Net Group hikes office space portfolio

MANILA, Philippines - The Net Group is increasing its office space portfolio in the sprawling Bonifacio Global City in Taguig in the next two years a company executive said.

The Net Group president and director Charlie Rufino in an interview, said the boutique office space provider is already looking for new landbank in and out of Fort Bonifacio.

“The newest office space, 62,000-square-meter (sqm.) Net Park will be completed in 2015,” he said.

Rufino said the company is optimistic with the office space takeup in the area given the completion of key landmarks like the Philippine Stock Exchange headquarters and the Shangri-La at The Fort.

So far, The Net Group provides a total of 145,000 sqm. of gross leasing area (GLA) in five projects that required P10 billion in investments: the Net One Center, Net Square, Net Cube, Net Quad and Net Plaza.

Its sixth development, the 28-storey Net Lima, will offer an additional 55,000 sqm. of GLA.

“We are bidding out time in terms of leasing,” Rufino said, adding that the company is not keen on getting commitments from companies at current rates.

“We’d rather follow the increasing trend particularly with the ratings upgrade for the Philippines,” Rufino said.

The Net Group targets tenants that will make the Net Park their corporate headquarter and also companies that are into back office service.

Given robust takeup of its existing projects, The Net Group is already looking for additional landbank.

“In Bonifacio Global City, we are in the market for land bank. But we are also looking for projects outside Fort Bonifacio that are mostly related to transport-oriented development,” Rufino said.

To date, the company offers office space in the Times Plaza along Taft Avenue and United Nations Avenue in Manila.

Rufino said The Net Group will stick to Metro Manila developments as demand comes from the area.

The Net Group is a joint venture of the Rufino and Dupasquier families whose first project Net One started operations in 2001.