High land prices drive warehouses out of Metro Manila - BusinessWorld Online

This has pushed land prices higher in Metro Manila, forcing developers to look for warehouse spaces in nearby areas such as Laguna, Bulacan, Cavite, and Rizal.

“What used to be industrial locations like Pasong Tamo Extension, Pioneer, C-5, C-6, wherever — land has become so expensive, it’s driving warehouses out to places that were not accessible before,” LPC Chief Executive Officer David T. Leechiu said in a briefing on Thursday. However, the real estate consultancy firm said this is only “temporary” and is warehouses will move to other places in the next five to six years.

“That is a temporary migration because very soon, the residential market will compete for the use of those lands and [warehouses] will have to move further out,” Mr. Leechiu said.Mr. Leechiu noted that some commercial lots in the area are now priced at over P110,000 per square meter. Soon, warehouse locators taking up hectares of land will realize taking up that much space for the price “doesn’t make sense.

“There’s an inflection point when that’s going to happen when the movement of prices go up because of the improvement of per capita income in the Philippines and the need and the affordability to be able to have the warehouse 20 minutes out versus two hours out,” Mr. Leechiu said. —

Source: Real Estate Daily Report (realestatedailyreport.net)

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Metro Manila positivity rate falls below 10% for the first time since December -- OCTAMetro Manila’s COVID-19 positivity rate, or the number of individuals who yielded positive results from among those who were tested for COVID-19, has decreased to 9.6 percent as of Feb. 6, the OCTA Research Group said.
Source: manilabulletin - 🏆 25. / 51 Read more »

Isko Moreno cries at turnover of Tondo vertical housing to Manila familiesThe inauguration ceremony of a vertical housing project brought back memories of Isko Moreno’s own childhood as a Tondo boy who lived in a makeshift house with his father and mother, a stevedore and laundrywoman. PHVote WeDecide READ: Crocodile tears trapo Huhuhu, ang laki ng kinita ko sa election na ito! Isa ka ngang artista Isko!
Source: rapplerdotcom - 🏆 4. / 86 Read more »

City of Manila ready to vaccinate 5-11 years old against COVID-19The City of Manila is ready to begin vaccinating minors aged five to 11 years old against the coronavirus disease (COVID-19) on Monday, Feb. 7. bevigilant dourresearch
Source: manilabulletin - 🏆 25. / 51 Read more »

Manila Cathedral starts prayer campaign for 2022 pollsThe Manila Cathedral in Intramuros started its prayer campaign on Tuesday, Feb. 8, for a peaceful, credible, and transparent May 2022 polls. 😂🤣😂
Source: manilabulletin - 🏆 25. / 51 Read more »

FUSO Trucks Opens New Sales Outlet, Service Center In Metro Manila | CarGuide.PH | Philippine Car News, Car Reviews, Car Prices
Source: carguideph - 🏆 16. / 63 Read more »

Peso may climb vs dollar ahead of GIR data, pediatric vaccination drive - BusinessWorld OnlineThe local unit closed at P51.14 per dollar on Friday, weakening by nine centavos from its P51.05 finish on Thursday, data from the Bankers Association of the Philippines showed. READ:
Source: bworldph - 🏆 9. / 68 Read more »