Office opening rate hits new record high in Q1

Philstar Global

May 21, 2022

EXCERPT


The overall office vacancy rate in the country posted a new high in the first quarter as fresh office space supply entered the market and as tenants continued to exit, a study by a global property research firm showed.


In a report, Cushman & Wakefield said approximately 182,000 square meters of new office spaces were completed within the first quarter, bringing the consolidated prime and Grade A office supply to around 9.1 million sqm.


“Due to new supply completion and continued exits from key tenants, the overall vacancy rate grew to 15.8 percent, surpassing the previous record-high vacancy rate of 14.5 percent in 2009,” the report said.


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