Asia Pacific Office Outlook 2024

MANILA

RENT GROWTH

R E N T ( P H P / S QM / MO ) A N D R E N T G R OWT H ( % P E R A N N U M )

1,200

5.0%

FORECAST

4.0%

1,150

3.0%

2.0%

1,100

1.0%

1,050

0.0%

 Rents are expected to grow at an average of 2.3% over the forecast period. However, this is split with slower growth of just 1.1% in 2023 24  From there, rents are expected to grow at a CAGR of 3.2% annually until 2027.

-1.0%

1,000

-2.0%

950

-3.0%

2021

2022

2023F 2024F 2025F 2026F 2027F PHP/SQM/MO Rent growth (%)

Source: Cushman & Wakefield