Asia Pacific Office Outlook 2024

MANILA

DEMAND & VACANCY

N E T A B S O R P T I O N ( S QM ) A N D VAC A N C Y R AT E ( % )

400,000

18.0%

FORECAST

350,000

16.0%

300,000

14.0%

250,000

12.0%

 Despite the return of office space by several occupiers, absorption is expected to remain in positive territory.  Office space absorption is expected to continue its strong recovery: total annual absorption in 2023 is expected surpass 2022 by 70% to reach over 340,000 sqm.  For 2024 to 2027, average annual net absorption of 366,000 sqm is expected.

200,000

10.0%

150,000

8.0%

100,000

6.0%

50,000

4.0%

0

2.0%

-50,000

-100,000

0.0%

2021

2022

2023F 2024F 2025F 2026F 2027F Net Absorption Vacancy Rate

Source: Cushman & Wakefield