Property market is on the mend, likely to buck global headwinds

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Office vacancy rates across the country will continue to rise in the near term before trending lower in the latter part of 2023 amid resilient demand from BPO companies and multinationals seeking to expand in the Philippines. | miguelrcamusINQ /PDI

“Inflationary pressures and the expected global slowdown will continue to delay occupancy and real estate investment decisions,” says Claro Cordero, director and head of research, consulting and advisory services at Cushman & Wakefield.

Last week, the Bangko Sentral ng Pilipinas raised the key policy rate by 0.5 percentage points to 6 percent. It also raised the full year inflation forecast to 6.1 percent due to elevated food, transport and wage costs.“Positive rental growth is likely to happen in 2023 as delayed prospects are expected to get a green light this year, giving confidence to developers and landlords to test resistance levels on the prepandemic published rates, while overall market vacancy tapers down,” he said.

“While market recovery continues in [the fourth quarter] 2022, we still see a possibility of a slight increase in average vacancy rates from the previous quarter, as well as a slight dip in asking rents, primarily due to the addition of new stocks from new building completions as well as nonrenewal or early return of space by occupiers continuing their exercise of right-sizing or converting to a hybrid set-up,” says Castro.

 

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