PH office market to add 543K sq.m. annually, says Colliers
About 543,300 square meters (sq.m.) of office space could be added to the Philippine real estate market yearly between 2023 to 2026, said real estate consulting firm Colliers.
In its Asia Pacific Market Snapshot report, Colliers stated that office completion could also revert to the time before the entry of Philippine Offshore Gaming Operators (POGOs) in the country.
Meanwhile, this year’s office space absorption could reach 808,900 sq.m by year-end, driven mainly by traditional and Business Process Outsourcing (BPO) firms.
On the other hand, vacancies could increase to 18.2% by the end of 2022, while office rentals are expected to bottom out by seven per cent before recovering in 2023.
“We expect the recent growth trend in market inquiries to be sustained until year-end. Investors are seeking value across all asset types, with the aim of long-term use,” Colliers said.
