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In 2022, the PH office market will continue to improve.

In 2021, the office space market began to recover, and property market experts expect this trend to continue this year.

Colliers, professional services, and investment management organizations, revealed that office transactions grew by 18 percent last year, from 357,000 square meters in 2020 to 422,000 square meters last year.

The majority of the transactions took place in the fourth quarter of 2021 when government alert levels were lowered and mobility increased.

The third quarter of last year, on the other hand, saw the lowest transaction volume, with around 69,000 sqm, due to the Delta surge.

Colliers Philippines head for Office Services Dom Frederick Andaya said the office market is projected to improve this year in a briefing on Wednesday.

“It appears that the immunization is working. We’ve learned to live with this virus and will continue to do so. Furthermore, we are more confident because the health concerns raised by Covid-19 (coronavirus disease 2019) have already been addressed. That means there’s a greater emphasis on reviving the economy now,” Andaya explained.

More office buildings were completed in Metro Manila last year as a result of the economic revival, he added, adding to the inventory of office space.

In the previous year, 634,000 square meters of office space were built, increasing the total office stock in Metro Manila to 12.94 million square meters by the end of 2021.

The major demand driver in the local property market, according to Andaya, is the business process outsourcing industry, while the probable return of Philippine offshore gambling operators (POGO) will also fill vacant premises.

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