Central business districts move the economy.
A CBD’s bright skyline offers a great view into how a country is developing. It’s the hub where business, culture, and technology come together and flourish as a whole. It’s where innovations are born. It’s the place where people flock to pursue passions or brighter futures.
CBDs are characteristically dense. In these cities, the total population is usually higher than anywhere else in the country. By 2050, it is estimated that up to 3/4 of the world’s population will live in urban areas. Locally, it is predicted that by that year, about 66% of the Philippine population will be living in cities.
Metro Manila is actually a mix of several urban hotspots: there’s Makati on one side, the younger Bonifacio Global City next to it, and Ortigas Center at its heart. Each one has significantly contributed to Metro Manila’s architecture, culture, and economy, acting as effective “mini-cities” themselves.
This year, new office spaces are expected to rise in each district. In Ortigas Center alone, 130,000 sqm of new commercial office buildings are under development. Still, a thriving real estate industry isn’t the only benchmark of a CBD’s growth; it’s all about holistic development and providing the sought-after culture of work-life balance.
“Every CBD nowadays not only focuses on the residential and commercial features,” says David Leechiu, CEO of Leechiu Property Consultants. “[They also] cater to the need of its residents to enjoy a hassle-free lifestyle, with establishments that cater to them 24/7, especially with the vast growth of the IT-BPO industry and tourist arrivals.”
Further fueling the growth of these districts are the thriving business process outsourcing (BPO) and knowledge process outsourcing (KPO) industries. The mixed-use property market is also poised for even bigger developments.
Below is an overview of these key districts.