Metro Manila office takeup grew by 43% in 2022
MANILA, PHILIPPINES — Office deals in Metro Manila reached 603,800 square meters (sq.m.) in 2022, up 43% from 2021’s figure, after two years of negative net absorption.
According to property consulting firm Colliers, the capital region’s office market continues to expand despite concerns about remote and hybrid work arrangements.
The firm also saw an increase in office transactions from the Healthcare Information Management Service (HIMS) sector as it reached 23,800 sq.m. last year, equivalent to nine per cent of total outsourcing transactions in Metro Manila.
Foreign healthcare providers R1 RCM and Tenet Healthcare are among the companies that expanded and took up new space in Quezon City and Fort Bonifacio.
Colliers said that these companies took advantage of “new, high-quality spaces and rental correction,” as average rents in the capital dropped by 37% from 2020 to 2022.
Collier’s property report highlighted potential opportunities for flexible workspace operators within and outside Metro Manila.
This year, the firm advised landlords and developers to take advantage of outsourcing and traditional firms looking for high-quality spaces offered at a discount.
