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Returning to the workplace to increase absorption of the office market

MANILA, Philippines β€” The Philippine office market is predicted to stabilize occupancy rate for 2022, according to a professional services and investment management organization, as restrictions on the coronavirus disease 2019 (Covid-19) are removed and workers are encouraged to return to work.

The company had good net absorption of office spaces in the first quarter this year, riding the return-to-office (RTO) momentum, according to Colliers Philippines’ property market briefing on Thursday.

Dom Frederick Andaya, senior director of Colliers Philippines Office Services-Tenant Representation, said the office market had a net take-up of 26,400 square meters from January to March this year, the first positive net take-up in seven quarters.

“With the improved pandemic situation and economic stimulus measures, companies’ return-to-office and expansion plans should boost take-up for the duration of 2022,” Andaya noted.

Net absorption for office space is expected to hit 350,000 square meters for the entire year 2022.

More office space will be constructed this year, bringing the total accessible office space to 821,900 square meters, with 60% of it placed in Ortigas CBD, Makati periphery, and the Bay Area.

Tenants should take advantage of lower office rates, which fell by 3.1 percent in the first quarter of 2022 compared to the fourth quarter of 2021, according to Colliers Philippines.

It went on to say that office rental had dropped by 30% since the outbreak, compared to pre-pandemic levels.

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