RETAIL BEYOND THE CAPITAL Davao City Retail Snapshot/media/reports/philippines/davao_rep… · THE...
Transcript of RETAIL BEYOND THE CAPITAL Davao City Retail Snapshot/media/reports/philippines/davao_rep… · THE...
RETAIL BEYOND THE CAPITAL
Davao City Retail SnapshotDECEMBER 2015
Table of Contents
INTRODUCTION 2
WHY DAVAO? 3Increasing Population 3
High Income City 4
Massive Regional Consumer Market (Davao Region) 5
Strong Tourism Market 7
DAVAO RETAIL MARKET OVERVIEW 10
Cumulative Supply 11
Rental Rate 11
Vacancy 12
Tenant Mix 13
Increased International Brand Presence 14
OUTLOOK 15
This report provides a glimpse of the retail scene in Davao City and also examines the city’s potential to be one of the country’s
next retail hot spots. Strong macroeconomic fundamentals, driven mainly by a healthy and bourgeoning consumer
market coupled with supporting social infrastructure, have supported the recent growth in retail space and influx of
international brands. Correspondingly, this report posits that such fundamentals will continue to be the backbone of city’s
retail scene, allowing Davao City to be a viable option for retail expansion outside Metro Manila.
INTRODUCTION
Retail is an important element of the Philippine real
estate industry. It responds to the strong domestic
consumer market that is fundamental to the economy.
Already more than 70% of the country’s GDP is
supported by consumption, and this is still expected
to grow given the consumer income driving forces of
the thriving BPO sector and OFW remittances. For this
reason, the retail sector is foreseen to be a force to be
reckoned with in the coming years. This is manifested in
the significant expansion of retail space and the entry of
foreign retailers recently.
Metro Manila has since been in the spotlight, given
the massive market that it possesses for retail. There
has been a substantial increase in retail supply, major
redevelopments of existing shopping centers, and
the rise of mixed-use developments catering to retail
among others. There is no denying that Metro Manila
is a bourgeoning and lucrative market, but the issues
of congestion, saturation, limited space and inefficient
infrastructure, and mass transportation linger and pose
challenges.
Correspondingly, real estate developers have been
looking to key markets outside the capital. IT parks and
business districts have emerged and will continue to
do so, especially within the so-called emerging cities1,
like Baguio, Davao, Dumaguete, Iloilo, and Bacolod.
Retail developments have likewise been expanding
aggressively outside the capital. Also, with growing
incomes spanning provincial areas in the country, retail
has never been in a better position to look beyond the
capital.
The gains from expanding outwards are immense. Not
only are these markets potentially ripe for substantial
retail and real estate growth, but from a much wider
perspective, they allow for a more inclusive and
decentralized “trickle down” growth of the Philippine
economy.
This report aims to be one of many retail reports that
provides a glimpse of retail outside Metro Manila.
Precisely, the focus will be on Davao City, an emerging
market that has generated a lot of interest when it
comes to safety and good governance. It is a vibrant
market with huge potential for further retail growth. This
report will provide a snapshot of the existing major retail
centers of the city and the opportunities that
are presented.
Executive Summary
Retail Beyond the Capital Davao City Retail Snapshot
cushmanwakefield.com | 54
A Cushman & Wakefield Research Publication
1 The IT and Business Process Association of the Philippines (IBPAP) has identified key markets or “Next Wave Cities” based on their potential as business process outsourcing hubs (given talent bank, infrastructure, cost, and business environment and risk).
DAVAO CITY
Among the Philippines’
Hailed as one of the country’s
by IT and Business ProcessAssociation of the Philippines (IBPAP)
Renowned to be the
in the country
center of
4th most populous cityin the Philippines
in the Philippines in terms ofLand Area
Key player in flourishing trade club
TOP TOURISTDESTINATIONS
NEXT WAVE CITIES
SAFEST CITY BRUNEI-INDONESIA-MALAYSIA-PHILIPPINES
EAST ASIAN GROWTH AREA
MINDANAO’S
1.5 MILLION
LARGEST CITY
2,444 sq km
COMMERCE
TRADE
SERVICES
WHY DAVAO?
Davao City exhibits the trends and possesses the qualities that make for a
robust retail market.
