Articles worth reading

Taguig readies cashless payments for trikes

account_balanceTaguig access_time4 days ago

To ensure a contactless commute, Taguig City plans to have cashless payments for tricycles using cellphones with the guidance of the City Government. Photo courtesy of: Safe City Taguig Tricycle drivers will not resume operations in Taguig City eve...

25,000 OFWs return to hometowns

account_balanceMetro Manila access_time4 days ago

The Department of Labor and Employment (DOLE) sent more than 25,000 overseas Filipino workers (OFWs) to their respective hometowns under the ‘Hatid Probinsya’ program. In a statement, Labor Secretary Silvestre Bello III said a ...

Pasig City Mayor Vico Sotto

Pasig mayor promotes biking 

account_balancePasig access_time4 days ago

Pasig City Mayor Vico Sotto encouraged the public to consider biking as an alternative mode of transportation as part of the “new normal” in commuting. With Metro Manila now under general community quarantine (GCQ), some means of public ...

Metro News

Metro Manila Skyline / Getty

Office rent in Metro Manila nears P1,000 per sqm

account_balanceMetro News account_circleJake Cruz chat_bubble_outline0 Comments

The average monthly office rent in Metro Manila increased by 12.5-percent year-on-year to P994 per square meter in the third quarter of 2019, according to real estate services provider Cushman & Wakefield.

“Over-all rental yields are estimated to further compress due to further cuts in the Bangko Sentral ng Piipinas’ policy rate and the continued growth of investors’ confidence in the market,” C&W said in a report.

Mandaluyong City registered the largest growth at 19.5 percent YoY brought about by the completion of Podium West Tower, and consequent rental adjustments in existing buildings. The highest rent is in Fort Bonifacio at P1,249 per sqm.

The significant share in the volume of office space demand in the first three quarters of 2019 originated from the proliferation of Philippine offshore gaming operators (POGOs). However, the growth of the POGO sector is set to slow down due to the recent government regulation which suspends the issuance of operating licenses to new entrants, it said.

“On the other hand, the real estate expansion and flight to quality of other local industries (such as financial services and pharmaceuticals), as well as expansion of information technology- business process management (IT-BPM) companies, will buoy office space demand,” it said.

Steady demand kept vacancy rate at 4.2 percent despite the additional 360,000 sqm of office space within the third quarter. By end-2019, an additional 520,000 sqm of office space is expected to be completed, albeit the completion of some developments is likely to spill into early 2020.

C&W estimated the total inventory of office space in Metro Manila at 7.64 million sqm. Another 1.788 million sqm of office space is under construction, mostly in Taguig City, Makati City, Quezon City, Pasig City and Pasay City.

date_rangeDate Published
7 months ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

Pasay market day continues 

account_balancePasay chrome_reader_mode4 days ago

Pasay City said city’s market day scheme will still remain even as Metro Manila shifts to the general community quarantine (GCQ) on June 1. Mayor Emi Calixto-Rubiano said this was done to avoid crowded marketplaces and to allow everyone to get...

President Rodrigo Duterte

Duterte returns to Davao 

account_balanceMetro Manila chrome_reader_mode5 days ago

President Rodrigo Duterte returned to Davao City on May 30, according to Presidential Spokesperson Harry Roque. "Nung unang uwi naman niya kasi tatlong araw lang, so ngayon medyo tatagalan niya pero itutuloy po niya yung pag-gaganap ng kanyang ...

Photo from DOH Bureau of Quarantine website

Online system for quarantine certificates opens 

account_balanceMetro Manila chrome_reader_mode17 hours ago

The Bureau of Quarantine opened the online processing of quarantine certificates in compliance with the Data Privacy Law and for overseas Filipino workers (OFWs) who have completed their 14-day mandatory quarantine. In an announcement, it said OFWs ...

DOST to support technology ventures

account_balanceMetro Manila chrome_reader_mode4 days ago

The Department of Science and Technology (DOST) will allot P5 million in initial funding for its iFWD PH (innovation for Filipinos Working Distantly from the Philippines). The iFWD PH aims to provide opportunities to overseas Filipino workers (OFWs)...

Sen. Bong Go

Go asks public to report anomalies 

account_balanceMetro Manila chrome_reader_mode5 days ago

Senator Bong Go asked the public to report anomalies and corruption-related acts to authorities, especially if in connection with the purchase or selling of medical supplies and equipment amid the country’s fight against the coronavirus disease...

Let's Stay Connected Like us on our Facebook page.
×
Click on the article to continue reading
Manila allows tricycle operations Jobless Filipinos increase to 7.3 million Duterte warns online scammers Six new NCR bus routes launched Online system for quarantine certificates opens IATF allows reopening of hotels Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature