Pronove Tai International Property Consultants – one of the 100% Filipino-owned leading property brokerage firms in the Philippines – recently released its Research & Consultancy team’s Q2 Office Market Overview.
Some key takeaways include:
- For the first time, Offshore Gaming dislodges Information Technology and Business Process Management (IT-BPM) as the number 1 demand driver after the IT-BPM’s 18-year reign as the premier of the office market.
- Strong demand for office space is projected to continue this year, with expected take-up to breach more than 1 million sqm for the second consecutive year.
- Offshore gaming office demand is projected to almost double by end of 2019 to around 400,000 – 450,000 sqm from 229, 000 sqm in 2018.
- In Q2 2019, office vacancy increased slightly to 6% or a total of 625,000 sqm. An additional 172,000 sqm was completed during the same period.
- The moratorium on new ecozones in Metro Manila could result in job losses and a decrease in peripheral services such as fit-out groups