Increasing PopulationThe rapid influx of people into Davao City has transformed it into the
country’s largest urbanized area in terms of population and land area outside
the capital. Official 2010 Census figures have Davao at 1.44 million people,
and estimates for 2015 are at 1.63 million.
This trend is associated with the migration of people from other regions,
particularly because the city has gradually been offering the right incentives
for relocation. Davao possesses quality schools1, quality hospitals2 and,
increasingly, quality jobs with the emergence and growth of the IT-BPO
sector in the city - factors that people value when moving. Apart from the
social infrastructure, the city is renowned to be one of the safest in the
country and is also very accessible due to its international airport. Also,
traffic and infrastructure woes, which have dissuaded people from living
in Metro Manila, are not present in Davao due to an early implemented
stringent traffic management system3. Further, complementing the
population trend, we have seen housing subdivisions and residential options
increase in urban Davao, which encourages people to choose to conveniently
live in the city.
These positive attributes and incentives feed into the already rapid urban
growth trend of the city, as people may look to Davao City as a place to settle
in. Optimistically, we may then see the city breaking 2 million people by 2020,
which makes for a potentially substantial consumer market to tap.
cushmanwakefield.com | 76
A Cushman & Wakefield Research Publication
1 Ateneo De Davao, University of Southern Philippines, Davao Doctors College, Davao Medical School Foundation (DMSF) among others. Mapua just recently announced its expansion into Davao City.
2 Davao Doctors Hospital, San Pedro Hospital and DMSF among others.3 In line with Php 120-M IBM Smarter City Project, formally unveiled in 2013.
High Income CityDavao City’s rapid urbanization and transforming
economic landscape have placed it among the
country’s high income cities. Based on income, Davao is
consistently part of the top 5 cities and is the only city
outside Metro Manila on the list, making it the highest
earning city beyond the capital.
5 Highest Earning Cities in the Philippines (in million Php)
02009 2010
Quezon
2011 2012 2013 2014
5,000
10,000
15,000
20,000
Pasig
Makati Manila
Davao
Source: Bureau of Local Government Finance (BLGF)
The relative high income level of Davao City is indicative of
its economic health. A manifestation of Davao’s economic
progress is the surge in investment, as suggested by
the rise in business capitalization over time. The city
experienced a 16% increase in total capital from 2011 to
2014 alone.
Total Capitalization of Business, Davao City (in billion Php)
160
170
180
190
200
210
220
2010 2011 2012 2013 2014
Source: Davao City Business Bureau
The economic gains of the city can also be gauged
from the city’s transforming economic landscape with
buildings rising in every corner. We see the emergence
of infrastructure like high-rise residential buildings
and mixed- use developments. Among the significant
upcoming developments are a mixed-township Davao
Park District and luxury accommodations by Dusit (Dusit
Thani Residences, DusitD2 Hotel) and the Lubi Plantation
Resort.
Clearly, Davao City has proven and continues to prove
to be a economically healthy emerging high income city
that offers right incentives for business and investment.
02000 2007 2010 2013* 2014* 2015*
0.5
(mill
ions
)
1.0
1.5
2.0
Source: Philippine Statistics Authority (PSA). 2013-2015* are estimates made by Davao City Planning and Development O�ce.
Davao City’s Population
Massive Regional Consumer Market (Davao Region)Davao City serves as the regional center of the Davao
Region (Region XI). As such, the city essentially captures
demand from the entire region. According to 2010
official census figures, the region houses 4.5 million
people with 2015 projections at 4.7 million people.
What makes the Davao Region an important catchment
market for Davao City? It is the fastest growing region.
The latest official statistics show that the Davao Region
outperformed all other regions in the country in terms
of growth rate, exhibiting an exceptional gross regional
domestic product (GRDP) growth rate in 2014 at 9.4%, a
big leap from 6.7% in 2013.
One of the primary GRDP drivers is the services sector
with its 2014 growth rate pegged at 8.3%. This is
associated with the region’s locational advantage as a
financial and business hub in Southern Philippines. This
motivated business expansion into the region, resulting in
the increased demand for property in the form of offices,
residential, and retail spaces. A prominent example would
be the strong Information Communication Technology-
Business Process Outsourcing (ICT-BPO) trend in the
region, and the consequent emergence of IT business
parks in the region. Davao City, for one, has an active
ICT-BPO industry, and was ranked by the IBPAP as
number one among destinations of ICT investors.
