Office: Overall vacancy rates for Prime and Grade ‘A’ developments in Metro Manila remains elevated at 17.0% by end-Q4 2024, a decrease of 122-bps from the previous quarter’s vacancy of 18.2%. Additionally, this figure is an increase of 73bps from the reported vacancy of 16.3% in the same quarter the previous year.
Investment: Estimated average office (gross) rental yields in Q4 2024 increased to 6.93% from its Q3 2024 level at 6.90%. Year-on-year (YoY), rental yields increased by 13 bps from their level in Q4 2023. As policy rate trajectories become more complex due to persistent business risks and potential US trade policy shifts, we expect yield movements to remain relatively flat in the short- to medium-term.
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