metro manila property market overview -...
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Metro Manila
Property Market
Overview
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved.
2
Notes: 1) Includes developments outside the identified sub-districts.
2) *“Others” district include the following cities: San Juan City, Marikina City, Las Piñas City, Caloocan City, Navotas
City, Valenzuela City, Malabon City, Pateros
Source: JLL Research and Consultancy
Metro Manila Districts
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 4
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 6
Annual Supply
Notes: (1) Office developments included are classified as Prime and Grade ‘A’ buildings.
(2) Vacancy rate applies to existing supply.
Sources: JLL Research and Consultancy; various developers
-
200
400
600
800
1,000
1,200
1,400
1,600
2013 2014 2015 2016 2017 1H 2018 2H 2018E 2019E 2020E
Makati City Mandaluyong City Manila City Muntinlupa City Paranaque City
Pasay City Pasig City Quezon City Taguig City Others
Offi
cesp
ace
(inth
ousa
nd s
qm)
Makati City16%
Mandaluyong City2%
Manila City0%
Muntinlupa City7%
Paranaque City4%
Pasay City13%
Pasig City16%
Quezon City17%
Taguig City23%
Others2%
Makati City20%
Mandaluyong City5%
Manila City0%
Muntinlupa City6%
Paranaque City1%
Pasay City8%
Pasig City16%
Quezon City14%
Taguig City29%
Others1%
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved.7
Source: JLL Research and Consultancy
Market Share
7.5 million
sqm2.1 million
sqm
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 8
-
20
40
60
80
100
120
140
Makati City MandaluyongCity
MuntinlupaCity
ParanaqueCity
Pasay City Pasig City Quezon City Taguig City Other Districts
GL
A,
sqm
(in
tho
usa
nd
s)
Note: Vacancy rate applies to existing Prime and Grade ‘A’ buildings.
Vacancy rate as a percentage of the total stock per district.
Source: JLL Research and Consultancy
Vacancy Rate
Vacancy
Rate (%)
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 9
Source: JLL Research and Consultancy
Demand Drivers
Ortigas/Pasig
9%
10
Others
10%Makati
19%
Bay
18%Taguig City
24%
Alabang
11%
BPO35%
Demand DriversDemand Drivers
Note: based on JLL and non-JLL transactions from 2017 to 2Q18
Source: JLL Markets
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 11
Notes: 1) Rents apply to existing Prime and Grade ‘A’ buildings
2) Asking rents quoted are minimum and maximum values.
Source: JLL Research and Consultancy; various developers
Rents
900
900
950
950
1,300
1,600
1,850
550
850
650
650
525
700
650
0 500 1,000 1,500 2,000
Mandaluyong City
Pasay City
Quezon City
Pasig City
Muntinlupa City
Taguig City
Makati City
(PHP/sqm/month)
950
1,100
1,200
1,400
1,500
1,600
900
600
750
700
950
950
0 500 1,000 1,500 2,000
Mandaluyong City
Quezon City
Pasig City
Taguig City
Pasay City
Makati City
(PHP/sqm/month)
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 13
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 15
Annual Supply
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2013 2014 2015 2016 2017 1H18 2H18 2019E 2020E
Num
ber
of U
nits
Makati City Mandaluyong City Manila City Muntinlupa City Others
Parañaque City Pasay City Pasig City Quezon City Taguig City
Note: Developments covered are from the mid-range to luxury segments.
Sources: JLL Research & Consultancy; various developers and brokers
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved.16Source: JLL Research & Consultancy
Makati City19%
Mandaluyong City11%
Manila City13%
Muntinlupa City3%
Others2%
Parañaque City6%
Pasay City5%
Pasig City8%
Quezon City20%
Taguig City13%
Makati City22%
Mandaluyong City7%
Manila City4%
Others4%
Parañaque City3%
Pasay City24%
Pasig City6%
Quezon City13%
Taguig City17%
Market Share
319,800
units
74,800
units
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 17
Source: JLL Research & Consultancy
Demand Drivers
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved.
Note: Rents presented are asking rents.
Sources: JLL Research & Consultancy; various developers 18
Rents
700
735
980
1,000
1,075
1,150
1,250
1,750
350
690
400
400
700
430
510
570
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
Paranaque City
Quezon City
Pasig City
Muntinlupa City
Taguig City
Pasay City
Mandaluyong City
Makati City
(PHP/sqm/month)
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 19
Note: Values presented are asking selling prices.
