News » Metro Manila real estate sector weakens in Q3

Metro Manila real estate sector weakens in Q3

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.

Read more here. 

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