estate sector, despite the continued threats faced by the global economy. The situation, he believes, calls for businesses to succeed using the time-tested approach of working hard.
“Historically, increased infrastructure spending has helped boost growth as seen in the “drastic increase in our recoveries” over the last decade due to the implementation of the public-private partnership and Build Build Build initiatives,” he noted. “Similarly, infrastructure has had a huge impact on real estate, as one of its most important effects is improved accessibility which, in turn, has helped prop up property prices and land values over time.
“If you look at the entire portfolio of Ayala Land, you’ll see how the projects continue to appreciate from the time it was launched. Note that most of these projects continue to appreciate in value despite the pandemic,” Leechiu added. For the residential condominium market, LPC said this grew eight percent from the previous quarter, with over 12,000 units sold.Demand for office space accelerated in the first quarter of the year and is on track to match or exceed the takeup in 2022 despite an expected slowdown in the economy, according to Leechiu.
Office leasing demand hit nearly 1 million sq m in 2022—the third-best performing year to date, according to Leechiu research..