Sources: JLL Research & Consultancy; various developers
Selling Prices
65,000
95,000
150,000
165,000
175,000
190,000
250,000
265,000
55,000
75,000
70,000
70,000
85,000
150,000
105,000
160,000
- 100,000 200,000 300,000
Paranaque City
Muntinlupa City
Quezon City
Mandaluyong City
Pasig City
Pasay City
Makati City
Taguig City
(PHP/sqm)
125,000
160,000
180,000
180,000
180,000
280,000
285,000
290,000
90,000
80,000
140,000
90,000
105,000
200,000
170,000
210,000
- 100,000 200,000 300,000
Muntinlupa City
Quezon City
Pasig City
Mandaluyong City
Paranaque City
Pasay City
Taguig City
Makati City
(PHP/sqm)
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 20
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 22
Annual Supply
0
50
100
150
200
250
300
350
400
2013 2014 2015 2016 2017 1H2018 2H2018 2019E 2020E
Re
tail
sup
ply
(in
tho
usa
nd
sq
m)
Makati City Mandaluyong City Manila City Muntinlupa City Paranaque City
Pasay City Pasig City Quezon City Taguig City Others
Note: Developments covered are shopping centres/malls.
Source: JLL Research and Consultancy
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 23Sources: JLL Research and Consultancy
Market Share
Makati City7%
Mandaluyong City7%
Manila City14%
Muntinlupa City6%
Paranaque City4%
Pasay City10%
Pasig City5%
Quezon City27%
Taguig City7%
Others13% Makati City
19%
Manila City2%
Paranaque City31%
Pasay City21%
Pasig City13%
Taguig City14%
6.3 million
sqm555,700
sqm
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 24Source: JLL Research and Consultancy
Vacancy Rate
Vacancy
Rate (%)
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Makati City MandaluyongCity
Manila City Muntinlupa City Pasay City Pasig City Quezon City Taguig City
GL
A (
in s
qm
)
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 25
Source: JLL Research and Consultancy
Demand Drivers
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 28Note: Supply covers both serviced apartments and hotel developments
Source: JLL Research & Consultancy
Annual Supply
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2013 2014 2015 2016 2017 1H 2018 2H 2018 2019E 2020E
Num
ber
of R
oom
s
Makati City Mandaluyong City Manila City Muntinlupa City Parañaque City
Pasay City Pasig City Quezon City Taguig City Others
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 29Sources: JLL Research & Consultancy; various developers
Makati City25%
Mandaluyong City3%
Manila City18%
Muntinlupa City5%
Pasay City18%
Pasig City9%
Parañaque City9%
Quezon City8%
Taguig City5%
Others0.2%
Makati City15%
Mandaluyong City3%
Manila City10%
Muntinlupa City2%
Pasay City18%
Pasig City3%
Parañaque City25%
Quezon City7%
Taguig City17%
Market Share
34,800
rooms12,100
rooms
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 30Note: Released data on tourist arrivals cover January to May 2018.
Source: DOT
Tourist Arrivals
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2012 2013 2014 2015 2016 2017 2018
Tour
ist A
rriv
als
(in th
ousa
nds)
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 31
Note: Profile is based on January to May 2018 foreign arrivals
Source: DOT
South Korea23%
China18%
USA14%
Japan9%Australia
4%
Taiwan3%
Canada3%
United Kingdom3%
Singapore2%
Malaysia2%
Others19%
Profile of Tourists
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved.
Notes: 1) Rates are as of June 2018 ;
2) Rates compared are based on the cheapest room of the development
regardless of room name.
Sources: JLL Research and Consultancy, various hotel operators
32
6,300
7,500
8,100
9,500
10,200
10,600
13,800
13,900
16,400
1,700
1,200
2,700
1,800
1,700
1,200
1,800
5,000
1,900
0 3,000 6,000 9,000 12,000 15,000 18,000
Quezon City
Manila City
Muntinlupa City
Mandaluyong City
Pasig City
Makati City
Pasay City
Taguig City
Parañaque City
(PHP/room/night)
Room Rates
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 34
Thank youJanlo de los Reyes
janlo.delosreyes@ap.jll.com
Nauriz Zornosa
nauriz.zornosa@ap.jll.com
Kyra Uelong
kyra.uelong@ap.jll.com
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 35
Disclaimer
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not a research report and is not intended as such. This document should not be used as a basis for trading in the securities or loans of the companies named herein or
for any other investment decision. This document does not constitute an offer to sell the securities or loans of the companies named herein or a solicitation of proxies
or votes and should not be construed as consisting of investment advice. This document is based solely on publicly available information or information you have
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