Pre-commitment levels for PH office market ‘still healthy’
Pre-commitment levels for the Philippine office market remained at healthy levels despite the coronavirus pandemic, said JLL Philippines. Rates of pre-commitment, or the leasing of space to occupiers even before the completion of supply, remained healthy for the first quarter of the year at 41%.
In an online forum, JLL Head of Research Janlo de los Reyes said that only 130,000 square meters (sq.m.) of supply or constructed office space was completed during the first half of the year. This is because construction work on office spaces was halted for two months due to the enhanced community quarantine (ECQ).
By sector, traditional offices was the biggest demand driver with a share of 46%. This was followed by the information technology and business process management sector (IT-BPM) with 37%, flexible workspaces with 14% and Philippine offshore gaming operators (POGOs) with 3%.
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