Office space vacancy to further widen due to continued POGO exodus

Office space vacancy to further widen due to POGO exodus

Consultancy firm Colliers Philippines Inc. projects office vacancy to reach 12.5 per cent this year as more Philippine Offshore Gaming Operators’ (POGOs) continued exit.

In a virtual presentation, Colliers Philippines senior research manager Joey Bondoc said they’re expecting “office leasing rates to bottom out in 2021 before a recovery in 2022.” About 886,200 square meters of new office space would be completed this year, majority would likely come from the Bay Area and Ortigas central business district.

However, despite the negative effects of the POGO exodus, Bondoc said that companies engaged in manufacturing and essential goods would drive space absorption this 2021.

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