In Q2 2022, Colliers data show second consecutive quarter of positive net take-up of office space, which indicates gradual office leasing recovery.
Colliers Philippines has recorded two consecutive quarters of positive net office space take-up. This indicates that Metro Manila transactions are holding firm despite the popularity of hybrid work arrangements, and we project sustained absorption for the remainder of the year. New supply, meanwhile, is reverting to pre-POGO levels last seen in 2016.
Colliers sees a gradual market recovery and we recommend landlords and tenants capitalize on the growth trajectory by assessing hybrid work arrangements that will support operations; leveraging opportunities brought about by the tenants’ market; clarifying concerns on investment promotion agency (IPA) transition and incentive qualification; and by providing flexibility on office handover conditions depending on tenant preferences.