Responding to this trend, local developers began
constructing BPO office space as early as 2011 with
Damosa IT Park, Luisa IT Center, and Filandia IT Center.
National players entered more recently with Ayala’s
Abreeza Corporate Center in 2012 and SM’s dedicated
office space in 2013. As of now, the city currently has
roughly 115,000 sq.m of office space and is expecting
approximately 20,000 sq.m in the coming year. The
last five years have seen major BPO companies such as
Convergys, Teleperformance, Concentrix, Sutherland and
VXI setting up shop in the city.
Comparative Gross Product Growth Rates 2013-2014, At Constant 2000 Prices
0
2
4
6
8
10
PhilippinesGDP
National CapitalRegion
Davao Region
6.1 5.9
9.4
Source: PSA
“What makes the Davao Region an important catchment market for Davao City?
It is the fastest growing region.”
Retail Beyond the Capital Davao City Retail Snapshot
cushmanwakefield.com | 98
A Cushman & Wakefield Research Publication
The Davao Region also exhibits signs of a maturing
consumer market. According to the National Statistical
Coordination Board (NSCB), the Davao region recorded
the second highest expansion in per capita household
spending in 2014. The region posted a growth rate of 8.5%,
only second to Central Luzon (9.4%). In addition, the region
surpassed the growth of national and Metro Manila per
capita household spending, which were recorded at 3.6%
and 4.3%, respectively. Indicators show that purchasing
power is increasing in the region and this presents ample
opportunity for growth in retail.
Per Capital Household Final Consumption Expenditure 2013-2014 Growth Rate, At Constant 2000 Prices
0
2
4
6
8
10
Philippines National CapitalRegion
Davao Region
3.64.3
8.5
Source: National Statistical Coordination Board (NSCB)
Supporting this growing consumer trend is the
modest increase in overall annual family income in the
latest official figures. The region experienced a real
income growth rate of 17% between 2006 and 2012.
Correspondingly, trends have been pointing towards the
growth of the middle class1, possessing more share in
total annual income over time. This entails more middle
class earners likely to spend on mass consumer goods,
which comprise a bulk of retail. The middle class grew
by both share and in nominal amounts between 2006
and 2012, eating some share away from the upper class.
Significantly, even considering inflation through time, the
middle class posted a substantial growth of almost 100%,
almost doubling, in total annual family income from
2006 to 2012.
This trend can be attributed to the IT-BPO industry
which has been making strides in the region, especially
in Davao City. This industry has been producing a
significant amount of middle-class earners. In Davao City
alone, there are about 32 IT-BPO firms that employ more
than 20,000 full-time workers.
Strong Tourism MarketDavao City has become a popular tourist destination in
the Philippines, in part because it is the urban center of
the South and is also very easily accessible through the
Francisco Bangoy International Airport. The city only
recently broke the 1 million mark in tourist arrivals in 2012,
and has been gaining momentum since. Latest figures
show the city hitting 1.5 million by 2014. While these are
impressive numbers, it is important to note that more
than 90% travelers are domestic, therefore leaving a lot
of room to grow for international travelers. We anticipate
that this will be addressed with the opening up of direct
international flights at the airport. Nonetheless, domestic
travelers have proven to be a strong market for retail
tourism, as Filipino travelers tend to include shopping in
malls in travel plans.
Tourist Arrivals and Estimated Tourist Receipts in Billion Php (2010-2014), Davao City
Year Tourist Arrivals Estimated Tourist Receipts (Php Billions)2010 682,821 9.552011 744,275 10.422012 1,075,000 15.052013 1,429,827 22.872014 1,529,907 17.13
Source: Davao City Tourism Operations Office
0
20
40
60
5.57.7
45 47.3 49.444.9
0
50,000
100,000
150,000
Lower Class(Lower 20%)
MiddleClass
20062012
Upper Class(Upper 20%)
Lower Class(Lower 20%)
MiddleClass
Upper Class(Upper 20%)
Total Annual Family Income by Class, in million Php, Davao Region,At Constant 2000 Prices
Share of Middle Class in Total Annual Family Income, Davao Region, Based on Constant 2000 Prices
Source: PSA
1 Middle class in this research refers to the third to eighth deciles of the population, or the middle 80%, as pre-sented by PSA data.
