South of Metro | Young, Solo Renters Outside NCR Contribute to CBD Rental Demand | Lamudi data for the first quarter of 2022 found that the top sources of leads for rentals in Makati, Pasig and Taguig were roughly split between property seekers within and outside Metro Manila. Four out of the top ten sources of leads for each aforementioned city with a central business district (CBD) were cities located outside the National Capital Region (NCR).
Six out of the top ten sources of inquiries for Makati, Pasig and Taguig were from cities within Metro Manila, with Quezon City and the City of Manila contributing the most leads in each. The remaining four in each CBD assessed varied. At least two cities from Mega Manila, such as Angeles, Antipolo, Bacoor, Calamba, and Lipa, were among the top sources of leads in each of the CBDs assessed.
CALABA Seekers Likely Renting Solo
Property seekers from the CALABA cities are likely to be looking at renting in the aforementioned CBDs for work. Pull factors such as the comparably larger number of job opportunities at the several IT-BPO companies and large corporate headquarters based in Metro Manila CBDs continue to be a major driver of rentals.
Lamudi data from 1Q 2022 showed that the majority of inquiries from seekers from Bacoor, Calamba and Lipa looking for rentals in CBDs were for rooms to rent, bed spaces and studio units – smaller spaces that point to seekers wishing to rent solo or share spaces with roommates, as opposed to renting as a family.
Seekers from these cities are also younger, with all leads coming from seekers aged 18 to 34. On the other hand, inquiries from Metro Manila-based seekers were mostly for 1-bedroom, 2-bedroom, and studio units. Leads from Metro Manila based seekers were also heavily concentrated in condominium units whereas leads from Luzon-based seekers outside NCR were more evenly distributed between apartments and condominium units.
IT-BPO Workers Urged to Return Onsite
Employees of information technology business process outsourcing (IT-BPO) firms, an industry employing roughly 1.3 million Filipinos, were affected by Fiscal Incentives Review Board (FIRB) calls for ecozone locators to return to full office operations by April 1 in order to avail of tax incentives.
The mandate coincides with spikes in residential rental inquiries for CBD listings on Lamudi in 1Q 2022 from both inside and outside Metro Manila – possibly driven by employees returning from their hometowns and seeking rentals nearer to their office.
“While this offers promising opportunities for real estate players, it also presents challenges, primarily in making commercial spaces appealing to employees who have become used to working from home,” Lamudi CEO Kenneth Stern said.