MANILA -Conglomerate Aboitiz Equity Ventures Inc. is building up its sprawling industrial estate in Batangas province on expectations that the work from home trend will shift anew and demand for offices will rise, especially in provincial locations.
Aboitiz InfraCapital Economic Estates is set to open the first of seven office towers in the Lima Central Business District in the first quarter of 2023.
The company, which cited data from property services firm Leechiu Property Consultants, said trends in the business process outsourcing sector indicated that 70 percent of the Metro Manila workforce would return to the office while a staggering 90 percent was forecast for provincial areas.
“With the rise of hybrid work, a shift from work-from-home to work-near-home is evident,” Aboitiz said in a statement.
“Creating nearby satellite offices, exemplified by Lima Tower One, are essential to meet this growing trend. Additionally, for residents living farther from Lima Estate, various housing options within the estate are complemented by a convenient intra-Lima Estate transportation system,” it added. Aboitiz’s economic estate portfolio includes the 826-hectare (ha) Lima Estate in Lipa-Malvar, Batangas and the 540-ha West Cebu Estate in Cebu.
Rafael Fernandez de Mesa, head of Aboitiz InfraCapital Economic Estates, said they were keen on boosting investment and partnerships in Batangas to fuel future growth.
“We are actively collaborating with Batangas’ extensive higher education network, and we’re fortunate to have 72 higher education institutions in Batangas,” he noted.