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As POGOs leave due to COVID-19, Manila posts highest office vacancy since the global financial crisis, says Colliers. | via @RalfRivas
In the first 9 months of 2020, Colliers recorded a net take-up of −113,000 sqm, from about 605,600 sqm in 2019. This translates to a Metro Manila office vacancy of 7.1% as of Q3 vs 4.3% posted by the end of 2019. | via @RalfRivas
Colliers now projects 2020 vacancy to reach 8.3%, the highest since the 8.6% posted in 2009, during the Global Financial Crisis. | via @RalfRivas
Aside from POGOs, Colliers also observed that traditional and outsourcing occupants contributed to a vacancy increase in the first 9 months of 2020, mainly due to traditional firms closing shop and implementing work from home schemes. | via @RalfRivas
RELATED STORY: POGOs created a ripple of economic development, particularly in the property and food sectors. #FromOurArchives https://www.rappler.com/newsbreak/in-depth/how-china-online-gambling-addiction-reshaping-manila
Higher office vacancy, higher residential vacancy.
Rent going down, landlords more flexible in accommodating tenants’ requests to lower lease rates, says Colliers. | via @RalfRivas
Rent going down, landlords more flexible in accommodating tenants’ requests to lower lease rates, says Colliers. | via @RalfRivas
