{"id":10946,"date":"2021-02-09T10:57:27","date_gmt":"2021-02-09T03:57:27","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=10946"},"modified":"2024-09-18T14:16:53","modified_gmt":"2024-09-18T07:16:53","slug":"kmc-metro-manila-office-briefing-q4-2020","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/kmc-metro-manila-office-briefing-q4-2020\/","title":{"rendered":"Metro Manila and submarkets battle with office market"},"content":{"rendered":"<p><span data-contrast=\"none\">Vacancy rates have increased, but construction delays from COVID-19 might help relieve the\u00a0intensity\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<figure id=\"attachment_10948\" aria-describedby=\"caption-attachment-10948\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-10948\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_243046438.jpg\" alt=\"\" width=\"1000\" height=\"599\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_243046438.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_243046438.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_243046438.jpg 620w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_243046438.jpg 190w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_243046438.jpg 1000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-10948\" class=\"wp-caption-text\">Modern financial and business district of Metro Manila, Philippines. KieferPix\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"none\">KMC, an affiliate of Savills, recently released the Office Briefing for Q4 2020,\u00a0which\u00a0<\/span><span data-contrast=\"none\">indicates\u00a0vacancies, rental rates, and supply pipeline in Metro Manila\u2019s central business districts and\u00a0<\/span><span data-contrast=\"none\">submarkets<\/span><span data-contrast=\"none\">.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">In the last quarter of 2020, leasing activity across Metro Manila continued to stumble with <\/span><span data-contrast=\"none\">around 75,300 square\u00a0<\/span><span data-contrast=\"none\">metres<\/span><span data-contrast=\"none\">\u00a0of Grade A office space vacated.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Vacancy rates in 2020 nearly ended at 10 percent, and with 1.1 million square\u00a0<\/span><span data-contrast=\"none\">metres<\/span><span data-contrast=\"none\">\u00a0of office space\u00a0<\/span><span data-contrast=\"none\">available in 2021, the market is expected to experience further pressure.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">As a result of COVID-19, construction\u00a0<\/span><span data-contrast=\"none\">has been delayed, postponing\u00a0projects to 2022, which might help relieve\u00a0<\/span><span data-contrast=\"none\">the intensity of vacancy rates\u00a0caused by<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">saturation.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Metro Manila\u2019s average rental rates ended 2020\u2019s last quarter at PHP1,000.6\u00a0(USD20.81)<\/span><span data-contrast=\"none\">\u00a0per square\u00a0<\/span><span data-contrast=\"none\">metre<\/span><span data-contrast=\"none\">\u00a0per month. Significant shifts can be anticipated this year, as landlords<\/span><span data-contrast=\"none\">\u00a0release new market offerings\u00a0to help reset the market.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">With\u00a0<\/span><span data-contrast=\"none\">the Philippine Offshore Gaming Operator (POGO) exodus, the market is starting to\u00a0<\/span><span data-contrast=\"none\">examine<\/span><span data-contrast=\"none\">\u00a0the consequences.\u00a0<\/span><span data-contrast=\"none\">As m<\/span><span data-contrast=\"none\">ore than 282,500 square\u00a0<\/span><span data-contrast=\"none\">metres<\/span><span data-contrast=\"none\">\u00a0of office space are currently occupied by POGOs throughout Metro\u00a0<\/span><span data-contrast=\"none\">Manila,\u00a0<\/span><span data-contrast=\"none\">the<\/span><span data-contrast=\"none\">\u00a0market should be kept under scrutiny in the upcoming months.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/southeast-asia-consumer-sentiment-study-for-h1-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: Southeast Asia consumer sentiment study for H1 2021<\/strong><\/a><\/p>\n<p><span data-contrast=\"none\">Other submarkets like McKinley and Greater Ortigas have gradually experienced declines in Q4 2020, with Grade A office space<\/span><span data-contrast=\"none\">\u00a0encountering decreases of 9,600 and 2,100 square\u00a0<\/span><span data-contrast=\"none\">metres<\/span><span data-contrast=\"none\">, respectively. On the contrary, C5 Corridor had 13,900 square\u00a0<\/span><span data-contrast=\"none\">metres<\/span><span data-contrast=\"none\">\u00a0taken up for the quarter.\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Makati fringe underwent the biggest hit with a huge jump in vacancy rates from one percent in Q3 2020 to 16.3 percent by the end of the year.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">C5 Corridor and Greater Ortigas may experience similar conditions\u00a0in 2021, as tenants\u00a0<\/span><span data-contrast=\"none\">contemplate on relocating to major CBDs with an overflow of new stock. McKinley might remain competitive due to its position with the O&amp;O sector in 2021.<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vacancy rates have increased, but construction delays from COVID-19 might help relieve the\u00a0intensity\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":20993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[358,1086,129,1087],"class_list":["post-10946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-metro-manila","tag-office-space","tag-philippines","tag-vacancy","news_country-philippines","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Manila and submarkets battle with office market | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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