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Office rent in Metro Manila nears P1,000 per sqm

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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.

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