July 12, 2021

Central business districts in a post-pandemic world

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Some of the country’s central business districts transformed into ghost towns almost in the wink of an eye last year at the height of COVID-19-related lockdowns.

From highly-urbanized melting pots of young professionals out to take on the world, CBDs became deserted communities as malls closed down and office workers stayed home.

Many predicted the demise of CBDs but more than a year later, many of these financial hubs are slowly returning to normal.

In today’s issue of Property Report PH, we look into the development of some CDBs around the country and the future looks promising.

Andrew Tan-led Megaworld for instance, is strengthening some 11 townships across the country while Ayala Land is optimistic on the rosy prospects of its Cresendo estate in Tarlac. Bacolod also has a lot to look forward to.

In Makati, Rockwell Center sees the full recovery of the office market in two years.

Sheila Lobien, Lobien Realty Group CEO, in an interview with Property Report’s Catherine Talavera, summed it well:

“For CBDs in the Philippines, it will be back to business as usual, with some tweaks to accommodate the working arrangements that may include working from home. However, we do not see the work-from-home arrangement as making a huge dent on office space requirements of companies for three reasons:

“Health protocols: More space shall be required per employee to maintain social distancing and health protocols during a pandemic;

Read more: Property Report PH