Office space demand still robust for 2019 – Knight Frank
The Philippine office sector is forecast to maintain continued growth this year with new office space expected to hit 1.2 million square meters. According to real estate consulting firm Santos Knight Frank in a media briefing on 29 January, demand for rentals remains robust, which in turn should fuel the steady growth of the office rental industry. According to a BusinessWorld report, Santos Knight Frank says that 34% of the expected new supply will come from Quezon City, 20% from Makati City, 18% from Taguig City, 13% from Ortigas, 10% from the Bay Area, and 5% from Alabang. The scenario anticipated by Santos Knight Frank is that Metro Manila will experience a surge in rental rates, and multinational firms will then hunt for alternatives in other areas like Metro Clark, Metro Cebu, Davao, Iloilo, and Bacolod.
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