At the start of the year, the Metro Manila office space market was forecasted to remain challenged as a result of supply pressure, tentative movements observed for office locators, and the headwinds brought about by a general view of a global recessionary environment.

The first half performance this year compared to the same period in 2022 indeed reflects this outlook as vacancy rate remained at 21 percent. Leased space went down although rental rates remained steady, and the usual office locators maintained their percentage shares, with the business process outsourcing (BPO) industry getting the bulk of available office space.

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