Manila’s office space rental rates will continue rising
Metro Manila will continue to see office space rental rates increasing in the next two years, according to CBRE. The uptrend in office rental rates will happen despite the surge in new stock in 2017, indicative of the robust demand still expected from the business process outsourcing (BPO) sector. The range of increase in the next two to three years will depend on the type of requirement of its clients, according to CBRE vice chairman Joey Radovan. He said all areas will see an uptick and this will be dictated by the types of demand – for headquarters, front office, or BPO. CBRE said Central business districts, such as Bonifacio Global City and Makati will continue to see the fastest increase. The bulk of the demand for office space will still be driven by US clients, CBRE said.
