The Growth of Office Space Demand in Metro Manila in 2024

Transitioning from remote work through a hybrid or onsite office setup has enabled companies to settle in after the pandemic. Metro Manila, strategically nestled in the heart of the country, is not just any business district but one of the most accessible commercial hubs.

As the first quarter of 2024 closes, more companies continue their operations in Manila’s bustling cities. The demand for office spaces is expected to surge, especially since the IT-BPM sector implemented the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill. This bill is set to create more opportunities for the country, making Metro Manila an ideal location for your business.

If you plan on leasing an office space in Metro Mainila’s central business districts, here are some factors to consider when choosing a property.

1. Easier Access To Prime Business Locations

   Choosing an office space to lease for business may be an intimidating process. In 2024, office vacancies will be steady and promise an easier selection based on what your business needs. According to The Manila Standard, office demand reached a total of 1.07 million square meters, which is an 8 percent increase from the same period last 2022. This is the result of the IT-BPM efforts on growth and expansion last year.

2. Global Business Continuity will Help

   Despite the inflation rate and other geopolitical events, the integration and business expansion is still prominent for 2024. The return to pre-pandemic global demand for office spaces will promote opportunities for businesses to occupy vacancies in cities around Metro Manila.

3. Headline Rates Steady For Prime and Grade A Office Spaces

   As the new year starts, more companies are choosing to go back and continue their business operations either on a hybrid or onsite setup. While average rental rates in Metro Manila remain to be higher compared to other areas, lease rates have been steady. Businesses can partner with a real estate consulting firm that will help in managing tenant representation and lease negotiations

   Metro Manila’s commercial property market is slowly recovering post-pandemic, but growing demands for office space, property management, and commercial construction are pegged to continue soaring in the next few years.

Partner with one of the country’s most trusted real estate consulting companies in navigating the Philippine property market this year. Work with Weaver Group today! Our team of success-driven professionals will ensure that you are getting maximum returns and acquiring better business opportunities.

Contact us today to learn more about how you can start to weave your real estate success!