In its Asia-Pacific Office Outlook 2023 publication, global commercial real estate services firm Cushman and Wakefield said the vacancy rate in the overall Grade A office market is seen to decline to 15.4 percent in 2023. | AldenMonzonINQ /PDI
A higher net absorption means that more office space has been occupied than vacated during a given period.
“Manila’s first year of negative net absorption was recorded in 2020. The market rebounded in 2021, albeit, with significantly lower levels of demand than prepandemic [times],” the firm said.With the declining vacancy levels, rental rates are also expected to increase on the average of P1,062 per sqm per month, coming from the monthly average of P1,046 per sqm that it is seen to settle this year.
The number of full-time employees in the sector is also seen growing to 2.5 million by 2028, coming from the 1.44 million recorded in 2021 according to the business group’s projection.
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