METRO MANILA OFFICE VACANCY RATES TO REMAIN ELEVATED
The Philippine Star|November 13, 2024
Vacancy rates in the Metro Manila office market are expected to remain elevated in the medium term, driven by the total ban on Philippine Offshore Gaming Operators (POGOs) and the implementation of the CREATE MORE Bill, according to a commercial real estate services firm.
CATHERINE TALAVERA
METRO MANILA OFFICE VACANCY RATES TO REMAIN ELEVATED

In its latest Marketbeat report for the Metro Manila office market, Cushman & Wakefield Philippines said that the overall vacancy rates for Prime and Grade 'A' Office developments in Metro Manila rose by 280 basis points (bps) quarter-on-quarter (q-o-q) in the third quarter of the year and by 136 bps compared to the previous year.

"The average vacancy rate reached 18.2 percent, the highest level estimated by Cushman & Wakefield Research since Q2 2004, marking an increase of over 1,380 bps since Q2 2020," Cushman & Wakefield said.

It noted that an additional 114,000 sqm of office space was added to the market in the third quarter.

"This, along with the significant volume of returned office spaces due to major corporate occupiers rationalizing their office needs, has increased the volume of vacant spaces," it added.

The real estate services firm noted that in the medium term, vacancy rates are expected to remain high due to the total ban on Philippine Offshore Gaming Operators (POGOs) and the implementation of the CREATE MORE Bill, which supports flexible work arrangements and will likely result in more vacant spaces.

"The Metro Manila office market is exhibiting a slower-than-expected recovery in Q3 2024. Overall vacancy rates have steadily increased and average headline rents have marginally declined again this quarter, making the market more favorable for tenants. The initial effects of the total POGO ban and amendments to the CREATE Bill are already being felt in Q3 2024," Cushman & Wakefield Philippines Director and Head of Tenant Advisory Group Tetet Castro said.

"Several returns of office space are observed, coupled with the completion of new developments, have resulted in the increase in overall vacancies. In the medium term, elevated vacancy rates and lower headline rents in the Metro Manila office market are expected," Castro added.

هذه القصة مأخوذة من طبعة November 13, 2024 من The Philippine Star.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة November 13, 2024 من The Philippine Star.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من THE PHILIPPINE STAR مشاهدة الكل
JOHN LLOYD CRUZ CONSIDERS 'MONEYSLAPPER' ROLE HIS 'MOST SPECIAL' YET
The Philippine Star

JOHN LLOYD CRUZ CONSIDERS 'MONEYSLAPPER' ROLE HIS 'MOST SPECIAL' YET

Contrary to perhaps popular belief, John Lloyd Cruz isn't opposed to doing \"mainstream\" movies.

time-read
5 mins  |
November 14, 2024
KathDen's 'Hello, Love, Again' premieres in 500 cinemas, holds midnight screenings
The Philippine Star

KathDen's 'Hello, Love, Again' premieres in 500 cinemas, holds midnight screenings

Kathryn Bernardo and Alden Richards were spotted hugging each other after the star-studded premiere of their highly anticipated reunion film, \"Hello, Love, Again.\"

time-read
1 min  |
November 14, 2024
Ethan Slater landing the role of Boq in 'wicked' has an element of magic to it
The Philippine Star

Ethan Slater landing the role of Boq in 'wicked' has an element of magic to it

You could say that Ethan Slater's yellow brick road to getting cast in the big screen adaptation of \"Wicked\" had an element of magic to it.

time-read
3 mins  |
November 14, 2024
HOW RICKY DAVAO FOUND HIS 'SILVER LINING' IN LOVE
The Philippine Star

HOW RICKY DAVAO FOUND HIS 'SILVER LINING' IN LOVE

Now that Derek Ramsay has a newborn daughter with his wife, Ellen Adarna, I suddenly remember what he told me a few years ago.

time-read
3 mins  |
November 14, 2024
PHILIPPINE WINE MERCHANTS HOLDS 21ST GRAND WINE FESTIVAL AT MARRIOTT
The Philippine Star

PHILIPPINE WINE MERCHANTS HOLDS 21ST GRAND WINE FESTIVAL AT MARRIOTT

The Philippine Wine Merchants holds the 21st Grand Wine Festival, Southeast Asia's biggest wine event, tomorrow at Marriott Grand Ballroom, Manila.

time-read
1 min  |
November 14, 2024
WINING & DINING IN HONG KONG
The Philippine Star

WINING & DINING IN HONG KONG

The Hong Kong Tourism Board (HKTB) recently presented the most anticipated food event in Asia.

time-read
3 mins  |
November 14, 2024
THE LECHON SEASON IS HERE
The Philippine Star

THE LECHON SEASON IS HERE

Bo's Coffee shows me photos that look more suited to National Geographic than the Food Channel – images of rugged treks through hilly terrain, gathering with local coffee farmers in lush fields.

time-read
3 mins  |
November 14, 2024
PAT CO: THE STORY OF AN HEIR AS A SPARE
The Philippine Star

PAT CO: THE STORY OF AN HEIR AS A SPARE

I like Pat Go. There is something endearing about this boy-next-door chef.

time-read
4 mins  |
November 14, 2024
MUY BUENO! FLAVORS FROM A SAN SEBASTIAN-TRAINED CHEF
The Philippine Star

MUY BUENO! FLAVORS FROM A SAN SEBASTIAN-TRAINED CHEF

Young chef Kennedy Alfonso enters towards the end of our 13-dish lunch at Bueno Tapas & Wine, red and white sangria in hand, to raise a toast.

time-read
3 mins  |
November 14, 2024
The Philippine Star

DOE chief upbeat on natural gas bill

The possible enactment of a bill promoting the development of the natural gas industry by prioritizing the use of indigenous resources is a major step in ensuring energy security, a Cabinet official said.

time-read
1 min  |
November 14, 2024