Property consultancy firm JLL Philippines forecasts a gradual and steady recovery of the Philippine property and real estate sector between the fourth quarter of 2021 and the middle of 2022.
“Positive outlook on commercial real estate capital markets was boosted by real estate investment trust launches in 2021. There is no doubt that the outlook for the local real estate capital markets will be more robust as the pandemic situation improves next year,” said JLL Philippines vice chairman Joey Radovan.
He said the Philippines’ situation mirrors the prevailing insights in the Asia Pacific region where the office market is expected to add 6.9 million square meters of supply, up 13 percent from this year.
JLL predicts net absorption levels to rise by 20 percent in 2022, driven by expansion of financial, technology and flexible space operators.
JLL head of research and consulting Janlo de los Reyes said the Philippine recovery would be in tandem with the pace of economic rebound over the coming quarters and influenced by the policy landscape on work-from-home and the national elections.