The upscale Bonifacio Global City (BGC) in Taguig City now holds the most amount of Grade A office space in the country, overtaking the Makati central business district. In a report, global property advisor Cushman and Wakefield said the majority of the nearly 340,000 square meters of office spaces that were made available in the market in Q4 of 2015 came from BGC. The new office space stock brought the total office space supply in Metro Manila to 4.9 million square meters, the report added. Janlo de los Reyes, Cushman and Wakefield Philippines’ manager for research and consultancy, said office vacancy is likely to rise due to the increase in office stock, but the rise will be within single digits due to the healthy demand from business process outsourcing firms.
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