Rockwell Land expects office market to recover in 2 years
By VG Cabuag
A setting sun is seen on Thursday from C5 Road in Buting, Pasig City, with the Kalayaan Avenue and Rockwell skyline in Makati City providing a stark backdrop.
Property developer Rockwell Land Inc. on Monday said the Covid-19 pandemic has adversely affected the Philippine office market, but the company expects the segment to fully recover within the next two years.
The company noted that its Rockwell Workspaces, its brand for offices both for sale and for rent, maintains a strong occupancy rate and enjoys a higher capital appreciation because of its proven track record and strategic locations.
“In the past five years before 2020, rental rates have been steadily increasing in Makati CBD [Central Business District] and vacancy stood at 5 percent. Within the sought-after Rockwell Center in Makati, 1 Proscenium is expected to command rental rates at par with the CBDs, as seen in other developments by Rockwell Workspaces,” the company said.
The company recently launched its 1 Proscenium, its newest office tower made for the professionals in Rockwell Center, Makati City. This latest development adds to their portfolio of workspaces, which include Rockwell Business Center Ortigas, Rockwell Business Center Sheridan, Santolan Town Plaza, and 8 Rockwell.
The company said 8 Rockwell capital values have appreciated by 90 percent from its original purchase price.
“This makes 1 Proscenium an ideal real estate investment both to diversify one’s portfolio. Office spaces in the building are also available to companies for lease,” it said.
Located within the Proscenium at Rockwell, 1 Proscenium is a 21-floor LEED-certified building with a typical layout of 640 square meters of flexible office spaces fit for business needs. Floor-to-ceiling windows offer views of the exclusive community, while a cafe at the mezzanine is fit for quick coffee breaks.
The company said it has 100 percent back-up power, with exclusive access via an RFID card system, 24-hour CCTV monitoring and security and property management teams on standby 24/7.
The new office building utilizes the latest variable refrigerant flow inverter air-conditioning system by Samsung.
As a green building, 1 Proscenium makes use of energy efficient LED lights and low-consumption water fixtures. It has operable windows as well, that not only allows greater air circulation but is also energy efficient with its use of passive ventilation.
Within the exclusive Proscenium community in Rockwell Center, the building has privacy and the convenience of nearby retail areas. It is also bike-friendly, and affords accessibility with the Pantaleon Bridge nearing completion, which will connect Makati City to Mandaluyong.
“These features contribute to what makes an office space safe and adaptable in light of the pandemic,” the company said.
To learn more about Proscenium, one of the newest office spaces in Makati by Rockwell Workspaces and other of its commercial towers, visit https://rockwellworkspaces.com/.
Source: https://businessmirror.com.ph/2021/07/05/rockwell-land-expects-office-market-to-recover-in-2-years/
