Pronove Tai International Property Consultants' Research Data were cited by Philippine Daily Inquirer's Amy Remo in the 2020 Property Outlook. An excerpt is below:
Despite the economic slowdown in the first nine months of 2019, the Philippine real estate industry, particularly the office market, remained resilient and vibrant due to robust transactions from offshore gaming firms, and traditional offices.
According to Pronove Tai, the Metro Manila office market is poised for a record setting demand at 1.25 million sqm in actual leasing transactions by the end of 2019. The offshore gaming sector is projected to top the office demand with 37 percent share, followed by traditional offices and BPOs firms.
Metro Manila is expected to register a healthy vacancy level of 5 percent in 2019 despite high supply completions at 1.1 million sqm, while office stock is expected to grow by 10 percent year on year from 10.6 million sqm to 11.7 million sqm in 2019.
This positive outlook will continue at least for the office market until mid-2022 due to strong economic growth, offshore gaming firms and the Metro Manila office market’s high supply and strong demand.