The vacancy rate for Metro Manila’s office sector widened to 21.5 percent in the first quarter with the completion of new buildings, real estate service provider KMC Savills said Tuesday.
KMC Savills said in a report on the domestic office market that more than 69,000 square meters of office space were completed in the first quarter, resulting in higher vacancy rate and a 0.9-percent decline in average rent for office spaces in Metro Manila.
Makati and Bonifacio Global City remained the preferred sites among tenants, although Ortigas Center is also attracting large occupiers because of its affordability and quality stock.“The added competition may cap any rental growth which could be exacerbated if landlords in Makati CBD further drop rents to remain competitive. As such, landlords in BGC should keep concessions open to secure occupancies,” KMC Savills said.
The transferees, however, are still required to maintain an office inside a PEZA-registered building/ecozone. JLL Philippine said in a separate report BPO firms continued to drive office leasing volumes, but their registration transfer to the BOI had tempered demand for office space.
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