2026 (@2026@carlocarrasco.com)
Strong Office Demand In The Philippines During 1st Quarter Of 2026
During the January-March period this year, demand in the office market of the Philippines has been strong as net absorption jumped 77% year-on-year, according to a news report by BusinessWorld.
To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…
THE PHILIPPINE office market started 2026 with stronger net demand, as net absorption rose 77% year on year to 133,000 square meters (sq.m.) in the first quarter (Q1), property consultancy firm Leechiu Property Consultants (LPC) said.
Gross demand, however, reached 234,000 sq.m., down 22% from the previous quarter, which LPC said was “consistent with typical first-quarter seasonal patterns.”
LPC Director of Commercial Leasing Mikko Barranda said market conditions remain stable but are becoming more complex.
“At this point, the market remains on track, but the path forward is becoming less straightforward,” he said during a briefing on Tuesday.
He added that “tenants are becoming more discerning and intentional in their real estate decisions, which must be matched by greater flexibility from the market.”
Traditional occupiers drove demand, accounting for 143,000 sq.m., or 61% of total take-up. Information technology and business process management (IT-BPM) firms contributed 79,000 sq.m., or 34%.
Expansion deals dominated both segments, with 112,000 sq.m. recorded for traditional tenants and 51,000 sq.m. for IT-BPM firms. Demand for managed facilities rose to 31,000 sq.m. as occupiers sought “ready-to-use spaces,” LPC said.
The increase in net demand was partly driven by a 62% year-on-year decline in vacated space to 101,000 sq.m. for the quarter.
LPC attributed the improvement mainly to the “absence of Philippine offshore gaming operator (POGO)-related exits.”
The firm said occupiers have “largely completed right-sizing and are no longer giving up additional space.”
In Metro Manila, Makati City led office transactions with 76,800 sq.m., equivalent to 54% of its total demand in 2025. LPC said 63% of these transactions were located along Ayala Avenue, with 70% involving semi-fitted or fitted units.
“Makati remains attractive as occupiers take advantage of competitive rents and fitted spaces, while maintaining the prestige of an Ayala Avenue address,” the firm said.
Bonifacio Global City (BGC) maintained the lowest vacancy rate at 8%, compared with the Metro Manila average of 18%.
Outside Metro Manila, demand reached 34,000 sq.m., led by Cebu with 11,700 sq.m., followed by Iloilo with 11,000 sq.m. and Clark with 6,600 sq.m.
LPC said provincial demand remains concentrated in “established IT-BPM hubs and infrastructure-linked corridors.”
Total office stock reached 2.7 million sq.m. in Metro Manila and 723,000 sq.m. in the provinces.
Metro Manila is expected to add 807,000 sq.m. of new office supply through 2028, with Quezon City accounting for 240,000 sq.m.
Let me end this post by asking you readers: What is your reaction to this recent development? Do you think demand for offices in the Philippines will remain strong throughout the year?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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