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KMC Savills Metro Manila Office Briefing 1Q 2017

https://kmcmaggroup.com/research-insights/2017/kmc-savills-metro-manila-office-briefing-1q-2017/
Office Space For Lease In Makati,Research Report,Office Space For Lease BGC,Office Space For Lease Quezon City,Office Space For Lease Bay Area,
KMC Savills Metro Manila Office Briefing 1Q 2017

KMC Savills Metro Manila Office Briefing 1Q 2017

KMC Savills

Posted on Wednesday, May 17, 2017 Thursday, December 9, 2021
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KMC Savills Metro Manila Office Briefing 1Q 2017

KMC Savills is pleased to present the latest Office Briefing for 1Q 2017. The report provides current data on rental rates, vacancies, and supply pipeline in Metro Manila's central business districts and submarkets for the quarter.

Key Highlights:

  • During 1Q/2017, Metro Manila added 162,200 sq m of office space.  BGC accounted for two thirds of the new supply with the completion of W City Center and Citibank Plaza.
  • Performance across submarkets was mixed. BGC, Alabang and Bay Area experienced a decline in vacancies despite an influx of new supply. There was impressive net take-up in these submarkets, but the overall vacancy rate in Metro Manila increased to 2.4%, due to decreased occupancy in Makati CBD and Quezon City.
  • Although the vacancy rate was held in single digits, rental growth continued to normalize at 3.7% YoY. The Makati CBD maintained its premium in the capital after rentals grew by 3.8% YoY - outperforming other submarkets.
  • We are still expecting about 781,800 sq m of additional office supply within the year. Downward pressure on rents should persist in the coming quarters, however market appetite remains largely intact as evidenced by the brisk absorption of new completions during the quarter.
  • The better-than-expected performance in the first three months should ease concerns of double digit vacancy rates in Metro Manila this year. As occupier demand tries to keep up with the upcoming supply, vacancies may stay relatively elevated in the coming years.

Click here to read the full report »

Please contact Michael McCullough or Fred Rara for more information on this report.

View all articles

Written by

KMC Global Research
KMC Global Research
TAGS:
  • Office Space For Lease In Makati
  • Research Report
  • Office Space For Lease BGC
  • Office Space For Lease Quezon City
  • Office Space For Lease Bay Area

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