Leechiu Property Consultants said active office leasing requirements likely to be completed in the next six months went up to 358,000 square meters , reflecting pent-up demand.
In the first quarter, Philippine office demand reached 124,000 sq.m. despite the reimposition of a stricter Alert Level 3 in Metro Manila in January due to the Omicron-driven surge in coronavirus disease 2019 cases. While office space transactions were affected by the lockdown, more deals were concluded after the alert level was downgraded.
In the next six months, LPC said IT-BPM firms are expected to take up 195,000 sq.m. or 55% of the 358,000 sq.m. of live requirements to be completed during the period. LPC noted that the vacancies at PEZA-registered office buildings is expected to slightly increase in 2023. However, there will be limited supply of new PEZA spaces in 2024 and 2025, posing a challenge for the IT-BPM sector, it added.
Luxury village land values, as well as luxury condominium prices have continued to rise despite the pandemic. Residential units in key districts have also seen an increase in their capital values in the first quarter of 2022, and are now back to pre-pandemic levels.
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Source: CNN Philippines - 🏆 13. / 63 Read more »