Megaworld reports 150,000 sq m office lease renewals in first nine months of 2026
Megaworld Corp. recorded about 150,000 sq m of office lease renewals in the first nine months of 2026, outpacing nearly 100,000 sq m of new leases. The Tan-led developer reported a 90 per cent renewal rate among expiring contracts, with Metro Manila and provincial townships contributing to the total
MEGAWORLD CORP. recorded about 150,000 square metres (sq.m.) in office lease renewals during the first nine months of 2026, exceeding nearly 100,000 sq.m. in new leases, as renewals accounted for the majority of its office leasing transactions.
In a regulatory filing on Monday, the Tan-led property developer said total office leasing transactions reached nearly 250,000 sq.m. across its Metro Manila and provincial townships, with a 90 per cent renewal rate among existing tenants with expiring contracts. Metro Manila properties accounted for 76 per cent, or about 113,000 sq.m., of total lease renewals, while provincial developments contributed the remaining 24 per cent, or approximately 37,000 sq.m.
For new leases, Metro Manila offices accounted for 63 per cent, or about 63,000 sq.m., while provincial properties contributed 37 per cent, or nearly 37,000 sq.m. The company said regional leasing transactions covered its developments in Pampanga, Southwoods City in Laguna, Iloilo Business Park in Iloilo City, The Upper East in Bacolod City, and The Mactan Newtown in Lapu-Lapu City, Cebu.
In Metro Manila, new tenants included French banking group BNP Paribas at Uptown Eastgate in Uptown Bonifacio and global information technology services company Cognizant at 18/20 Upper McKinley in McKinley Hill, both in Taguig City. Megaworld said Uptown Eastgate was among its top-performing office buildings in terms of leasing activity during the third quarter.
“The strong pace of new leases and renewals shows continued demand for strategically located, high-quality office spaces, particularly in the provinces where more businesses are expanding,” Megaworld Premier Offices Head Roland J. Tiongson said in a statement. “We will continue to grow our office portfolio in key regional centers while strengthening our established townships in Metro Manila to capture these opportunities,” he added.
Megaworld Global Offices Head Francis Roxas said the company sees opportunities to attract international tenants as businesses reassess their office requirements. “As global companies continue to reassess their workplace strategies and expand their presence across key markets, we see opportunities to position the Philippines as a strategic destination for their operations,” he said.
Megaworld currently manages more than 1.7 million sq.m. of gross leasable office space across nearly 90 towers nationwide, accommodating more than 200 multinational tenants, according to the company. Its office portfolio includes developments in Eastwood City in Quezon City; Uptown Bonifacio, McKinley West, and McKinley Hill in Taguig City; and provincial townships in Iloilo, Bacolod, Cebu, and Davao. Megaworld said it aims to expand its office portfolio to 2 million sq.m. of gross leasable area by 2030.
