Philippines office market occupancy sustains

BusinessWorld

May 24, 2022

EXCERPT


AFTER seven consecutive quarters of negative net take-up, the Metro Manila Office Market has finally turned a corner as Colliers recorded a positive net take-up for the first quarter of 2022.


Net take-up, which is the change in occupied space between two periods, was recorded at 26,000 square meters (sq.m.) for the first quarter of 2022 and is forecasted to reach 350,000 sq.m. by the end of the year, a significant improvement from the annual net take-up of -274,000 sq.m. recorded in 2021.


This means that the occupancy level has stabilized overall as some companies continue to surrender spaces, right size and downsize while the vacancy is expected to rise due to the supply overhang.


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