Property consultant Colliers expressed confidence of a rebound for the office leasing market by next year against the backdrop of greater inoculation of the populace, the improving economy and with more employees returning to offices.
Joey Bondoc, Colliers head of research, said these are “positive signs” for the office leasing market.
“Definitely 2022 will be a period of recovery in the office market,” Bndoc said during the unveiling of the latest office building in Makati central business district – Makati Commerce Tower.
Bondoc in November had said- the office leasing business’ recovery will be anchored by the ramped up inoculation campaign against the new coronavirus disease 2019 which should allow more employees to report to the office.
This s in addition to the potential rebound in outsourcing demand following the recovery of major economies such as the United States.
For the first nine months of the year, office transactions in Metro Manila reached 303,000 square metres (sq.m.) up from the 295,800 sq.m. last year. In the third quarter alone, 156,600 sq.m. of new office space came online, double the 77,700 sq.m. the prior year.
“In our opinion, occupiers should take advantage of the rental discounts (10 percent to 30 percent) in business districts such as Makati CBD, Fort Bonifacio and Ortigas Center and implement flight-for-quality measures. Colliers encourages occupiers to take advantage of the attractive lease rates,” Colliers then added.
