Office vacancy rates across the country will continue to rise in the near term before trending lower in the latter part of 2023 amid resilient demand from BPO companies and multinationals seeking to expand in the Philippines. | miguelrcamusINQ /PDI
“Inflationary pressures and the expected global slowdown will continue to delay occupancy and real estate investment decisions,” says Claro Cordero, director and head of research, consulting and advisory services at Cushman & Wakefield.
Last week, the Bangko Sentral ng Pilipinas raised the key policy rate by 0.5 percentage points to 6 percent. It also raised the full year inflation forecast to 6.1 percent due to elevated food, transport and wage costs.“Positive rental growth is likely to happen in 2023 as delayed prospects are expected to get a green light this year, giving confidence to developers and landlords to test resistance levels on the prepandemic published rates, while overall market vacancy tapers down,” he said.
“While market recovery continues in [the fourth quarter] 2022, we still see a possibility of a slight increase in average vacancy rates from the previous quarter, as well as a slight dip in asking rents, primarily due to the addition of new stocks from new building completions as well as nonrenewal or early return of space by occupiers continuing their exercise of right-sizing or converting to a hybrid set-up,” says Castro.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Brittney Griner signs deal to return to Phoenix Mercury; Diana Taurasi staysMonths after her release from a Russian prison, Brittney Griner looks to return to the only WNBA team she has played for, while all-time leading scorer Diana Taurasi signs a multiyear contract to remain with the Phoenix Mercury.
Read more »
‘No more signs of life’: PH contingent to Turkiye ends SAR after 9 daysThe Philippine Inter-Agency Humanitarian Contingent (PIAHC) ended its search and rescue (SAR) operations in Adiyaman, Turkey nine days after its special mission began, the Office of Civil Defense (OCD) announced Monday, Feb. 20.
Read more »
DepEd: P155-k DSLR camera given by LGU to Imus schools division officeThe Department of Education had no hand in the acquisition of a DSLR camera said to overpriced with a cost of P155,929 in Imus City, the DepEd said in a statement on Monday. The DepEd said the Canon 1500D of the Schools Division Office of the city was given by the local government to the SDO.
Read more »
China holds lending benchmarks for 6th month, but more easing seenChina kept its benchmark lending rates unchanged for a sixth straight month in February, as expected, with the world’s second-largest economy showing more signs of recovery from a pandemic-induced slump. | Reuters
Read more »
Palace: Memo ordering gov't salary deduction for quake relief fund untruePresidential Communications Office Secretary Cheloy Garafil said on Sunday that an alleged Office of the President memorandum that ordered a two-day government salary deduction to fund a Turkey earthquake relief fund was untrue.
Read more »