Manila ranks 3rd among the most affordable destinations for office space in the Asia Pacific region
Ortigas has emerged as one of the most popular areas for flexible workspace, with demand up by 83 percent in 2022 compared to 2021
Manila ranked 17th out of 90 markets in Knight Frank’s Global Occupier Market Dashboard in the second quarter.
BusinessWorld reported that its office space take-up costs reached USD32.8 per sq ft annually, making it the third most affordable destination for those looking for ofﬁce space among 23 markets in the Asia Pacific region, after Kuala Lumpur, Malaysia, which is at 8th place and Jakarta, Indonesia, which ranks 16th.
In 3Q 2022, the Philippines hit record levels for office demand since the start of the pandemic, with 313,000 sq m, which was attributed to the continuous expansion of the IT-BPM sector.
According to the Manila Bulletin, over the first nine months, office takeup was greater than the demand for 647,000 sqm. in the same period of 2016. It is expected to reach 750,000 to 800,000 sq m by the end of the year.
More: The Philippines’ office market continues to gain momentum as H1 2022 comes to a close
Among Metro Manila’s business hubs, Ortigas has emerged as one of the most popular areas for flexible workspace, with demand up by 83 percent in 2022 compared to 2021, noted The Manila Times.
In 2022, a flexible workspace desk in Ortigas costs USD264 per month on average. The demand for this segment has risen by more than 200 percent this year, as more companies prioritise agility in their real estate decisions.
To put it in perspective, a desk in Manila costs USD291 per month on average, the highest in the metro area, while Quezon City is the most affordable, with an average of USD216 per month.
“Demand for flexible office space has continued to grow across the Philippines due to the widespread adoption of hybrid work. We are seeing transactions for our high-end workspaces increase across all business districts including those outside of the major CBDs (central business districts), a trend that we expect will continue in the year ahead,” said Thomas Cragg, vice president for sales at KMC Solutions.
The Property Report editors wrote this article. For more information, email: [email protected].
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