The Metro Manila office market posted mixed performance in Q2 2026. Prime and Grade A vacancy edged up from 17.1% to 17.6%, as limited new supply and lingering economic uncertainty tempered leasing activity—particularly across Central Business Districts (CBDs)—during the early part of the quarter. However, leasing momentum improved markedly toward quarter-end, driven largely by activity in secondary business districts, where occupiers were drawn by larger contiguous floorplates and more cost-competitive rental rates.
Average headline rents rose to PHP964 per sqm per month, reflecting landlords' upward adjustments in buildings with tightening availability. At the submarket level, performance diverged: CBD vacancy increased to 10.5%, while secondary markets saw increased activity, with vacancy at 24.8%. Overall, market conditions remained broadly tenant-favorable as Metro Manila entered the second half of the year, with occupiers well-positioned to leverage competitive terms—particularly in secondary locations—while leasing momentum continues to build.
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