PH property market regains momentum
MANILA, PHILIPPINES — The country’s property market has shown signs of recovery after registering a total of 21% of leased spaces in the 4th quarter of 2022.
According to Lobien Realty Group (LRG), this figure is a “substantial improvement” compared to the same period last year when only 11% of leasable spaces were occupied.
LRG said that as of the first quarter of 2022, office demand in Metro Manila is still driven by Business Process Outsourcing (BPO), comprising 45%.
Outside Metro Manila, the IT & Business Process Association of the Philippines (IBPAP) has identified five areas that have emerged as centers of excellence in the country when it comes to the office property market: Metro Cebu, Metro Clark, Metro Bacolod, Davao City, and Iloilo City.
LRG is optimistic that the economic recovery of the Philippines will greatly contribute to the growth of the office property market and the entire real estate industry.
