Market Study (FINAL REPORT)

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Metro Manila Office Property Market Study (FINAL REPORT) Metro Manila Office Property Market Study (FINAL REPORT) 19 November 2020 Prepared by: Prepared for: Theresa Teodoro DDMP REIT, Inc. Karla Domingo Veronica Cabigao Our Ref: CIP/CONS20-026 19 November 2020 DDMP REIT Inc. 10th Floor, Tower 1 DoubleDragon Plaza DD Meridian Park corner Macapagal Avenue and EDSA Avenue Bay Area, Pasay City Attn: Ms. Hannah Yulo-Luccini Re: Metro Manila Office Property Market Study (the ‘Project’) With reference to your instructions received on July 2020, we have prepared the Metro Manila Office Property Market Update (the “Project”) for your perusal. As we understand, this report will serve as an attachment to the REIT Plan and submission to the Philippine Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE). The market report is enclosed herewith. Yours faithfully, For and on behalf of Colliers International Philippines, Inc. ___________________________________________ Theresa Teodoro Director Valuation and Advisory Services 1 Metro Manila Office Property Market Study (FINAL REPORT) TABLE OF CONTENTS 1 INTRODUCTION .......................................................................................................................................... 5 INSTRUCTIONS ........................................................................................................................................ 5 INFORMATION SOURCES ......................................................................................................................... 5 CAVEATS AND ASSUMPTIONS .................................................................................................................. 5 2 MACROECONOMIC OVERVIEW OF THE PHILIPPINES....................................................................... 6 HISTORICAL ECONOMIC PERFORMANCE .................................................................................... 6 3 THE PHILIPPINE ECONOMY .................................................................................................................... 8 HISTORICAL ECONOMIC PERFORMANCE .................................................................................... 8 ECONOMIC INDICATORS .................................................................................................................. 9 3.2.1 OVERSEAS FILIPINO REMITTANCES ...................................................................................... 9 3.2.2 GOVERNMENT BOND YIELDS .................................................................................................. 9 3.2.3 EMPLOYMENT ........................................................................................................................... 11 3.2.4 EMPLOYMENT BY INDUSTRY SECTORS ............................................................................. 12 3.2.5 PHP-USD EXCHANGE RATES................................................................................................. 13 3.2.6 FOREIGN DIRECT INVESTMENTS ......................................................................................... 14 3.2.7 OTHER KEY INDICATORS ....................................................................................................... 14 OVERVIEW OF METRO MANILA .................................................................................................... 16 3.3.1 GROSS REGIONAL DOMESTIC PRODUCT .......................................................................... 16 3.3.2 NO. OF ESTABLISHMENTS ..................................................................................................... 17 3.3.3 BANKING STATISTICS.............................................................................................................. 17 3.3.4 UPCOMING INFRASTRUCTURE ............................................................................................. 18 Metro Manila Subway ..............................................................................................................................................19 Manila Metro Rail Transit System Line 7 (“MRT Line 7” or “MRT-7”) ...................................................................19 LRT-1 Extension Project .........................................................................................................................................20 GOVERNMENT EFFORTS TO RESPOND TO COVID-19 ............................................................ 20 3.4.1 Tax Measures.............................................................................................................................. 20 3.4.2 Employment-Related Measures................................................................................................. 21 3.4.3 Rental Concessions .................................................................................................................... 21 4 METRO MANILA OFFICE PROPERTY MARKET ................................................................................. 23 KEY REGULATIONS / POLICIES GOVERNING THE OFFICE PROPERTY MARKET ....................................... 23 KEY FACTORS AFFECTING THE OFFICE PROPERTY MARKET ................................................................ 29 4.2.1 IT-BPO Industry .......................................................................................................................... 29 4.2.2 The Philippine Gaming industry ................................................................................................. 30 4.2.3 Global Competitiveness.............................................................................................................. 31 2 Metro Manila Office Property Market Study (FINAL REPORT) 4.2.4 Tenant Preferences .................................................................................................................... 33 4.2.4.1 Environmental Factors considered ........................................................................................................33 4.2.4.2 Amenities .................................................................................................................................................33 METRO MANILA OFFICE MARKET OVERVIEW AND OUTLOOK ................................................................. 34 INTRODUCTION OF METRO MANILA CBDS............................................................................................. 35 4.4.1 Manila Bay Area .......................................................................................................................... 35 4.4.2 Makati CBD ................................................................................................................................. 36 4.4.3 Fort Bonifacio .............................................................................................................................. 37 4.4.4 Ortigas Center ............................................................................................................................. 39 4.4.5 Alabang ........................................................................................................................................ 39 4.4.6 Makati Fringe ............................................................................................................................... 40 4.4.7 Quezon City ................................................................................................................................. 41 OFFICE DEMAND AND SUPPLY SITUATION ............................................................................................. 43 4.5.1 New Supply ................................................................................................................................. 43 4.5.2 Demand ....................................................................................................................................... 45 4.5.3 Occupancy and Vacancy Rates ................................................................................................. 47 4.5.4 Lease Rates ................................................................................................................................ 48 OFFICE CLASSIFICATION CRITERIA........................................................................................................ 48 TYPICAL LEASE CONTRACT AGREEMENT / STRUCTURE ........................................................................ 50 OUTLOOK OF COLLIERS FOR THE METRO MANILA OFFICE MARKET ...................................................... 50 4.8.1 For Landlords .............................................................................................................................. 51 4.8.2 For Occupiers .............................................................................................................................. 52 TRENDS AND PRACTICES OF DIFFERENT OFFICE TENANT GROUPS ...................................................... 52 THE RISE OF SECONDARY CBD LOCATIONS ......................................................................................... 53 IMPACT OF COVID-19 TO THE OFFICE PROPERTY MARKET ................................................................... 54 4.11.1 Rent Relief Agreements ............................................................................................................. 54 4.11.2 Tenants’ Willingness to Pay ....................................................................................................... 55 4.11.3 Implications on Property Management .....................................................................................
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