The City of Manila has definitely had a resurgence under the leadership of Mayor Francisco “Isko Moreno” Domagoso. When Mayor Isko removed unlawful obstructions and cleared illegal vendors off of Manila’s streets and sidewalks, he effectively changed how the city looked and how it moved. By cleaning up the city and bringing order to chaos, the determined mayor gave the City of Manila a fresh new feel that continues to inspire business confidence and draw consumer interest. And this hasn’t changed despite the COVID pandemic.
According to Lobien Realty Group (LRG), the City of Manila has a total of 99,874.29 square meters (sqm) of gross leasable office space and only 5,650.63 square meters (sqm) are currently vacant. LRG pointed out that this translates to a single digit vacancy rate of 6%, which is very low and signifies that in Manila, there is demand for office spaces and what is supplied in the market is being taken up.
One of the most highly anticipated real estate developments in Manila is the Doña Elena Tower, a mixed-use building developed by Happy Coral Way Realty Corporation. This 11-storey building will soon rise in the busy district of Sta. Mesa Manila near the boundary of Mandaluyong City.
The Doña Elena Tower, which has LRG as its sole leasing agent, will provide Manila with 19,051 sqm of gross leasable area. Built at an accessible location that’s surrounded by a wide variety of businesses and essential institutions, the Doña Elena Tower offers its tenants the chance to work in a community where most of what they may want or need is readily available. Situated close to the entry and exit ramps of the on-going Skyway Stage 3 project and within the public transport system that connects EDSA through Shaw, LRG says Doña Elena Tower gives the added benefit of having quick access to Mandaluyong’s burgeoning business and residential areas, without having to deal with the hustle and bustle of the already crowded central business districts of Makati, BGC or Ortigas.
LRG believes that the office space market is a good barometer for the state of the economy because when office spaces are in demand and supply is being taken up, it means that businesses are expanding, jobs are being generated and money is being spent. Based on the high demand for office spaces in Manila, LRG expects that finding tenants to occupy Doña Elena Tower will not be difficult. Judging by LRG’s optimism, it can be said that Happy Coral Way Realty Corporation made an excellent decision to build the Doña Elena Tower in the City of Manila.