Colliers International reported that Metro Manila could post the highest office vacancy since the global financial crisis, as offshore gaming operators vacate spaces and BPOs rationalize requirements due to COVID-19.
In a statement, the property firm said that the downward trend in leasing continued with a negative net take-up in the third quarter of 2020 or 191,300 square meters (-2.1 million square feet). Negative take-up means vacated office spaces “outstripped” or overtakes occupied offices during the period, it said.
Colliers said vacancy could reach 8.3 per cent, the highest since the 8.6 posted in 2009 during the global financial crisis.
“We continue to see a challenging leasing market in Metro Manila. POGOs have been vacating space while some traditional and outsourcing firms have either closed shop or are rationalizing their office footprint with remote working arrangements,” the statement added..