It seemed like the property market in the Philippines would get off to a good start this year. Despite ongoing sluggishness in the sector and a Covid-19 case tally of around half a million—the second-worst in Asia—transactions were beginning to increase as life returned to normal.
But as infections spiked in March, the government responded by imposing a second lockdown, limiting the mobility of millions in Metro Manila and nearby provinces and sending the property market back into its shell.
“The wave impacted the decision-making process for companies looking to take up office space. So they delayed their occupancy plans and rethought their requirements,” says Joey Bondoc, associate director for research at Colliers Philippines.
In the Philippines, where demand for office space is closely linked to the demand for housing, the second wave of infections has sparked questions over when, if ever, people will be back in the office.
In the first quarter of 2021, Colliers saw the completion of 199,900 square metres of new office space, with the Makati CBD and Bay Area (prime tracts of Metro Manila) accounting for 75% of new supply. Among the biggest projects launched were Ayala Triangle Gardens 2, a 40-storey office building by Ayala Land Inc., and the Armstrong Corporate Center, a 10-storey building comprising co-working spaces and private offices, both in Makati.
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