Property

Andrew Tan’s Megaworld defies adverse market conditions with new office lease deals

Megaworld Corp. of bilyonaryo Andrew Tan bagged new office leases totalling 135,000 square meters of space last year, defying the pandemic-hit market.

Megaworld Corp. of bilyonaryo Andrew Tan bagged new office leases totalling 135,000 square meters of space last year, defying the pandemic-hit market.

Fresh office space in the company’s townships in Iloilo, Quezon City and Fort Bonifacio was leased out to existing office partners and new client companies, mostly BPOs and firms engaged in e-commerce, logistics and finance.

“And we are very happy to see the strong interest on our office developments in Iloilo Business Park. Approximately 20% of new leases have been booked there and we even cemented our dominance in terms of market share in the Iloilo office market,” said Kevin L. Tan, chief strategy officer at Megaworld.

In addition to new leases, Megaworld also bagged lease renewals of around 145,000 square meters of office spaces from various company tenants last year.

“At this point, we can say that our office business is the most stable income generator in our company’s revenue stream with or without this health crisis, and we continue to focus on the expansion of this business in the years to come and further strengthen our leadership in the country’s office property sector,” said Tan.

Megaworld completed the construction of around 87,000 square meters of fresh office spaces last year, bringing the total leasable office inventory to 1.4 million square meters.

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