“…domestic travelers have proven to be a strong market for retail tourism, as Filipino
travelers tend to include shopping in malls in travel plans.”
Retail Beyond the Capital Davao City Retail Snapshot
cushmanwakefield.com | 1110
A Cushman & Wakefield Research Publication
DAVAO RETAIL MARKET OVERVIEW
Consequently, retail developers have acknowledged the opportunity in Davao based on the aforementioned factors
and have responded by developing projects in the city. The past 5 years have been the most vibrant so far in terms
of retail.
This report will focus on the 4 major shopping malls based on higher observed foot traffic and relative substantial
presence of international brands. These malls are also the 4 largest malls in the city, and should give a good
perspective on the direction Davao’s overall retail development.
Cumulative SupplySince the opening of its first mall in the early 1990s,
Davao City has had quite a lethargic retail supply history.
The city saw its first major mall chain development, SM
City Davao, only in 2001, yet no significant development
followed in ten years. To illustrate the lackluster historical
retail supply growth, it took the city almost 10 years to
come close to doubling retail supply since 1997.
Davao City Cumulative Shopping Mall Supply in SQ.M, 2000-2015
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Cushman & Wakefield Research
Fortunately, the Davao retail market has evolved
substantially within just the last 5 years. Exhibiting the
fastest retail growth in the city’s history, the supply of
shopping malls has nearly doubled since 2005 from
approximately 350,000 sq.m in 2005 to 660,000 sq.m in
2012. This can be attributed to mall expansions in 2012 and
the construction of two major malls, namely Ayala Abreeza
and SM Lanang Premier, in 2011 and 2012, respectively.
Ayala Abreeza contributed to an additional 134,000 sq.m
to retail mall stock, while SM Premier Lanang, currently the
largest shopping mall in Mindanao, added 144,000 sq.m.
SM PREMIER LANANGSM Prime HoldingsGFA: 144,236 SQ.MOpened 2012GAISANO MALL OF DAVAO
DSG Sons Group, Inc.GFA: 120,061 SQ.MOpened 1997
AYALA ABREEZAAyala Land Inc.
GFA: 134,000 SQ.MOpened 2011
SM CITY DAVAOSM Prime HoldingsGFA: 125,143 SQ.M
Opened 2001
Source: Cushman & Wakefield Research
“Exhibiting the fastest retail growth in the city’s history, the supply of shopping malls has nearly doubled since
2005 from approximately 350,000 sq.m in 2005 to 660,000 sq.m in 2012.”
Retail Beyond the Capital Davao City Retail Snapshot
cushmanwakefield.com | 1312
A Cushman & Wakefield Research Publication
Rental RateAs of the third quarter of 2015, the average rental rates
among the major shopping malls in Davao lie within
the Php 900 to 1,000 per sq.m range. The newer, and
arguably more premiere malls, SM Lanang Premier and
Ayala Abreeza, expectedly ask for much higher rents,
ranging between Php 1,100 and Php 1,200 per sq.m, while
Gaisano Mall, which is the oldest among the 4 and the
most local in terms of tenancy mix, asks for the lowest
rents, between Php 800 to Php 950 per sq.m. Finally, SM
City Davao, which straddles between both high income
and middle income markets and commands the highest
foot traffic among the 4, prices competitively at Php
1,000 per sq.m.
Relative to Metro Manila retail rents, Davao City’s rents
are very competitive. The national capital currently
sees retail rents in prime shopping malls at nearly more
than double Davao City’s shopping mall rents. For this
reason, the surge of retailers into the Davao retail scene
is unsurprising. On the demand side, as seen earlier, the
city and region has a ripe and growing consumer base,
and on the supply side, there is a healthy supply of retail
offering nationally and internationally competitive rental
rates. This retail demand and supply dynamic creates a
strong case for retailers to locate in the city.
Average Rental Rates, as of Q3 2015, per SQ.M in Php
0200400600800
1,0001,2001,400
SM CityDavao
SM LanangPremier
GaisanoMall
AyalaAbreeza
Source: Cushman & Wakefield Research
VacancyOn average, retail vacancy in Davao City remains low at
4% to 5% through the third quarter of 2015. Estimates
have shown the vacancy rates among the major
shopping malls dropping from the same period last year,
indicating vigorous and consistent demand for retail
space.
