Metro Manila real estate sector weakens in Q3
Metro Manila’s office segment faced rising vacancy rates to 9.5% from July to September “due to occupiers moving out,” according to a statement released by property consultancy firm Jones Lang LaSalle (JLL).
JLL head of Research and Consultancy Janlo de los Reyes said that there were “lease contract pre-terminations especially in the POGO (Philippine Offshore Gaming Operators) sector, as well as downsizing of offices by BPO (business process outsourcing) firms as they re-evaluate their real estate portfolio.”
Despite this, the firm said it still sees a bright spot in the BPO sector continuing to drive demand in the long term, despite the exodus of POGO firms in the country.
