Where to buy or invest in commercial real estate or office leasing?

Which region of the world are you most likely to buy or invest in commercial real estate or office leasing?

Manila, Philippines

Why?
+ Yields are decent; maybe 8%
+ Prospects for capital gains are good, with the PH economy growing at 6-7%
+ PH is now an investment grade country, REDUCING its debt
+ The demographics of the country are excellent, with educated workers joining the labor force
+ It is two hours away by aircraft

Oh! Also: PRICES ARE LOW
+ Makati is probably cheapest decent Capital city CBD in the world

And that's a big plus for the 4th largest English-speaking country on the planet

OFFTHEPEAK,

What about other issues such as:
-ownership by foreigners
-legal issues related to ownership
-capital gains and othe taxes
-stamp duty
-management fees
-typhoons and build quality

Plpns is interesting;

BUT; Is there 'Transaction Tax' when selling on Domestic, as well as commercial units ?.
Is that avoidable or how many percent ?.
(and it is on whole transaction amount, and not the 'profit' ?).

Thanks, Greene King.
Those are all relevant questions, which I looked into thoroughly before buying my condo.

-ownership by foreigners
(foreigners cannot own land, but they CAN OWN up to 40% of the condos in a residential or office project)

-legal issues related to ownership
(Pretty straight forward, if you stick to buying condos. There are some ways that you can own land, by setting up a 40% owned corporation, etc. But those are too complicated for me. And I do not want to search for a Filipino partner.)

-capital gains and other taxes
(these are high... but manageable. For instance, there is a 6% "capital gains" tax that you pay when you sell, if you sell at a profit. Confusingly, this is 6% of the Sales price - ie 6% of the Gross amount, not 6% of the profit. Fortunately, my property seems to have appreciated more than this in the first year. There are taxes on rental income too, depending on the size of the income.)

-stamp duty
(lower than HK)

-management fees
(Though property prices in Manila are like 1/5th to 1/10th those of HK, monthly mgmt fees are "surprisingly" high in the better run properties in Makati area - like 75% of HK. Electricity prices are also higher than HK. I may live in my place when it completes in late 2017, so I may not need to find a tenant. If I do rent it out, there are various options that I am exploring. My place should be very easy to rent, given the prime location.)

-typhoons and build quality
(Typhoons are more of an issue in Philippines than HK, but they are issues in both places. The biggest issue seems to be flooding. So take care that you do not buy in a flood area. The issue is height above sealevel, and the capacity of the drainage system. As for build quality, stick to one of the Top 3 or 4 builders. I bought from Ayalaland, which has a first class reputation. There are two or three others that are also considered reliable. But look into reputation before you buy. A first class builder should also be able to deliver to you, a condo without any Title issues.)

If you want to know more, send me a Personal Message.
I may even be able to invite you to a presentation by Ayala in HK, at the end of May... if there is still room