Vacancy Rates Q3 2014 vs. Q3 2015
0.0%
2.0%
4.0%
6.0%
8.0%
SM CityDavao
SM LanangPremier
Q3 2014 Q3 2015
GaisanoMall
AyalaAbreeza
Source: Cushman & Wakefield Research Estimates
Noting historical estimated overall Davao City retail
vacancy rates we can observe very fast take-up of retail
space. 2013 overall vacancy is estimated to be within the
9% to 10% range, which is associated with the opening
of Ayala Abreeza in 2011 and the fresh opening of SM
Lanang Premier in the latter half 2012. In spite of the
additional retail supply, the following years exhibited a
drastic fall in vacancies, with occupancy rates breaching
the 95% mark by 2015. Demand for retail space was
buoyed by the dynamic and aggressive expansion
of retailers outside Metro Manila. Correspondingly,
rapid take-up of retail space can also be attributed to
the influx of international brands responding to the
increasing spending power of Davao City locals.
Recent ocular inspections of the malls point to vacancy
rates moving closer to 1%, pushing occupancy to almost
100%. Healthy and rapid take-up of retail space is a
good signal to retail developers to respond accordingly.
The trend is associated with and is indicative of the
optimism toward Davao City’s dynamic retail and
consumer market.
9.50%
Q3 2013 Q3 2014 Q3 2015
5.30% 4.30%
Source: Cushman & Wakefield Research Estimates
Estimated Overall Average Vacancy Rate, Q3 2013 to Q3 2015
Retail Beyond the Capital Davao City Retail Snapshot
cushmanwakefield.com | 1514
A Cushman & Wakefield Research Publication
Tenant MixThe optimism toward Davao retail and the consequent
response of retail developers with additional retail supply
ushered in an influx of retailers. We can now observe a
very international mix of tenants, especially in the newer
malls of Ayala and SM. This is a drastic departure from
6 years ago when tenants were predominantly local
brands.
Tenant Mix Profile
Shopping MallGeneral Retail* Food and Beverage
Local International Local InternationalAyala Abreeza 28% 72% 80% 20%SM Lanang Premier 37% 63% 83% 17%SM City Davao 48% 52% 82% 18%Gaisano Mall 65% 35% 89% 11%
Source: Cushman and Wakefield Research
* General Retail for purposes of this research will refer largely to fast fashion and other non-F&B retailers
Observing dedicated tenants for non-food and beverage
(F&B) general retail (which for the case of Davao is 90%
fast fashion), we see that the major shopping mall tenant
mixes are largely biased towards international retailers
now. This proves especially true for Ayala Abreeza and
SM Lanang Premier, posting an international tenant share
of 72% and 63%, respectively. This is anticipated as both
Ayala Abreeza and SM Lanang Premier have always
marketed themselves as the premier and upscale malls
of the city. Although not as significant as the premier
malls, a majority of SM City Davao’s general retail tenant
share is attributed to international retailers as well. This
is a huge development from when it opened in 2001 with
a primarily local tenant mix. Lastly, while homegrown
Gaisano Mall is still mostly local, it has also exhibited
a drastic evolution from when it opened in 1997 with a
completely local tenant mix.
The opposite trend is true however for food and
beverage retailers. The food and beverage market
is still dominated by local players, accounting for
approximately more than 80% of the tenant share in
major shopping malls. This may be because food and
beverage is localized and is typically attuned to local
tastes. Moreover, the rich local food scene in Davao City
is embedded in the lifestyle of the locals that what is
local just naturally appeals to them. Also, local food and
beverage retailers tend to price more competitively. For
these reasons, local food and beverage retailers are able
to compete and dominate international retailers. This is
in stark contrast with general retail, especially for fast
fashion, wherein there is a general inclination towards
and preference for international brands, thus allowing
international brands to overshadow local ones.
