After weathering the office downturn, Makati Central Business District is set to shift in favor of landlords by 2026 with falling vacancies and a resurgence in demand.
US banking giant JPMorganChase just unveiled its second cutting-edge office tower in the Philippines, marking a major expansion move that deepens its roots in the country and signals confidence in the local workforce.
Leechiu Property Consultants (LPC) said the office sector is showing resilience in 2025, with strong demand from the IT-BPM sector offsetting the continued exit of Philippine Offshore Gaming Operators (POGOs) and pushing net take-up projections 16 percent higher year-on-year.
Megaworld Corp., led by tycoon Kevin Tan, is turning to respected global firm JLL to futureproof its developments, even as the local real estate market faces a slowdown.
US banking giant JPMorgan Chase, one of the Philippines’ largest employers, is taking over a second office tower in Uptown Bonifacio Global City as part of its plan to double its Manila workforce to 20,000 by 2025.
The exodus of Philippine Offshore Gaming Operators (POGOs) from Metro Manila’s office spaces is accelerating, leaving traditional and outsourcing firms to shoulder the burden of expansion.
Office deals continued to rise in the first half of 2024, but the influx of newly-built supply in the coming months is expected to keep double-digit vacancy rates elevated, according to Leechiu Property.