Philippine Office Leasing Market Reaches Pre-Pandemic Highs

Makati City, December 16, 2024—The Philippine office leasing market recorded 1.1 million sq m of transacted deals in 2024, reflecting a 4 percent year-on-year growth and marking the highest transaction volume since the pandemic. This expansion comes despite challenges such as the POGO ban, high interest rates, and inflationary pressures. Government relocations and expansions in the Bay Area accounted for 122,000 sq m of recorded transactions, driving overall demand.

The traditional sector led the market with 492,000 sq m, surpassing the IT-BPM industry. Although demand slowed in the latter half of 2024, the full-year total reached 1 million sq m. Traditional office demand grew by 13 percent in 2024 compared to 2023. Following the POGO ban in July, no POGO-related office space demand was recorded in the year’s second half, highlighting a market shift toward more sustainable tenants. Over 80 percent of all transactions came from the traditional sector, with deals primarily under 500 sq m. IT-BPM companies leased spaces ranging from 1,000 to 5,000 sq m, while government relocations in the Bay Area typically ranged from 2,000 to 5,000 sq m. Transactions above 1,000 sqm accounted for 75 percent of the market’s overall demand. IT-BPM firms, traditional tenants, and government offices favored Grade B buildings under 10 years old. Notably, 10 percent of IT-BPM deals over 1,000 sqm were driven by new market entrants, signaling continued interest in the Philippines. Metro Manila recorded 881,000 sq m of total leasing demand, with the Bay Area as the top-performing district due to government relocations. Outside Metro Manila, Cebu led with 113,000 sq m, representing nearly half of provincial demand. Active Requirements and Expanding Demand: Live demand for office space reached 494,000 sq m, with over half driven by third-party IT-BPM vendors

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