The average base rent in Grade A office spaces in Bonifacio Global City and the Makati Central Business District for one went up 15-20 percent since 2011.
“In 11 months of 2011, we recorded pre-commitments of 68,358 sqm. In 2012, the figure over the same period shot up to 175,922 sqm.,” said Lobien.
JLLL studies also noted that a number of companies pre-committed to office space that would be completed as far forward as 2014.
Up until 2015, office supply set to come online is estimated to hit 7.9 million with the current supply already at 6.2 million sq.m. Vacancy rate across Metro Manila business districts meanwhile stands at 5 percent, JLLL said.
The consultancy firm also said that should the Philippines post a “stable fiscal position and good credit standing by 2013/2014,” it expects “other demand drives to create an additional demand of roughly 100,000-200,— sq.m. of office space.
Phillip Anonuevo, associate director for Markets, said companies like Coca Cola and Aboitiz Group are bracing for expansion and moving to new corporate space in Bonifacio Global City.