Office: Overall vacancy rates also increased by 145 basis points to 7.8%, driven mainly by the continued flight of the Philippine Offshore Gaming Operators (POGO) locators. The re-opening of previously-committed spaces in recently-completed buildings due to indefinitely suspended expansion plans is also pushing vacancy rates further upwards.
Investment: Estimated average office (gross) rental yields in Q4 2020 remained at 6.7%. Year-on-year (YoY), the rental yields declined by about 40 basis points from its level in Q4 2019.
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