Increased International Brand PresenceDavao City has seen more than 60 international retailers locating into the city since 2011. This coincided with the
opening of Ayala Abreeza and SM Lanang, which welcomed a diversity of international brands. In general retail,
or fast fashion, notable mentions would be American Eagle Outfitters, Cotton On, Gap, Aeropostale, Forever 21,
Sperry, Marks and Spencer, Herschel and Aldo among many others. Despite still being overshadowed by local
retailers, food and beverage also saw an arrival of foreign retailers, such as Coffee Bean and Tea Leaf, Krispy Kreme,
Bonchon, Happy Lemon, Cha Time, and Starbucks Coffee. A few upscale brands have also made their way into the
market, which is suggestive of the maturity of the city’s consumer market. Brands like Armani Exchange, Charriol,
Technomarine, and Phillip Stein have entered Davao.
Among the International Brands That Entered Davao
Source: Cushman and Wakefield Research
General Retail
Food & Beverage
Retail Beyond the Capital Davao City Retail Snapshot
cushmanwakefield.com | 1716
A Cushman & Wakefield Research Publication
OUTLOOK
Davao has shown to be an appropriate market for retail expansion beyond
the capital. Its demographics have dictated the surge in retail supply in
recent years, and in turn the rise in retail demand ushering in the influx of
retailers. The rapid take-up of retail space in major malls is sure to keep
occupancy rates at a high, with optimistic projections looking at close to
100% occupancy by 2016.
So, with retail supply in the existing major malls nearing saturation, the
question arises: where does future retail growth of the city take place?
While there are no visible major shopping mall projects in the city’s pipeline
yet, future retail development is looking to take place in many of Davao’s
mixed-used developments. Township developments, such as the upcoming
Davao Park District, will incorporate retail strips and a lifestyle mall to cater
to retail expansion. IT Parks and IT-BPO buildings have also integrated retail
components into their developments. Case-in-point would be recently
opened mixed-use development Felcris Centrale, which is an IT-BPO office
with a two-floor retail podium. This corresponds with overall real estate
trends that respond to the need of the majority demographic- the working
age population. Therefore, the outlook now is that we will be seeing retail
integrated into workplaces and mixed-use township communities.
Of course, this does not take major shopping malls out of the picture. Major
malls tend to evolve over time, more often than not expanding retail space
in the process. Many of the major mall developers in the Davao, like SM and
Ayala, have sizable land banks that allow for any form of expansion.
The bourgeoning consumer market in Davao City will continue to encourage
real estate developers, and provide opportunities for local and foreign
retailers. While Davao retail is already more dynamic than it has ever been,
it will become even more vibrant as new developers and retailers enter the
market. With the right demographic fundamentals, the social infrastructure
to support the demographic, and an energetic and fresh retail sector, Davao
City is poised for further retail development and is surely a retail destination
to look out for outside the capital.
Retail Beyond the Capital Davao City Retail Snapshot
cushmanwakefield.com | 1918
A Cushman & Wakefield Research Publication
Jude David Roque
Senior Analyst Research and Consultancy [email protected]
Janlo de los Reyes
Manager Research and Consultancy [email protected]
Cushman & Wakefield (C&W) is known the world-over as an industry knowledge leader. Through the delivery of timely, accurate, high-quality research reports on the leading trends, markets around the world and business issues of the day, we aim to assist our clients in making property decisions that meet their objectives and enhance their competitive position.
In addition to producing regular reports such as global rankings and local quarterly updates available on a regular basis, C&W also provides customized studies to meet specific information needs of owners, occupiers and investors.
C&W is the world’s largest privately-held commercial real estate services firm. Founded in 1917, it has 230 offices in 60 countries and more than 13,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within five primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, Consulting Services, including business and real estate consulting; and Valuation & Advisory, including appraisals, highest and best use analysis, dispute resolution and litigation support, along with specialized expertise in various industry sectors. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at: www.cushmanwakefield.com
This report has been prepared solely for information purposes. It does not purport to be a complete description of the markets or developments contained in this material. The information on which this report is based has been obtained from sources we believe to be reliable, but we have not independently verified such information and we do not guarantee that the information is accurate or complete. Published by Corporate Communications.
©2015 Cushman & Wakefield, Inc. All rights reserved.
Cushman & Wakefield, Philippines9/F Ecotower32nd Street, Bonifacio Global City, TaguigPhilippines 1226www.cushmanwakefield.com
For more information about C&W Research, contact: