Filinvest REIT Corp, Filinvest group’s real estate investment trust, on Monday expanded its leasing portfolio despite headwinds and looks to add over 12,000 square meters in new leases as well as new co-working spaces.
“We are glad to announce our fresh wins as we strive to meet the renewed demand for high-quality office spaces from both new and existing tenants who recognize the value of our sustainability thrust. This will allow us to grow and diversify our portfolio of sustainable commercial properties that elevate the lives and well-being of our community,” Maricel Brion-Lirio, president and CEO, said.
Co-working operators and new business process outsourcing tenants will add about 7,000 square meters in new leases.
The company is also in advanced talks with major BPO firms looking to expand their lease with Filreit.
An American professional services firm based in New York with 100,000 employees is about to sign additional floors in one of the company’s 16 buildings in Northgate Cyberzone in Alabang.
Another tenant, a BPO company headquartered in Europe with over 50,000 employees, expects to follow suit with an additional 2,300 square meters of office space.
This brings the company’s new leases to 12,400 square meters on top of almost 10,300 square meters of new leases signed earlier this year.
The company is accelerating its co-working/flexible office space solutions in partnership with the largest provider in the Philippines to respond to shifting customer demand resulting from the hybrid work setup. This not only provides additional revenue source but balances its office leasing portfolio as well.
One of its objectives is to diversify its office portfolio by reducing the focus on large BPO names and increasing the share of co-working and traditional tenants in the mix. This will be done while continuing to service the needs of expanding and migrating BPOs.
The company said its weighted average lease expiry (WALE) is 7.1 years as of the first quarter and forecast to rise as new leases and renewals for the year set in.
In the first half this year, six of its properties were awarded Excellence in Design for Greater Efficiency (EDGE) certification under a building standard created by the International Finance Corp. These were Vector One, Vector Two, Plaza A, Plaza D, Filinvest Two and Filinvest Three.
