Despite a challenging condominium leasing market in Metro Manila, major business hubs such as Makati CBD, Fort Bonifacio, and Ortigas Center remain popular among expatriates. These foreign employees are looking for exclusivity and connectivity; and the three major hubs are very popular as they house expansive office towers, high-end condominium units offering large cuts, upscale malls, as well as institutional facilities such as international schools and hospitals.
Expatriates and their families gravitate towards these business districts as they offer residential units that are a cut above the rest-offering hotel-like amenities and services, resort-like pools, quality furnishing, etc. These business districts also feature high-end malls housing popular local and foreign brands.
Dissecting the three major hubs
Makati CB, has one of the most competitive office, residential, and retail vacancies in the capital region. Even for the hospitality segment, business hotels and serviced apartments in Makati CBD continue to record impressive occupancies and growth in average daily rates post-covid. In fact there are foreign brands likely to open new accommodation facilities in Makati CBD in the next 2 to 3 years.
Fort Bonifacio enjoys its stature as the hub of large outsourcing and multinational corporations (MNCs) in the Philippines. The business district houses brands such as Coca-Cola, Wells Fargo, Samsung, among others. The presence of international schools and prominent healthcare facilities in Fort Bonifacio also makes the business district a preferred site by expatriates. The relocation of Philippine Stock Exchange also enticed equity firms to occupy office space in the business hub.
Ortigas Center has seen its skyline redefined by new office buildings completed over the past three to four years. The business hub has one of the most competitive office and residential vacancies in Metro Manila. The presence of Asian Development Bank and San Miguel headquarters is a proof of Ortigas Center’s status as a prominent business district in the capital region. The business district also houses major tenants from non-outsourcing and traditional segments.
Prime spots for upscale to luxury residential projects
Over the past few years, we have also seen the launch and completion of new condominium projects in these business districts. Given the surging land values in these hubs, developers launched luxury to ultra luxury (at least P20 million per unit) projects.
Interestingly, these expensive and expansive residential developments are recording brisk take up. Despite being priced between P50 million to P100 million per unit, these projects’ take up range between more than 50 percent to above 90 percent, almost sold out.
Colliers Philippines also doesn’t see a sizable addition to the three business districts’ ready for occupancy (RFO) condominium stock-unlike other locations that had sizable completion especially from 2017 to 2020. As of Q2 2025, the three business districts account for less than 3 percent of unsold ready for occupancy (RFO) condominium units in Metro Manila.
Overall, these solid demand drivers explain why Makati CBD, Fort Bonifacio, and Ortigas Center continue to thrive despite the emergence of other business districts and micro-townships across the capital region.
Colliers encourages developers to remain cautious with their new launches in the three business districts-whether it’s office, residential, retail, or hotel development. Investors should be mindful of the enactment of the Condominium redevelopment Act which is still pending in Congress and the completion of major projects such as Metro Manila Subway and how these initiatives and public projects will affect land and property prices in the three major business hubs.