The industrial and logistics sector will lead the recovery of the Philippine real estate market this year, according to property services firm Santos Knight Frank.
SKF said the country’s industrial and logistics sector was the most stable asset class last year.
It added, “2021 will likely see a repeat of that, driven by deeper e-commerce penetration, demand for COVID-19 vaccines, and new infrastructure. Cold storage facilities, warehouses and distribution centers will be in demand this year, while data centers present a long-term opportunity for both the sector and the country.”
SKF emphasized that the physical shop’s loss and the downward pressure on the retail market has been favorable to the industrial and logistics sector.
It added that e-commerce continues to contribute to the expansion of the sector.
As a result, the real estate services firm said for this year, online retail in the Philippines is expected to grow by 26 percent.