MAKATI CITY — Makati’s skyline is set for a major refresh as Ayala Land moves forward with the renovation of its iconic Tower One, a landmark building originally developed three decades ago to house the Philippine Stock Exchange in what has become the country’s leading financial district. The redevelopment will introduce wellness facilities, a daycare center, updated dining concepts, and collaborative public spaces designed to meet the changing needs of today’s hybrid workforce. “We are moving beyond the traditional office setup,” Anna Ma. Margarita Dy told stockholders. “Our new workplace strategy will start with Tower One, integrating fitness and wellness areas, a day care center, dynamic dining concepts, and vibrant public spaces that foster collaboration.”
A Long-Term Investment in Asset Value
For real estate investors, the renovation of a landmark property within the Makati CBD signals a strong commitment to long-term asset preservation and competitiveness. Tower One currently maintains a vacancy rate of only 9 percent, significantly lower than the industry average of 20 percent, while office revenues increased by 9 percent last year to 12.9 billion pesos. The renovation goes beyond aesthetics and represents a strategic repositioning of the property to remain competitive as workplace expectations continue to evolve. By incorporating daycare facilities, dining establishments, and wellness amenities, Ayala Land is transforming the office tower into a mixed-use workplace destination capable of attracting premium tenants willing to pay higher rents for enhanced experiences and services.
Responding to the Rise of Hybrid Work
The redevelopment reflects a broader shift within the office real estate sector, where workspaces are increasingly expected to provide more than traditional desks and meeting rooms. With 54 percent of companies now back to full on-site operations and 41 percent implementing hybrid work setups, modern office environments are evolving into destinations where employees are encouraged to collaborate, connect, and spend more time. Tower One’s planned wellness zones, collaborative spaces, and upgraded amenities directly respond to these emerging workplace trends. The project also reassures investors that older office assets can remain relevant and competitive through strategic modernization. “Even as we hold our own, we remain very deliberate and selective in our expansion,” Anna Ma. Margarita Dy said, adding that the company continues to expand its presence in key growth areas across Metro Manila and regional estates.
A New Chapter for Makati’s Office Market
The redevelopment of the 35-story tower in the heart of Ayala Triangle Gardens could mark the beginning of a broader transformation within the Makati CBD. By demonstrating how aging office assets can be successfully retrofitted to meet modern workplace standards, Ayala Land is setting a new benchmark for office landlords throughout the city.
The project also complements other major developments within the district, including the upcoming One Ayala complex and the highly anticipated return of the Mandarin Oriental Manila at Ayala Triangle Gardens. For property investors, the renovation highlights how proactive asset management and strategic redevelopment can help well-located properties continue generating stable returns as the office market navigates a long-term recovery.
