Available NCR office spaces rose to 17.3% in Q1
The overall office vacancy in the National Capital Region (NCR) rose to 17.3% in the January to March period — from 15.6% in the previous quarter — due to the completion of new buildings in the metro.
According to a report by real estate firm Colliers, around 306,000 square meters (sq.m.) of new office supplies came online during the first quarter of the year.
Office leasing transactions also improved by 30% year-on-year to 146,000 sq.m. because of the new deals signed by IT-BPM locators and tech companies in Fort Bonifacio and the Makati area.
Currently, there are 2.3 million sq.m. of available office space across the city with the market still expecting around 2.8 million sq.m. over the next five years.
Colliers said that they are expecting most of these spaces to be located in main business hubs such as Quezon City, Ortigas Center, and Fort Bonifacio.
Meanwhile, the real estate firm reported that the recently finished national elections had a minimal effect on the office market.
However, the policies that will be implemented by the new administration — particularly towards hybrid and remote work models — could play a part in the market’s dynamics for the rest of the year.
