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Claro Cordero Jr. • 21/11/2022
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Office:  Overall Grade ‘A’ office vacancy rate in Metro Manila closed at 16.1% at the end of Q3 2022, albeit only 10 basis-point decrease quarter-on-quarter (q-o-q). This is the first time the average vacancy rate declined, after maintaining a positive trajectory since Q1 2020. While this figure is still 190 bps higher year-on year (Y-o-Y) compared to the estimated vacancy rates in Q3 2021, this q-o-q improvement shows that demand is slowly recovering. A positive net absorption of 38,000 sq.m. was recorded this quarter, an improvement from the -37,000 sq.m. in Q2 2022, resulting in a year-to-date net absorption figure of roughly 32,000 sq.m.

Investment:  Estimated average office (YoY), rental yields in Q3 2022 stood at 6.20% Year on year ( the rental yields declined by about 10 basis points from its level in Q3 2021. C&W Research estimates rental yields to inch up in the short term, due to several adjustments in the key policy rate hike since the start of Q3 2022.

Learn more by clicking our most recent Philippine MarketBeat reports below.


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