Megaworld says 1st half office lease renewals jumped 45.6%

MEGAWORLD CORP. posted a 45.6% increase in office lease renewals in the first half, driven by demand across its integrated township developments and the full occupancy of 24 office towers in its portfolio. The property developer renewed about 122,000 square meters (sq.m.) of office leases in the January-to-June period, up from 83,353 sq.m. in the same period last year, according to a report by BusinessWorld.

The strong renewal figures reflect sustained demand for office space within Megaworld’s townships, which combine residential, commercial, and leisure components. The company said 24 of its office towers are now fully occupied, contributing to the uptick in renewals as tenants commit to longer leases in these integrated communities.

Megaworld’s office portfolio remains a key revenue driver, with the company continuing to prioritize developments in its township projects nationwide. The first-half performance signals stable demand from business process outsourcing firms and other corporate tenants, despite broader market challenges in the real estate sector.