Data from Leechiu Property Consultants showed Makati accounted for 102,000 square meters, or 66 percent, of the 154,000 square meters of office take-up recorded in the first five months of 2026.
“Vacancy in Makati City is expected to remain elevated, prompting landlords to continue offering competitive lease rates and flexible terms,” Leechiu noted in report by company director Miguel Manipol.
The trend highlights a growing divide between where companies can afford to lease space today and where they ultimately want to grow.
BGC dominates expansion plans
Companies actively searching for office space are seeking 137,000 square meters, with Bonifacio Global City accounting for 112,000 square meters, or 82 percent, of that demand, data from Leechiu showed.
It added that the expansion pipeline is also being driven largely by information technology and business process management firms, which make up 104,000 square meters, or 76 percent, of active demand.
Of that total, 97,000 square meters is targeting Bonifacio Global City, reinforcing the district’s position as the preferred location for the country’s largest office occupiers.
BPOs drive demand
Meanwhile, traditional office tenants accounted for 88 percent of completed leasing transactions, helping drive Makati’s strong performance as occupiers took advantage of more competitive rents and flexible lease terms, data from Leechiu showed.
The figures suggest that while Makati is benefiting from cost-conscious leasing decisions today, Bonifacio Global City remains the market’s preferred destination for future expansion.
—Edited by Miguel R. Camus
