FILINVEST REIT CORP. (FILRT) saw a 13.3% increase in new leases for the first nine months of 2024 compared to the full year of 2023, the company said on Wednesday.
The increase was led by new lease accounts and expansions of multinational companies within the Northgate Cyberzone development in Muntinlupa, FILRT said in a regulatory filing.
Northgate Cyberzone consists of 16 Grade A office buildings that offer workspaces for businesses.
“The proactive efforts of FILRT’s management to swiftly address pre-termination challenges have spurred the arrival of new tenants, reinforcing the area’s status as a prime business hub in the south,” FILRT said.
“This strategic approach continues to attract global enterprises seeking to expand within a master-planned, strategically located environment,” it added.
FILRT said NASDAQ-listed data and artificial intelligence company EXLService Holdings, Inc. recently leased an additional 1,750 square meters (sq.m.) of space.
The company added that New Zealand-based Building Engineering and Design Co. expanded its offices in Filinvest Two by leasing an additional 1,724 sq.m.
The domestic branch of global professional services firm Genpact Services LLC also leased additional space in the iHub 1 Building, marking its sixth expansion with FILRT.
The company also welcomed Singapore-based business process outsourcing company Gear Inc., which will lease 1,993.10 sq.m. of office space within the Filinvest One Building.
FILRT is the real estate investment trust (REIT) of Filinvest Land, Inc. Its commercial portfolio consists of 17 office buildings and 2.9 hectares of land being leased to the owner and operator of Crimson Resort & Spa Boracay.
On Wednesday, FILRT shares rose by 0.34% or one centavo to P2.99 per share. — Revin Mikhael D. Ochave