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SM Offices, a unit of SM Prime Holdings Inc., is investing ₱6 billion to develop new office towers and workspaces, even as it is seeing strong uptake for its mall-based offices.
In a disclosure to the Philippine Stock Exchange, SM Prime said the new offices to be developed this year includes Six E-Com Center, a Grade A office tower in the Mall of Asia Complex designed for technology-driven industries and BPO firms.
SM Offices is also ramping up its expansion in Cebu and Bacolod, adding over 85,000 square meters of leasable space this year to meet rising demand from traditional and BPO tenants.
The firm noted that, businesses are increasingly moving towards mixed-use developments, expanding into provincial markets, and seeking locations that provide employees with access to recreational amenities.
As of January this year, occupancy at 22 of SM Prime’s mall-based offices located across the Philippines is almost full at 95 percent.
“The flight-to-quality trend is fueling demand for high-quality, well-located corporate spaces, giving SM Offices a competitive edge,” said SM Offices Head Alexis Ortiga.
SM Offices operates both standalone office towers near SM malls and mall-based office spaces. Their strategic locations and integration within the SM Ecosystem give tenants easy access to public transportation, retail, dining and entertainment options.
“All our regional sites are connected to SM malls and residences, making them highly accessible and attractive to businesses. This strategic advantage drives our commitment to regional expansion,” Ortiga added.
He noted that, “Since in-person work resumed in 2022, more companies in the Philippines have prioritized office spaces that offer employee convenience and accessibility. It makes going to the office more efficient and practical.”
Another trend boosting SM Offices’ growth is the increasing interest for provincial office facilities, as traditional and BPO companies expand operations outside Metro Manila to access a wider talent pool and cost-efficient locations.
