Property consultant Jones Lang LaSalle Philippines reported a 35.7-percent decline in take-up of leased spaces in the third quarter to 72,000 square meters from a year ago.
It said despite lower take-up and widening vacancy, overall rentals held steady. The average monthly rent in Metro Manila was around P1,082 per square meter in the third quarter, or the same rate from the second quarter, but 5.6 percent lower than P1,147 per sq. m. registered a year ago.
Makati and Taguig registered the highest average monthly rent at P1,324 and P1,244 per sq. m., respectively, while Manila had the lowest at P637 per sq. m. These figures were below pre-pandemic levels.
“Some landlords are allowing negotiation flexibility to find a win-win arrangement between them and the occupiers to navigate the current market conditions,” said JLL Philippines’ head of research and consultancy Janlo de los Reyes.
