Pronove Tai Releases Research Insight – Metro Manila Office Market Q3 2019

Pronove Tai International Property Consultants – one of the leading 100% Filipino-owned real estate services firms in the Philippines – recently released its Research & Consultancy team’s Q3 Office Market Overview.

Key insights include:

• Strong demand for office space is expected to continue this year and is poised for a record-setting performance of over 1.25 million sqm of actual leasing transactions.
• Offshore gaming firms and traditional offices will top the office demand with an estimated 37% and 32% share of total leasing transactions respectively.
• Metro Manila office stock is projected to increase by 10% YoY from 10.6 million sqm recorded in 2018 to approximately 11.7 million sqm by the end of 2019.
• Robust demand continued despite the June 2019 ban on developing new ecozones within Metro Manila and PAGCOR’s (Philippine Amusement and Gaming Corporation) August 2019 moratorium on new POGO (Philippine Offshore Gaming Operators) applicants.
• Office vacancy decreased from 6% to 5% QoQ or to its current 524,000 sqm in Q3, despite the completion of approximately 402,000 sqm during the same period.

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