Metro Manila registers 50% growth in office space demand
MANILA, PHILIPPINES – Office space demand in Metro Manila grew by 50% in 2023, driven heavily by the information technology-business process management (IT-BPM) sector.
According to a report by global commercial real estate services firm Cushman & Wakefield, the office space demand in Metro Manila hit around 325,000 square meters (sq.m.).
“New entrants from the IT-BPM sector are expected to flock into the country in 2023. This includes prospects that Cushman & Wakefield is already talking to at the moment, with take-up expected mid-2023,” the property consultancy said.
“After registering negative net absorption of 69,000 sq.m. in 2020, demand is expected to return to positive territory,” it added.
Cushman & Wakefield said average net absorption from 2023 to 2026 is seen at 470,000 sq.m., 30 percent lower than the average net absorption of 676,000 sq.m. from 2015 to 2019.
