ASIA PACIFIC OUTLOOK 2025

MANILA

RENT GROWTH

Average headline rents are expected to decline further by 3.20% in 2024–2025, following a decline of 2.80% in 2023–2024, due to an oversupply of vacant space. As the new supply completions decline in the medium term, the risk of lease rollover is reduced, although at a slower rate than anticipated.

-4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%

1,150

FORECAST

1,100

1,050

1,000

Rents are expected to increase at a CAGR of 3.5% over the forecast period

950

900

850

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

PHP/SQM/MO

Rent growth (%)

RENT (PHP/SQM/MO) AND RENT GROWTH (% PER ANNUM)

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield