BPO sector lifts office rents in Manila – JLL

Property consultancy firm JLL has said in its latest report that growth in the offshoring and outsourcing sector in the Philippines together with new completions lifted office rents in Manila by 0.9% in Q4 2015. However, JLL stressed that despite the increase in office rental, overall rents in the prime Makati central business district remain highly competitive compared with other cities in Asia-Pacific. JLL said office rentals in most Southeast Asian cities declined in Q4 2015 due to the economic slowdown across the ASEAN region. Rents declined more severely in Kuala Lumpur and Jakarta in Q4 than in the previous quarter. Bangkok and Manila were among the few cities in the region to post increases in office rentals in the last quarter of last year, JLL said.