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Philippine Property Market News (August 2020)

Claro Cordero Jr. • 01/09/2020
In this August 2020 report, we take a look at the latest updates from the office, retail, hospitality and logistics sectors in the Philippines. 

 

  • While the boost in demand for flexible working spaces is seen to persist even in the post-pandemic era, Cushman & Wakefield sees that the return to workplace will evolve in a varied ecosystem, where core office hubs and suburban spokes will manage to co-exist. This trend is expected to persist as work arrangements are expected to remain flexible, as some of the workforce will choose to remain in the work-from-home mode. Meanwhile, the strict observance of health and safety measures in workplaces is expected to continue and be highlighted even post-pandemic period. 
  • Following the travel restrictions since the onset of the lockdown period that led to zero tourist arrivals recorded from April to July this year, the 7-month period foreign visitor arrival is registered at only 1.3 million, a 73% drop from 4.64 million recorded in the same period last year. Similarly, the revenue generated from tourism activities is down by 72% to only PHP 81 billion from PHP 289 billion during the 7-month period last year. The country's tourism sector is now betting on the revival of domestic tourism, which could start under the modified general community quarantine, to reboot the business activities of the hotel and resort segments.

The above is an excerpt of the August 2020 report. To read the full report, click on the Download button on the right.

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