Metro Manila office market finally stabilizing
The Metro Manila Office Market is finally stabilizing after seven consecutive quarters of negative net take-up, said real estate company Colliers.
In a report, Colliers revealed that net take-up during Q1 reached 26,000 square meters (sq.m.) in Metro Manila. With this figure, the firm is expecting the net take up to 350,000 sq.m. by year-end.
Colliers said that this is a significant improvement from the annual net take-up of -274,000 sq.m. recorded in 2021.
The real-estate company added that stakeholders should just “keep swimming” in these times when the world is increasingly becoming volatile, uncertain, complex, and ambiguous (VUCA).
Colliers recommended applying the Effectuation Principles, which is an entrepreneurial process that includes continuously balancing different goals with the existing resources and actions.
Colliers Philippines Head of Office Services, Tenant Representation Dom Fredrick Andaya added that landlords should listen to their tenants and try their best to keep them from leaving since occupancy was more important than revenue during this time.
On the other hand, Andaya added that tenants should be transparent and sincere in working out a win-win situation with their landlords.
