BPOs continue office space take-up in Q1

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BPOs continue office space take-up in Q1
SHORE Official
by SHORE Official
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Real estate advisor Cushman & Wakefield reported that Metro Manila (MM) commercial vacancies remained low due to continued demand from business process outsourcing (BPO) firms. Overall vacancies for MM was 2.58% for Q1 with the following vacancy rates for popular sub-markets: McKinley Hill, Taguig City at 1.2%, Quezon City at 2.1%, Makati central business district (CBD) at 2.42%, Ortigas Center at 2.49% and Filinvest Corporate City, Alabang, Muntinlupa City at 4.71%.

Monthly lease rates continued to climb ranging from PHP650 per square meter for Filinvest to PHP1038/sqm for Makati. Rates at Bonifacio Global City remained the same from last quarter (PHP850/sqm).

Occupancy costs are expected to rise steadily because of the tight vacancies and strong take-up. In Q1, across Asia Pacific, Manila had the lowest vacancy rate among emerging cities for grade A office space. Other emerging cities in this category are eight cities in India, three in China, two in Vietnam, and Bangkok (Thailand), Jakarta (Indonesia) and Kuala Lumpur (Malaysia).


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