Demand from the offshoring and outsourcing market is expected to keep office space vacancy rates low in Metro Manila despite new office supply being introduced to the market. Fredrick Rara, KMC Savills research and consultancy manager, said demand for office space in Metro Manila remains high due to landlords’ willingness to reduce rents in order to stay competitive. In Q2 of this year, a total of 263,400 sq m of new office space was completed, with Bonifacio Global City accounting for more than half of the new supply, KMC Savills data showed. The firm also noted single-digit vacancy rates in the Bay Area and Alabang submarket.
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