Manila office market reports losses after POGO exodus
Commercial real estate agency KMC Savills’ latest office briefing reported that the 3Q/2020 Metro Manila office market performance situation worsens for most submarkets.
One of the biggest factors that contributed to the unexpected market shift is the Philippine Offshore Gaming Operators’ (POGO) exodus and its subsequent effects on both the office and residential sectors. At the C5 Corridor-Eastwood district alone, 40,200 sq m of office space was vacated by online casinos and gaming operators.
According to John Corpus, executive director for tenant representation, more damage is expected as companies are finalizing termination of their current leases specifically in the Bay Area.
