EXCERPT

The Philippines was off to a bad start in 2022 amid the surge in daily positive COVID-19 cases due to the Omicron strain. But as soon as the infection rates entered a sustained pattern of plateau and decline, the government loosened restrictions to usher in a seemingly closer return to pre-pandemic normalcy.

Despite the delay, many businesses are targeting to implement return-to-office plans in the early part of second quarter. Stalled negotiations are revived as occupiers try to lock in favorable terms for the long term before the tide fully returns to the landlords’ favor.

Average occupancy rates are estimated to huddle in the mid-teen level as incoming office supply in Metro Manila this year is expected to reach 0.78 million sqm. The new wave of expansion plans coming from information technology and business processing management (IT-BPM) companies will fuel the recovery and growth of rental rates towards the latter part of 2022.

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