ASIA PACIFIC OUTLOOK 2025

MANILA

DEMAND & VACANCY

As the pipeline for office developments continues to clear, absorption is expected to stay in positive territory.

25.0%

300,000

FORECAST

Office space absorption is expected to increase in the medium-term as a flight-to quality mentality drives demand for innovative office space designs that incorporate collaborative spaces, alongside sustainable facility and property management technologies and practices. From 2025 to 2029, the average annual net absorption level is projected to increase by 36% compared to the average levels recorded between 2020 and 2024.

250,000

20.0%

200,000

150,000

15.0%

100,000

10.0%

50,000

0

5.0%

-50,000

-100,000

0.0%

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

NET ABSORPTION (SQM) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield