In the beginning of the year, the Metro Manila office space market faced challenges due to supply pressure, uncertain movements of office locators, and global economic uncertainties. The first half of the year reflected this outlook, with a 21 percent vacancy rate, a decrease in leased space, and steady rental rates. The business process outsourcing (BPO) industry continued to dominate the office space market.

However, recent developments suggest a positive shift. Long-term lease negotiations have intensified, indicating increased market activity. Several factors contribute to this change: the Philippine economy grew by 6.4 percent in the first quarter, surpassing expectations; resilient rental rates encourage office locators to choose prime locations before potential rate increases; and companies are becoming more comfortable with returning to physical offices as the pandemic threat subsides. These factors suggest that the office space market will maintain its resilience and potentially experience a stronger recovery in the second half of the year. Confidence in the market’s rebound is bolstered by the Philippines’ strong performance in terms of real GDP growth versus inflation, as indicated by Fitch’s BMI webinar in July.

The Philippine economy grew by 7.6% last year, marking its strongest expansion in over 40 years. This growth serves as a positive signal for the real estate market, indicating promising prospects. Despite the challenges posed by the COVID-19 crisis, the country’s housing market is expected to continue improving in 2024. Consequently, there is a growing demand for properties, including condos in Tagaytay and houses, for both personal and business purposes.

In the first quarter of 2024, the property market in the Philippines has shown steady recovery. Projections for the year indicate increased value and number of residential and commercial properties, with growth rates of 0.7% and 2% respectively. The Philippine real estate industry, one of Southeast Asia’s largest, is expected to reach an average value of $900 billion by 2024.

Avoid falling for get-rich-quick schemes promising overnight success in your real estate business. There’s no one-size-fits-all approach; your goals should align with your unique vision of success. Follow these steps:

Step 1: Take a Self-Assessment Conduct a SWOT analysis to identify your business strengths and areas needing improvement. This assessment is crucial for setting benchmarks and tracking progress.

Step 2: Define Your Goals Establish a mix of short, medium, and long-term goals aligned with your skills and market opportunities. Quality matters more than quantity; choose goals that challenge you without overwhelming your focus.

Step 3: Prioritize Your Goals Consider the meaningfulness, impact on revenue (like lead generation), time sensitivity, and feasibility of each goal. Organize them based on these factors and your capacity to manage them effectively.

Step 4: Make Your Goals Manageable Break lofty goals into smaller steps, setting realistic deadlines for each. Create benchmarks and milestones to measure progress, fostering a sense of accountability. This approach prevents feeling overwhelmed, enhances clarity, and keeps you motivated toward achieving success.

Team, M. L. (2023). Beginner’s Guide to Real Estate Agent Goals | Market Leader. Market Leader | Convert Leads Into Clients. https://www.marketleader.com/blog/real-estate-agent-goals/

These goals are commonly applicable and can be pursued over a period of time. It is advised not to attempt all 12 goals simultaneously, but to focus on one for at least 6 months. The goals are as follows:

Strategic Thinking: Enhance the ability to grasp the overall picture, adopting a broader business perspective and understanding the “why” behind decisions, rather than just the “what” and “how”.

Listening: Develop active listening skills, demonstrating genuine value for others’ opinions through attentive body language, open-ended questions, and eliminating distractions.

Coaching: Shift leadership style from dictating to guiding, fostering the development of team members through individualized coaching plans.

Financial Acumen: Gain proficiency in understanding and utilizing financial data to enhance business strategies.

Cross-Functional Knowledge: Acquire knowledge about different aspects of the business beyond one’s own specialization.

Industry and Customer Insight: Improve understanding of the industry, competitors, and customer needs to better cater to their requirements.

Leadership Presence: Enhance the ability to inspire and influence others authentically, commanding attention and respect in various settings.

Change Leadership: Become a catalyst for change, championing and sustaining organizational changes effectively.

Remote Management: Improve skills in managing remote teams and leverage technology for enhanced communication and virtual collaboration.
Collaboration: Strengthen relationships with peers, understanding their goals and working collaboratively to achieve shared objectives.

Talent Management: Enhance abilities in assessing, hiring, promoting, and developing employees. Create a strong team with competent individuals and plan for succession in key positions.

Time Management: Identify and eliminate time-wasting activities, prioritize tasks efficiently, and focus on value-added activities to maximize productivity.

McCarthy, D. (2022, April 22). Top 12 development Goals for Leaders – Great Leadership by Dan. Great Leadership by Dan. https://greatleadershipbydan.com/2010/01/top-12-development-goals-for-leaders.html