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Philippines Office Figures Q4 2022

March 16, 2023

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  • Four new completions within the subdistricts of Fort Bonifacio, Alabang, Bay Area, and Quezon City expands Metro Manila office supply to 8,586,000 sq.m., a 1.2% increase q-o-q 
  • An end-of-the-year surge of 213,00 sq.m. worth of new leases leads full-year transactions to 738,400 sq.m., a 62% increase Y-o-Y and the closest recorded demand to pre-pandemic levels since 2020
  • Fort Bonifacio remained the strongest performing subdistrict in the country, having transacted a total of 160,400 sq.m. within the year; the Cebu market closely follows behind at second with 160,000 sq.m., a mere differential of 400 sq.m.
  • Vacated spaces have tapered off since Q2 2022, averaging at approx. 39,800 sq.m. of new additions per quarter, a sign that occupiers have comfortably recalibrated their growth plans given the implementation of hybrid work arrangements