Metro Manila real estate vacancy levels to stay at 6%
A report released by investment management firm JLL shows that real estate vacancy levels in Metro Manila will remain healthy at 6%, driven by demand from business process outsourcing (BPO), online gaming, and other tech-driven companies. The increase in Chinese businesses in the country has also increased office and residential space demand, the preliminary Metro Manila Property Market Overview report showed. Aside from BPO and online gaming, JLL also saw flexible workspace as one of the leading sources of office space demand in the first quarter of 2019. In Metro Manila alone, an additional 173,600 square meters brought the existing supply of office space to 8 million square meters. JLL, however, sees no signs of the real estate sector overheating anytime soon, as demand is contained in select areas.
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