Philippines

This is the highest recorded vacancy rate since 2006.

Vacancy improved to 9% in Q1 2021, the lowest since Q2 2020.

Vacancy rate reached 9.8% in Q1, the highest since 2009.

This is following the rise of e-commerce-use amidst long lockdowns throughout the country.

Mixing elements of Japanese functionality and simplicity, Tokyo Grand Renovation is becoming famous for making homes into office-ready spaces.

The pace of growth will likely hinge on a rebound in office leasing. 

Net absorption hit -41,500 sqm in 4Q20 as more store closures were recorded during the period.

Take-up in 4Q20 reached 85,800 sqm, enough to lift total net absorption to 68,700 sqm for 2020.

It also reached out to displaced jeepney and tricycle drivers to facilitate delivery of orders to far-flung locations in the Philippines.

Capital values in 4Q20 increased 10% yoy to PHP 269,932 per sqm.

Logistics has remained resilient with over US$7bn in capital raised in the last six months.

The last time vacancy hit double digits was in 2005.

Adaptability of real estate stakeholders will play a vital role in pivoting the industry’s challenges into opportunities amidst the declining supply and demand of spaces across all asset classes.

Metro Manila landlords have become more lenient as they strive to retain contracts.

E-commerce firms and third-party logistics are driving the demand for high-specification spaces.