By James A. Loyola
Iloilo City – Megaworld Corporation, the country’s largest office developer and lessor, is spending P2.5 billion to double its office space inventory in Iloilo Business Park to 10 buildings from the current five.
In a press briefing, Megaworld Senior Vice President Jericho Go said they are increasing investments and accelerating the pace of construction as demand for office spaces inside the township continue to grow in the last three years.
“We are signing lease contracts as soon as we can commit completion date for our office buildings. Demand is high and the only limitation is how fast we can build them,” noted Go.
From the current 45,000 square meters of office inventory in five office towers (One Global Center, Two Global Center, One Techno Place, Three Techno Place and Richmonde Tower), which has already been leased out, the company is expected to reach 100,000 square meters of office spaces in the township by 2020.
This will cater to around 40,000 workers, mostly in the business process outsourcing (BPO) sector. At present, Iloilo Business Park hosts around 15,000 office workers from the seven BPO companies that are currently based in the 72-hectare township.
The Iloilo Business Park is located in Mandurriao, which has been positioned to be Iloilo City’s central business district.
Go said their current list of tenants include StarTek, Transcom, Reed Elsevier, WNS and IQor, and their presence has been attracting the attention of major BPO companies which are now interested in opening branches in the township.
“During the last three years, we have experienced a spike in the demand for office spaces in Iloilo Business Park. Thus, we expedited the construction of our first four towers and we have decided to build more to meet the demand,” said Go.
Go said they have also accelerated their construction schedule and now intend to complete the 100,000 square meters by 2020 instead of 2021. This year, Megaworld will open another two new office towers: Two Techno Place and Festive Walk Office Tower.
Two Techno Place is a five-level office building with an estimated leasable area of around 10,000 square meters. The tower will be able to generate around 3,000 jobs once completed.
Festive Walk Office Tower, on the other hand, is a four-level office building with around 12,000 square meters of leasable spaces. Upon completion, the tower will be able to generate around 4,000 jobs.
“We continue to see a bright prospect in Iloilo’s BPO industry. Several companies, most of them are first-timers in Iloilo, want to come in and expand here,” added Go.