Articles worth reading
Malabon polio vaccination

250 Malabon kids get free anti-polio vaccines

account_balanceMalabon access_time5 days ago

More than 250 children below five years old received free anti-polio oral vaccines in Malabon City during the Sabayang Patak Kontra Polio in Barangay Longos on Monday. Residents can get their children vaccinated at Malabon’s health centers, ho...

Marikina polio vaccination

DOH eyeing to vaccinate 40,000 Marikina children against polio

account_balanceMarikina access_time5 days ago

The Department of Health (DOH) expects to administer oral polio vaccines (OPV) to 40,000 children in Marikina City. DOH Assistant Secretary Dr. Maria Rosario Vergeire of the Public Health Services Team and Marikina City Mayor Marcelino “M...

MRT Ayala Station

MRT-3 cuts service after a person falls to rail track in Makati

account_balanceMakati access_time5 days ago

Metro Rail Transit (MRT) Line 3 ran partial operations from North Ave. to Shaw Boulevard in the afternoon of October 15, after an individual reportedly fell to the rail track in Makati City. MRT 3 suspended its operations from Boni Ave. in Mandaluyo...

Metro Manila News

Metro Manila Skyline / Getty

Office rent in Metro Manila nears P1,000 per sqm

account_balanceMetro Manila chat_bubble_outline0 Comments visibility

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
1 week ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

Spark Philippines 2019

Quezon City marks International Day of the Girl

account_balanceQuezon City chrome_reader_mode1 week ago

SPARK! Philippines, a non-government organization advocating women’s rights, in collaboration with the Quezon City Mayor's Office, kicked off on October 11 the celebration of the “Girls for Early Age Empowerment” at Gateway Cine...

Alorica office

Alorica announces plan to hire over 9,000 in the Philippines

account_balanceMetro Manila chrome_reader_mode3 days ago

Alorica Inc., a global leader in customer experience solutions, today announced plans to hire at least 25,000 customer experience associates across 100 contact centers worldwide, including 9,000 individuals in the Philippines. The company hosted a h...

No golf on weekdays for PNP officers

PNP warns cops against playing golf on weekdays

account_balanceMetro Manila chrome_reader_mode3 days ago

Philippine National Police (PNP) officer-in-charge, Lt. Gen. Archie Francisco Gamboa, has ordered police officers to refrain from playing golf on weekdays. “I am now declaring that there will be no more golf during weekdays. Nobody is exempted...

Navoregalo Lolo Lola

Navotas senior citizens to receive birthday presents

account_balanceNavotas chrome_reader_mode6 days ago

Starting next year, senior citizens in Navotas will celebrate their birthday with a little present from the city government. Mayor Toby Tiangco signed Monday City Ordinance 2019-15 granting the %u20B1500 “NavoRegalo Para sa mga Lola at Lolo&rd...

Double-decker bus

Double-decker buses won't ease EDSA congestion

account_balanceMetro Manila chrome_reader_mode3 days ago

The deployment of double-decker buses along EDSA congestion is not expected to ease the situation, according to a traffic analyst. The Metro Manila Transport Corporation deployed around 20 double-decker buses from Britain on EDSA during the 198...

DENR mining

DENR warns illegal miners

account_balanceMetro Manila chrome_reader_mode6 days ago

Amid continued calls for greater responsibility from mining companies nationwide, the Department of Environment and Natural Resources (DENR) assures Filipinos that the agency is fully committed to fighting environmental abuse caused by illegal mining...

Advertisement