Thursday, February 9, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

Office space, residential vacancy rates rose in Q3

Othel V. CamposbyOthel V. Campos
November 26, 2020, 7:40 pm
in Economy & Trade
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Vacancy rates in Metro Manila’s real estate sector widened in the third quarter, property consultancy firm JLL Philippines said Thursday. 

The property consultancy firm said Metro Manila’s office segment faced a rising vacancy rate of 9.5 percent in third quarter as many occupants moved out.

“We have seen entry and expansion plans put on hold. There were lease contract pre-terminations especially in the POGO [Philippine offshore gaming operators] sector, as well as downsizing of offices by BPO [business process outsourcing] firms as they re-evaluate their real estate portfolio,” said JLL head of research Janlo de los Reyes.

The overall pre-commitment rate of office spaces also fell to 24.4 percent at the end of the third quarter as potential tenants were holding off leasing plans as they continued to assess space requirements in the next normal.

JLL said, however, the BPO sector would continue to drive demand in the long term, despite the exodus of POGO firms.

ADVERTISEMENT

“Office demand from POGO firms may still remain despite ongoing tax concerns and reports of exits. We anticipate that operators that will stay are those that are keen to expand their operations in the country and lead to stable office demand moving forward,” De los Reyes said.

JLL said that in the residential sector, the average rental vacancy rose to 8.2 percent in the third quarter amid the weak leasing activity. Manila posted the highest increase as the work-from-home set-up and online schooling affected lease activity from students and professionals.

It said that on terms of sales, trajectory differed for ready-for-occupancy and pre-selling projects. Take-up of recently completed projects showed improvement in the third quarter because of favorable payment terms and availability, while the pre-selling market faced weaker demand as buyers were more cautious of long-term spending. Othel V. Campos

The retail sector also continued to exhibit weak activity in the third quarter even with the gradual easing of the community quarantine. The average vacancy rate increased by 6.3 percent as store closures outpaced store openings from July to September.

Around 80 percent of mall developments originally slated for completion in 2020 slipped to 2021 because of construction schedule challenges posed by the pandemic.

JLL said it remained optimistic that bright spots would continue to facilitate the growth of Metro Manila’s real estate landscape.

It said one bright spot is the “hub-and-club model” where occupiers maintain a head office (club) for socializations such as client meetings and town halls, and expand through satellite offices (hubs), which may be closer to where employees reside.

“This decentralization strategy is already taking shape now and may redefine the real estate strategy of occupiers moving forward,” de los Reyes said.

JLL said real estate investment trusts would aso continue to attract investors in the medium- to long-term and allow the country to further develop capital investments.

Tags: JLL Philippinesoffice spacereal estate sectorresidential vacancy rates
ADVERTISEMENT
Othel V. Campos

Othel V. Campos

Related Posts

Another ‘surprise supply shock’ may stoke inflation—BSP

byJulito G. Rada
February 8, 2023, 7:30 pm
0
8
Electric cars gain record market share in European Union

Bangko Sentral ng Pilipinas Governor Felipe Medalla is not ruling out the possibility of another “surprise supply shock” that may...

Read more

Vehicle sales in ASEAN rise 27% to 3.42m units

byOthel V. Campos
February 8, 2023, 7:20 pm
0
8
MMDA: Modified number coding to start after May 9 polls

Automotive sales in the ASEAN region rebounded 27 percent in 2022 to 3.42 million units from 2.79 million in 2021,...

Read more

DTI chief urges Senate to ratify RCEP trade accord to lift exports

byOthel V. Campos
February 7, 2023, 7:45 pm
0
8
Fred Pascual

Trade Secretary Alfredo Pascual called on the Senate to ratify the Regional Comprehensive Economic Partnership amid rising protectionism and ongoing...

Read more

January inflation climbed to 14-year high of 8.7%

byJulito G. Rada
February 7, 2023, 9:39 am
0
8
January inflation climbed to 14-year high of 8.7%

Inflation in January 2023 accelerated to a more than 14-year high of 8.7 percent from 8.1 percent in December and...

Read more

Australia seeks unimpeded trade with China after costly sanctions

byAFP
February 6, 2023, 6:45 pm
0
8
Banaag assumes post as Bright Kindle director

SYDNEY—Australia on Monday asked China to resume “unimpeded trade” as ministers from the two countries held talks to repair their...

Read more

Indonesian GDP growth accelerated to nine-year high

byAFP
February 6, 2023, 6:35 pm
0
8
Banaag assumes post as Bright Kindle director

JAKARTA—Indonesia’s economic growth accelerated to a nine-year high in 2022 despite global uncertainty and a final-quarter slowdown, official data showed...

Read more

Print Edition

View More

Recent Posts

  • ‘Porch Coffee’ to open in Clark
  • Toyota keeps profit forecasts despite supply chain headwinds
  • Meralco remains sole distribution utility to fully comply with Electrical Engineering Law
  • Make most of your night with more affordable vivo Y22s, now for P11,999!
  • Globe Postpaid users may confirm SIM registration in just one step
  • China’s Alibaba joins global chatbot race
  • Foot-and-mouth variant hits Iraq buffaloes, threatening livelihoods
  • Philippines’ Marcos in Tokyo to sign defence, infrastructure deals

Advertisement

Latest News

China’s Alibaba joins global chatbot race

byAFP
February 9, 2023, 12:00 pm
0
8
China’s Alibaba joins global chatbot race

Chinese e-commerce giant Alibaba said Thursday it was working on a rival to ChatGPT, joining a flurry of global tech...

Read more

Foot-and-mouth variant hits Iraq buffaloes, threatening livelihoods

byAFP
February 9, 2023, 11:00 am
0
8
Foot-and-mouth variant hits Iraq buffaloes, threatening livelihoods

Despite vaccinating his entire herd against foot-and-mouth disease, Iraqi farmer Saadoun Roumi has lost five of his 15 buffaloes to...

Read more

Philippines’ Marcos in Tokyo to sign defence, infrastructure deals

byAFP
February 9, 2023, 10:00 am
0
8
Philippines’ Marcos in Tokyo to sign defence, infrastructure deals

Philippine President Ferdinand Marcos will meet Japan's prime minister Thursday seeking to deepen ties, including with defence deals, in response...

Read more

Twitter service stumbles as paying users get more room

byAFP
February 9, 2023, 9:00 am
0
8
Twitter service stumbles as paying users get more room

Thousands of Twitter users on Wednesday reported problems using the platform as the Elon Musk-owned social network began letting paying...

Read more

Two children killed in ‘deliberate’ bus crash into Quebec day care

byAFP
February 9, 2023, 8:00 am
0
8
Two children killed in ‘deliberate’ bus crash into Quebec day care

A bus driver rammed his vehicle into a day care center near Montreal Wednesday, killing two four-year-old children in what...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App