Office space demand is expected to rise in the next 6 months

Business World

Mar 29, 2022

EXCERPT


Based on location, Metro Manila accounts for 67% of all live office requirements, with 240,000 sq.m.


LPC noted that current vacancy rate in Metro Manila is at 19%, with Makati and Bonifacio Global City having the lowest at 15% and 17%, respectively. Taguig City and the Ortigas/Pasig/Mandaluyong business district have the highest vacancy rates at 25% and 24%, respectively.


LPC noted that the vacancies at PEZA-registered office buildings is expected to slightly increase in 2023. However, there will be limited supply of new PEZA spaces in 2024 and 2025, posing a challenge for the IT-BPM sector, it added.


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