Megaworld Corp., the listed property development arm of billionaire Andrew Tan, is cementing its dominance in Western Visayas, capturing a commanding 48 percent share of Iloilo’s office market as demand continues to shift toward integrated township developments outside Metro Manila.
Citing data from Colliers International, the property giant said its leadership position is anchored on the sustained expansion of the 72-hectare Iloilo Business Park, which now hosts 13 office buildings with more than 205,000 square meters of gross leasable area. These include Enterprise One and Enterprise Two, the province’s first LEED Gold-certified office towers.
The scale of development is translating into broader economic impact. Office spaces within the township currently support around 20,000 direct jobs from business process outsourcing firms and traditional companies, while generating an estimated 80,000 indirect jobs across transport, retail, and services.
Megaworld’s regional strength mirrors its national performance. The company was recently recognized by CBRE as the top office leasing performer in the Philippines for the first quarter, reflecting sustained demand not only in Metro Manila but also in emerging provincial hubs such as Iloilo.
With occupancy levels in Iloilo Business Park nearing 85 percent, above the industry average of 80 percent, the company is pivoting to capture a new segment of demand through its “office-for-sale” model. Its flagship project under this concept, the 19-story International Corporate Plaza, is aimed at small and medium enterprises, professionals, and investors seeking ownership rather than lease arrangements.
Since its launch, around 65 percent of the project has already been sold, with property values appreciating by roughly 43 percent to about P231,000 per square meter. This points to strong investor appetite for office assets in regional growth centers.
Located within the township’s commercial district, the development integrates office, retail, hospitality, and residential components, reinforcing Megaworld’s township model.
The Iloilo expansion underscores a broader structural shift in office demand, where decentralization, rising regional economies, and integrated developments are reshaping the country’s commercial property landscape.
